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Side counters rally

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Capital Market
Last Updated : Jan 03 2017 | 10:28 AM IST

A divergent trend was witnessed in morning trend as key benchmark indices hovered near flat line. At 10:16 IST, the barometer index, the S&P BSE Sensex, was currently down 3.87 points or 0.01% at 26,591.58. The Nifty 50 index was currently up 6.05 points or 0.07% at 8,185.55. Side counter stocks were in demand.

The Sensex rose 43.46 points, or 0.16% at the day's high of 26,638.91 at the onset of trading session. The index fell 107.08 points, or 0.40% at the day's low of 26,488.37 in morning trade. The Nifty rose 17.20 points, or 0.21% at the day's high of 8,196.70 at the onset of trading session. The index fell 30.90 points, or 0.38% at the day's low of 8,148.60 in morning trade.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,459 shares rose and 563 shares fell. A total of 78 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.69%. Both these indices outperformed the Sensex.

Metal shares were mixed. Steel Authority of India (up 1.49%), Hindalco Industries (up 1.20%), Vedanta (up 0.72%), NMDC (up 0.55%), Jindal Steel & Power (up 0.50%), National Aluminium Company (up 0.30%) and JSW Steel (up 0.19%), edged higher. Tata Steel (down 0.02%), Hindustan Zinc (down 0.37%), Bhushan Steel (down 0.61%) and Hindustan Copper (down 2.11%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently up 1.48% at $2.5425 per pound on the COMEX.

Most realty shares edged higher. Sunteck Realty (up 3.65%), Oberoi Realty (up 2.51%), Unitech (up 2.34%), Peninsula Land (up 1.46%), Indiabulls Real Estate (up 1.45%), Sobha (up 1.37%), Anant Raj (up 1.33%), Prestige Estates Projects (up 1.06%), Housing Development and Infrastructure (HDIL) (up 0.89%), Godrej Properties (up 0.57%), Mahindra Lifespace Developers (up 0.50%) and Omaxe (up 0.13%), edged higher. DLF (down 0.04%), D B Realty (down 0.53%), Parsvnath Developers (down 0.96%) and Phoenix Mills (down 1.06%), edged lower.

On the macro front, core sector output rose 4.9% in November 2016 on the back of a strong expansion in steel production and electricity generation, but the pace of growth was down from 6.6% in October 2016, data released yesterday, 2 January 2017, showed. Part of the buoyancy was due to the base effect of a lower growth rate at 0.6% in November 2015.

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Overseas, Asian stocks began 2017 on a mixed note today, 3 January 2017, uninspired by a surge in European markets to their highest in more than a year, while the dollar resumed its climb after last week's stumble. Japan was closed for an extended New Year holiday. US financial markets were closed yesterday, 2 January 2017.

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First Published: Jan 03 2017 | 10:10 AM IST

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