Key benchmark indices provisionally settled with tiny gains after rangebound trading session as the Government constituting a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with economic needs of the country supported gains on the bourses. The barometer index, the S&P BSE Sensex, rose 26.41 points or 0.08% at 33,587.96, as per the provisional closing data. The Nifty 50 index gained 9.60 points or 0.09% at 10,351.90, as per the provisional closing data. Indices gained for the sixth straight day.
The Sensex gained 108.64 points, or 0.32% at the day's high of 33,670.19 in early afternoon trade, its highest level since 7 November 2017. The index fell 93.25 points or 0.28% at the day's low of 33,468.30 in afternoon trade. The Nifty gained 32 points or 0.31% at the day's high of 10,374.30 in early afternoon trade, its highest level since 8 November 2017. The index shed 35 points or 0.33% at the day's low of 10,307.30 in afternoon trade, its lowest level since 20 November 2017.
Indices hovered between gains and losses near the flat line in early trade amid mixed Asian cues. Indices extended gains and hit intraday high in mid-morning trade. Later, indices trimmed gains and slipped into negative zone in afternoon trade. The market trimmed losses in mid-afternoon trade amid drop in European stocks. Stocks regained positive terrain in late trade.
Among secondary indices, the S&P BSE Mid-Cap index provisionally rose 0.3%. The S&P BSE Small-Cap index provisionally advanced 0.51%. Both theses indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On BSE, 1,440 shares rose and 1,258 shares declined. A total of 157 shares were unchanged.
The total turnover on BSE amounted to Rs 4405.31 crore, higher than turnover of Rs 4333.06 crore registered during the previous trading session.
Most IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Tech Mahindra (up 1.27%), HCL Technologies (up 1.51%), and Infosys (up 2.72%) edged higher. Wipro declined 0.22%.
TCS fell 0.04%. The company announced that Eastern Communications, a leading enterprise service provider in the Philippines, successfully implemented TCS HOBS, TCS' next generation platform for subscription based digital businesses. The announcement was made during market hours today, 23 November 2017.
Modison Metals dropped 0.07%. The company said it entered into an agreement for acquisition of key assets for high voltage contact business from DODUCO, Germany, with the latest patent. DODUCO is a former collaborator of Modison Metals. The agreement was signed with a condition that DODUCO will not produce these parts for the next five years. The announcement was made during trading hours today, 23 November 2017.
Syngene International fell 0.03% to Rs 521.80 after a bulk deal of 19.60 lakh shares was executed on the scrip at Rs 534 per share at 09:20 IST on BSE.
Security and Intelligence Services (India) jumped 15.63% after net profit surged 211.65% to Rs 16.58 crore on 32.51% rise in total income to Rs 523.76 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 22 November 2017. Commenting on the performance, Rituraj Kishore Sinha, Group Managing Director said that all businesses of the SIS group reported strong growth in revenues and profits in Q2 September 2017. The company continues to consolidate and improve on market position across all businesses, Rituraj Kishore Sinha said.
Overseas, European stocks dropped following a mixed close in the US and expected lower trading flows due to Thanksgiving. US markets will remain closed today, 23 November 2017, for Thanksgiving. The German economy picked up speed in the third quarter, propelled by exports and corporate investments, the Federal Statistical Office, Destatis, said. Germany's gross domestic product grew at a quarter-to-quarter rate of 0.8% in the three months through September, or 3.3% in annualized terms, Destatis said.
Asian stocks were mixed with Chinese stocks dropping after Beijing took steps to halt the proliferation of small online lenders.
In US, the S&P 500 index and the Dow Jones Industrials Average ended slightly lower yesterday, 22 November 2017, maintaining a soft tone after the Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation. The Nasdaq Composite Index bucked the broader trend to finish at a record, logging its third gain in a row.
The Fed viewed a near-term increase in interest rates as possible but central bank officials also expressed concerns about persistently low inflation, hinting that the bank may dial back its rate increases in 2018. The minutes also showed that several members worried that keeping interest rates too low could create a financial bubble.
Coming to the economic data, US durable-goods orders fell 1.2% in October. Excluding transportation, orders increased 0.4%. Initial jobless claims a tool to measure US layoffs, fell by 13,000 to 239,000 in the week ended 18 November. The University of Michigan's latest read on consumer sentiment came in at 98.5, topping expectations.
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