After opening higher, the key benchmark indices gained further ground in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 185.94 points or 0.71% at 26,552.09. The Nifty 50 index was currently up 54.20 points or 0.67% at 8,157.80. The broad market depicted strength. Positive Asian stocks and steady buying by domestic institutional investors boosted sentiment on the domestic bourses.
Data showed that domestic institutional investors (DIIs) bought shares worth a net Rs 957.83 crore yesterday, 29 December 2016, as per provisional data. The foreign portfolio investors (FPIs) sold shares worth a net Rs 662.29 crore yesterday, 29 December 2016, as per provisional data released by the stock exchanges.
The BSE Mid-Cap index was currently up 1.13%. The BSE Small-Cap index was currently up 1.01%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than four gainers against every loser on BSE. On the BSE, 1,565 shares rose and 388 shares fell. A total of 89 shares were unchanged.
Overseas, Asian stocks were trading higher. US stocks closed fractionally lower yesterday, 29 December 2016 as investors remained reluctant to make big bets in a thinly-traded session ahead of long holiday weekend.
On the US data front, jobless claims declined by 10,000 to 265,000 for the week ending 24 December 2016, according to Labor Department report. This marks the 95th straight week that claims were below 300,000, a threshold associated with a healthy labor market.
Meanwhile, US trade deficit grew last month, according to a report released by the Commerce Department on Thursday. The initial estimate, which does not include trade in services, showed that the country exported $1.2 billion less in November than in October. Imports rose by $2.2 billion during the month.
Back home, FMCG stocks gained. Britannia Industries (up 1%), GlaxoSmithkline Consumer Healthcare (up 0.91%), Colgate-Palmolive (India) (up 1.41%), Dabur India (up 1.35%), Godrej Consumer Products (up 1.25%), Hindustan Unilever (up 0.84%), Marico (up 1.65%), Nestle India (up 0.81%), Tata Global Beverages (up 1.48%), Jyothy Laboratories (up 1.39%) and Bajaj Corp (up 0.17%) rose. Procter & Gamble Hygiene and Health Care (down 0.26%) fell.
Cement stocks rose. Ambuja Cements (up 1.84%), ACC (up 1.23%), UltraTech Cement (up 1.56%) and Shree Cement (up 2.86%) gained.
Grasim Industries was up 1.44% at Rs 855.15. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Jagran Prakashan rose 3.57% to Rs 179.70 after the company said it has scheduled a board meeting on 5 January 2017, inter-alia, to consider the proposal for buy-back of shares. The announcement was made after market hours yesterday, 29 December 2016.
IFCI fell 1.79% to Rs 27.50 on profit booking after a strong rally in the previous trading session. Shares of IFCI had surged 13.36% to settle at Rs 28 after media reported that the National Stock Exchange of India (NSE) has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Securities and Exchange Board of India (Sebi) on Thursday, 29 December 2016.
As on 24 November 2016, IFCI held 3.05% stake in NSE. IFCI announced after market hours yesterday, 29 December 2016, that it has offered to offload 25% of its 3.05% stake (3.43 lakh equity shares) (pre-split) through IPO of NSE. This disclosure is being given on filing of the DRHP by NSE with Sebi, IFCI said in a statement.
Meanwhile, the government will release data for several economic indicators today, 30 December 2016 including fiscal deficit, foreign exchange reserves, foreign debt and trade figures.
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