Trading for the week ended on a positive note as key benchmark indices snapped a seven-day losing streak and settled with small gains after what was a volatile session of trade. The barometer index, the S&P BSE Sensex, gained 61.10 points or 0.24% at 26,040.70, as per the provisional closing data. The Nifty 50 index rose 6.65 points or 0.08% at 7,985.75, as per the provisional closing data. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. Bargain hunting has kicked in amid lackluster global cues.
The Sensex provisionally settled above the psychologically important 26,000 level. The Nifty provisionally ended below the crucial 8,000 mark after regaining that mark in intraday trade.
After a subdued start to the session tracking weak Asian cues, indices reversed losses in early afternoon trade and consolidated further in the green in mid-afternoon trade. However, they pared gains in late trade, with the movement restricting within a narrow range throughout the session.
The Sensex rose 163.59 points or 0.62% at the day's high of 26,143.19 in mid-afternoon trade. It lost 107.22 points or 0.41% at the day's low of 25,872.38 in morning trade. The Nifty rose 43.50 points or 0.54% at the day's high of 8,022.60 in mid-afternoon trade. It fell 37.05 points or 0.46% at the day's low of 7,942.05 in morning trade.
The BSE Mid-Cap index provisionally fell 0.4%. The BSE Small-Cap index provisionally dropped 0.04%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,309 shares fell and 1,249 shares rose. A total of 174 shares were unchanged.
The total turnover on BSE amounted to Rs 2393.27 crore, lower than turnover of Rs 3006.74 crore registered during the previous trading session.
In sectoral trend, capital goods stocks were mixed. Bharat Heavy Electricals (Bhel) (up 0.38%), BEML (up 0.96%), Havells India (up 1.38%), and L&T (up 1.49%), declined. ABB India (down 0.67%), Thermax (down 0.3%), Siemens (down 0.73%) and Bharat Electronics (down 0.53%) declined.
Cipla gained 3.74% after the company announced that it has received a final approval for its lead MDI product Fluticasone + Salmeterol (Sereflo) from UK MHRA for its partner in the UK. Sereflo, 25 mcg/125 mcg & 25 mcg/250 mcg are generic equivalent to GlaxoSmithKline's Seretide Inhalers and are indicated for Asthma treatment.
Seretide Inhaler, for the aforementioned strengths, had UK sales of approximately $278 million for the 12 month period ending June 2016, according to IMS Health. Cipla's Sereflo will be launched in the UK through a partner in the coming weeks. The announcement was made during market hours today, 23 December 2016.
Centrum Capital rose 2.04% to Rs 30 after the company said that JBCG Advisory Services has acquired 1.95 crore equity shares representing 4.7% of total equity of the company at Rs 25.08 per share in a block deal on the BSE yesterday, 22 December 2016. Indivision India Partners was seller to the tune of 2.05 crore shares at Rs 25 per share. Promoters held 32.25% stake in Centrum Capital (as per the shareholding pattern as on 30 September 2016).
Overseas, European stocks were mixed with banks gaining after two regional bellwethers settled US mortgage securities probes. Deutsche Bank's $7.2 billion settlement with the US Department of Justice over toxic mortgage securities sold in the run-up to the 2008 financial crisis was nearly half of the fine initially levied in September. Credit Suisse also agreed to pay $5.3 billion to the DOJ to settle similar charges
In another boost to European financials, the Italian government approved a decree today, 23 December 2016, to bail out Monte dei Paschi di Siena after the world's oldest bank failed to win investor backing for a desperately needed capital increase. Prime Minister Paolo Gentiloni said his Cabinet had authorised a 20 billion-euro ($20.9 billion) fund to help lenders in distress - first and foremost Monte dei Paschi.
Asian stocks dropped after overnight US equities posted their first back-to-back daily declines of the month in light trading ahead of the Christmas weekend. Wall Street stocks had witnessed an unabated rally since the US election on expectations that Donald Trump's promised fiscal stimulus will boost economic growth and company profits.
Among economic data in US, Gross domestic product increased at a 3.5% annual rate instead of the previously reported 3.2% pace, the Commerce Department said in its third GDP estimate. In another data point, consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.2% in November, below the estimates.
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