A range-bound trading was witnessed as key benchmark indices hovered with small gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 35.65 points or 0.14% at 25,996.43. The Nifty 50 index was currently up 3.75 points or 0.05% at 8,006.05. The Sensex was currently trading below the psychological 26,000 mark after alternately moving above and below that mark in intraday trade. The Nifty was currently hovering tad above the psychological 8,000 level after falling below that mark in intraday trade. The Sensex rose 169.71 points or 0.65% at the day's high of 26,130.49 in early trade, its highest level since 21 November 2016. The barometer index lost 83.62 points or 0.32% at the day's low of 25,877.16 in morning trade. The Nifty rose 52.90 points or 0.66% at the day's high of 8,055.20 in early trade, its highest level since 21 November 2016. The index lost 29.20 points or 0.36% at the day's low of 7,973.10 in morning trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,636 shares rose and 702 shares fell. A total of 160 shares were unchanged. Buying was witnessed in mid-cap and small-cap stocks for the second day running after witnessing a recent strong selling pressure in these counters. The BSE Mid-Cap index was currently up 0.7%. The BSE Small-Cap index was currently up 0.94%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks extended previous session's gains as investors tried to share in the exuberance of Wall Street's record run. Japanese stock markets were closed for a holiday. Latest data showed that Chinese business confidence improved in November. The MNI Deutsche Borse Group business sentiment indicator rose 1.7% to 53.1 in November, after falling 6.5% in October. In mainland China, the Shanghai Composite ended 0.22% lower. In Hong Kong, the Hang Seng was currently up 0.06%. US stocks closed at record highs yesterday, 22 November 2016, extending recent gains. The Dow Jones Industrials Average and S&P 500 cleared psychological milestones with Dow closing above the 19,000 level for the first time while major indexes simultaneously reached record highs. US markets have been in a strong uptrend since the presidential election two weeks ago. Donald Trump's unexpected victory was viewed as a positive for Wall Street, because the president-elect is expected to advocate for policiesincluding massive corporate tax cuts and financial and environmental deregulationseen as supportive for economic growth.
Stocks of public sector banks were mixed. Union Bank of India (down 1.13%), Indian Bank (down 0.71%), Bank of India (down 0.04%) and Bank of Baroda (down 0.03%) edged lower. State Bank of India (up 0.06%), IDBI Bank (up 0.81%), Canara Bank (up 0.68%) and Punjab National Bank (up 0.58%) edged higher.
Stocks of private sector banks declined. IndusInd Bank (down 0.58%), HDFC Bank (down 0.54%), Yes Bank (down 0.36%), RBL Bank (down 0.25%), ICICI Bank (down 0.17%) and Kotak Mahindra Bank (down 0.01%) edged lower. Axis Bank (up 1.53%) edged higher.
Cement stocks gained. Shree Cement (up 0.78%), Ambuja Cements (up 0.49%) and UltraTech Cement (up 0.6%) edged higher. ACC (down 0.01%) edged lower.
Grasim Industries was up 0.38%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Cipla was up 0.2% at Rs 550.85 after the company said that Chase Pharmaceuticals Corporation, a Delaware based corporation (Chase), in which Cipla's UK arm, Cipla UK has 16.7% stake, has been acquired by a subsidiary of Allergan, plc. The announcement was made during market hours today, 23 November 2016. Allergan has agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders of Chase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
