Benchmark indices extended intraday gains in afternoon trade on positive global cues. At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 401.54 points or 1.53% at 26,638.41. The Nifty 50 index was currently up 125.25 points or 1.55% at 8,227.30. The Sensex surged 408.60 points, or 1.55% at the day's high of 26,645.47 in afternoon trade, its highest level since 1 December 2016. The index rose 120.48 points, or 0.46% at the day's low of 26,357.35 in early trade. The Nifty rose 128.85 points, or 1.59% at the day's high of 8,230.90 in afternoon trade, its highest level since 1 December 2016. The index rose 49.70 points, or 0.61% at the day's low of 8,151.75 in early trade.
Overseas, Asian stocks edged higher after Wall Street strode to new records and bonds rallied on wagers the European Central Bank (ECB) would extend its asset buying campaign at a policy meeting later in the session. In mainland China, the Shanghai Composite ended 0.21% lower. In Hong Kong, the Hang Seng was currently up 0.18%. China's trade balance fell more-than-expected last month, official data showed today, 8 December 2016. In a report, National Bureau of Statistics of China said that Chinese Trade Balance fell to $44.61 billion in November 2016, from $49.06 billion in the preceding month.
US stocks registered strong gains yesterday, 7 December 2016, with the Dow and S&P 500 notching new records. Investors are bracing for the ECB's policy-setting meeting today, 8 December 2016.
Back home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,775 shares rose and 688 shares fell. A total of 137 shares were unchanged. The BSE Mid-Cap index was currently up 1.23%. The BSE Small-Cap index was currently up 1.16%. Both these indices underperformed the Sensex.
Bank stocks edged higher. Among public sector banks, State Bank of India (up 1.37%), Indian Bank (up 1.16%), Canara Bank (up 0.83%), Punjab National Bank (up 0.76%), Bank of India (up 0.79%), IDBI Bank (up 0.59%) and Bank of Baroda (up 0.1%) gained. Union Bank of India (down 0.04%) edged lower.
Among private sector banks, RBL Bank (up 2.16%), Kotak Mahindra Bank (up 2.02%), Yes Bank (up 1.52%), HDFC Bank (up 1.35%), ICICI Bank (up 0.66%) and Axis Bank (up 0.47%) edged higher.
IndusInd Bank rose 2.05% after the bank announced that its board yesterday, 7 December 2016, passed issuance of senior, unsecured, redeemable, non-convertible, long term bonds in the nature of debentures aggregating Rs 1500 crore on private placement basis. The announcement was made after market hours yesterday, 7 December 2016.
Auto stocks gained. Maruti Suzuki India (up 2.38%), Bajaj Auto (up 2.19%), Hero MotoCorp (up 2.13%), Ashok Leyland (up 1.43%), Mahindra & Mahindra (up 1.28%) and TVS Motor Company (up 0.72%) edged higher. Eicher Motors (down 0.28%) edged lower.
Tata Motors rose 3.87% after the company said that Jaguar Land Rover (JLR), the UK's leading manufacturer of premium luxury vehicles, reported its best ever November retail sales. JLR reported 2% rise in total sales to 47,588 vehicles in November 2016 over November 2015. The announcement was made during market hours today, 8 December 2016.
Jaguar recorded its best November ever, with retail sales reaching 14,613 vehicles, up 83% compared to November last year, and driven by continuing strong sales of the new XF and the F-PACE. Calendar year-to-date sales for Jaguar were 132,381, up 75% year-on-year.
Land Rover recorded November sales of 32,975 vehicles, down 14% over November 2015, as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport were offset by lower volumes of the discontinued Land Rover Defender and outgoing Discovery. Calendar year-to-date sales for Land Rover reached 395,556 vehicles, 9% up on the prior year.
Bharti Airtel was up 0.84% after the company today, 8 December 2016, launched two new bundled packs for its prepaid customers with free voice calling and substantial data benefits. These two packs add to Airtel's wide bouquet of innovative packs and plans for customers, offering them more flexibility. The announcement was made during market hours today, 8 December 2016.
Escorts rose 1.8% after the company announced the completion of the divestment of its auto products business to Badve Engineering, Pune. The announcement was made after market hours yesterday, 7 December 2016.
Escorts had in August 2016, announced the divestment of its original equipment manufacturing (OEM) & export business of auto product division to Badve Engineering, Pune, in an all cash deal, as part of the planned strategic reorientation of the business to focus on core verticals in the agri machinery, construction equipment and railway equipment.
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