Key equity barometers further extended gains and hit fresh intraday high in afternoon trade. The Nifty continued to trade above the 12,000 level. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 378.26 points or 0.94% at 40,737.67. The Nifty 50 index was up 110.25 points or 0.93% at 12,024.65.
Domestic shares mirrored gains in other global stock markets supported by hopes of progress in the US-China trade talks. The market also rose on bargain hunting after selling in the past two sessions.
The S&P BSE Mid-Cap index was up 0.92%. The S&P BSE Small-Cap index was up 0.61%.
The market breadth was titled in the favour of buyers. On the BSE, 1285 shares rose and 1020 shares fell. A total of 173 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.
Buzzing Index:
The Nifty Pharma index rose 1.35% to 8,175.90, offsetting the losses acquired in past two sessions. The index has fallen 0.50% to end at 8067.20 on Friday from a recent closing high of 8107.60 on 20 November 2019.
Aurobindo Pharma (up 3.01%), Cadila Healthcare (up 2.33%), Sun Pharmaceutical Industries (up 1.67%), Lupin (up 1.42%), Glenmark Pharmaceuticals (up 1.37%), Piramal Enterprises (up 1.18%), Wockhardt (up 1.18%), Cipla (up 1.02%), IPCA Laboratories (up 0.82%), Divi's Laboratories (up 0.71%), Strides Shasun (up 0.67%) and Dr Reddy's Laboratories (up 0.48%) advanced.
GlaxoSmithKline Pharmaceuticals (down 0.97%) and Alkem Laboratories (down 0.75%) declined.
Stocks in Spotlight:
Bharti Infratel (up 5.82%), Bharti Airtel (up 5.15%), Hindalco Industries (up 4.02%), Tata Steel (up 4%) and JSW Steel (up 3.62%) were the top gainers.
Yes Bank (down 2.39%), ONGC (down 1.46%), NTPC (down 0.47%), GAIL (India) (down 0.37%) and Wipro (down 0.29%) were the top losers.
Power Grid Corporation of India (PGCIL) rose 0.43% to Rs 199.40. PGCIL said it was declared as the successful bidder in two intra-state transmission system projects of Uttar Pradesh under tariff-based competitive bidding (TBCB). PGCIL will construct 765/400/220 kilovolt (kV) GIS substations in Meerut and Rampur; and 400/220/132 kV GIS substations in Simbhaoli and Sambhal with associated transmission lines.
Zee Entertainment Enterprises (ZEEL) in an exchange filing reported that BlackRock Inc. has acquired 0.24% stake in the company and thereby increased its stake in ZEEL from 4.77% to 5.01%. The acquisition was carried out on 21 November 2019. The announcement of acquisition was made before market hours today. Shares of ZEEL were trading 1.8% lower at Rs 351.45.
Foreign Markets:
Overseas, shares in Europe and Asia were trading higher as investors were hopeful of progress in the U.S.-China trade dispute.
In Hong Kong, pro-democracy movement made significant gains in local elections this weekend, with Hong Kong's democrats securing a symbolic majority as residents turned out in record numbers to vote.
Back in Europe, Britain's two main political parties have now both launched their manifestos in separate bids to win over the public ahead of a crucial December 12 election.
The opposition Labour party kicked things off last Thursday with a manifesto promising a windfall tax on oil companies and re-nationalization of some industries, while the Conservatives launched their own plan for the U.K. that would see 50,000 additional nurses in the National Health Service by the end of Parliament.
US markets closed higher Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies.
On the US-China trade front, a 'phase two' trade deal between the two economic powerhouses is reportedly unlikely to come soon. That comes as Washington and Beijing have yet to strike a phase one agreement ahead of 15 December 2019, when additional tariffs on Chinese exports to the U.S. are set to kick in.
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