Key benchmark indices settled with small gains after a rangebound trade as firmness in most global stocks underpinned sentiment. The barometer index, the S&P BSE Sensex, advanced 83.20 points or 0.25% at 33,561.55, as per the provisional closing data. The Nifty 50 index rose 18.80 points or 0.18% at 10,345.70, as per the provisional closing data. Indices gained for the fifth day in a row.
The market had opened higher on firm Asian stocks and amid record closing for US stocks. However, key indices soon pared gains and slipped into the red. Indices regained positive terrain in mid-morning trade and traded in a narrow range in positive zone later during the session.
The Sensex gained 176.18 points, or 0.53% at the day's high of 33,654.53 in early trade, its highest level since 7 November 2017. The index fell 13.12 points or 0.4% at the day's low of 33,465.23 in morning trade. The Nifty gained 41.80 points or 0.4% at the day's high of 10,368.70 in early trade, its highest level since 8 November 2017. The index shed 17.35 points or 0.17% at the day's low of 10,309.55 in morning trade.
The S&P BSE Mid-Cap index provisionally declined 0.05%. The S&P BSE Small-Cap index provisionally rose 0.23%. Both the indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was almost even. On BSE, 1,388 shares fell and 1,310 shares rose. A total of 168 shares were unchanged.
Cement stocks gained on renewed buying. ACC (up 1.36%), Shree Cement (up 0.88%), Ambuja Cements (up 2.01%), and UltraTech Cement (up 1.28%) gained.
Grasim Industries advanced 3.38%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Jyothy Laboratories spurted 6.25% to Rs 368 after a bulk deal of 6 lakh shares was executed on the scrip at Rs 363.75 per share at 10:46 IST on BSE.
Gati lost 3.66% to Rs 127.70 after a fund sold shares of the company in a bulk deal on NSE yesterday, 21 November 2017. Green India Venture Fund sold 9.50 lakh shares of Gati at an average price of Rs 134.19 per share in a bulk deal on NSE yesterday, 21 November 2017. The stock dropped 5.76% to settle at Rs 132.55 yesterday, 21 November 2017.
Rane (Madras) jumped 13.13% after net profit rose 21.07% to Rs 8.39 crore on 10.54% increase in revenue from operations to Rs 289.72 crore in Q2 September 2017 over Q2 September 2016. The result was announced during trading hours today, 22 November 2017.
Meanwhile, the cabinet reportedly today, 22 November 2017, gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets.
Overseas, European stocks were mixed. Asian shares joined a global rally as strong world growth and rising corporate profits lured hordes of investors into equities.
US stock-market indexes ended at records and near session highs yesterday, 21 November 2017, finding support on another round of strong earnings, with technology shares leading the way. The Chicago Fed national activity index rose to 0.65 in October from 0.36 in September. Sales of previously-owned homes jumped to a seasonally adjusted annual pace of 5.48 million in October.
Janet Yellen, the outgoing chair of the Federal Reserve (Fed), reportedly said yesterday, 21 November 2017 that the Fed was still inclined to raise interest rates gradually as it sought to balance the risks of moving too fast and moving too slow. The Fed is widely expected to raise its benchmark rate by a quarter of a percentage point at its final policy meeting of the year in mid-December. The rate now sits in a range of 1% to 1.25%.
Yellen had earlier this week announced that she would step down from the Fed's board at the same time she ends her term as Fed chairwoman in early February. Jerome H. Powell is to succeed Yellen as the Fed's chairman.
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