Key benchmark indices firmed up and hit a fresh intraday high in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 183.96 points or 0.71% at 25,944.06. The Nifty 50 index was up 48.25 points or 0.62% at 7,854.85. Strong rebound in global equities boosted domestic stocks.
The Sensex hit its highest level in almost a week when it rose 188.10 points or 0.73% at the day's high of 25,948.20 in mid-afternoon trade, its highest level since 10 November 2015. The Nifty hit its highest level in a week when it rose 53.85 points or 0.69% at the day's high of 7,860.45 in mid-afternoon trade, its highest level since 10 November 2015. Earlier, the Sensex fell 27.31 points or 0.1% at the day's low of 25,732.79 in the afternoon trade. The Nifty fell 13.60 points or 0.17% at the day's low of 7,793 in the afternoon trade.
In overseas stock markets, European stocks rose today, 17 November 2015, extending a global rebound as concern about the geopolitical impact of the attacks in Paris faded. Asian markets rose today, 17 November 2015, as a weakening yen lifted Japanese shares and higher oil prices boosted the energy sector. US stocks edged higher yesterday, 16 November 2015, shrugging off concerns the market would be affected by the weekend terrorist attacks in Paris.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,379 shares rose and 1,143 shares declined. A total of 173 shares were unchanged. The BSE Mid-Cap index was currently up 0.43%. The BSE Small-Cap index was currently up 0.60%. Both these indices underperformed the Sensex.
Most fertiliser stocks edged higher. Gujarat State Fertilizers Company (up 1.38%), National Fertilizers (up 1.16%), Rashtriya Chemicals and Fertilisers (up 0.43%), Tata Chemicals (up 0.3%), Zuari Global (up 0.25%), Deepak Fertilisers & Petrochemicals Corporation (up 0.14%) and Chambal Fertilisers & Chemicals (up 0.09%), edged higher. Coromandel International (down 0.66%) and Fertilisers & Chemicals Travancore (down 1.02%), edged lower.
Shares of most public sector firms edged higher. GAIL (India) (up 1.83%), NMDC (up 1.70%), Bharat Electronics (up 1.52%), Container Corporation of India (up 0.91%), Power Grid Corporation of India (up 0.89%), NTPC (up 0.50%), Bharat Heavy Electricals (up 0.50%), Oil India (up 0.50%) and Coal India (up 0.27%), edged higher. ONGC (down 0.07%), Rural Electrification Corporation (down 0.11%) and Power Finance Corporation (down 1.87%), edged lower.
Subex fell 1.27% after the company allotted 43.11 lakh equity shares pursuant to the conversion foreign currency convertible bonds. The company has allotted 43.11 lakh equity shares pursuant to the conversion of $1,000,000 out of its $48.43 million bonds that are outstanding under the $127,721,000 5.70% secured convertible bonds due 2017 on 16 November 2015. Post the conversion, foreign currency convertible bonds (FCCBs) aggregating to $47.43 million are outstanding under the said bonds, Subex said. The announcement was made after market hours yesterday, 16 November 2015.
Reliance Infrastructure fell 1.20%. Pipavav Defence & Offshore Engineering Company jumped 5.34%. Reliance Infrastructure is proceeding to complete the acquisition of the company after receiving all requisite approvals.
Reliance Infrastructure announced after market hours yesterday, 16 November 2015, that all requisite approvals including the approval of the Competition Commission of India (CCI) and the Gujarat Maritime Board (GMB) have been received for the acquisition together with management control of Pipavav Defence and Offshore Engineering Company (Pipavav Defence).
Reliance Infrastructure together with its wholly owned subsidiary Reliance Defence Systems is accordingly proceeding to complete the acquisition of Pipavav Defence. The mandatory open offer to acquire up to 26% shares from the public shareholders of Pipavav Defence, at a price of Rs 66 per share, in terms of applicable SEBI Takeover Regulations shall open on 2 December 2015 and shall close on 15 December 2015.
As per the agreement with the promoters of Pipavav Defence, Reliance will acquire from them 13 crore equity shares representing approx. 18% shareholding in the company at a price of Rs 63 per share, aggregating Rs 819 crore. Reliance will also acquire from the promoters of Pipavav Defence such number of additional equity shares of the company, at the same price of Rs 63 per share, as is required to ensure that Reliance's shareholding is not less than 25.1% of the target company, after taking into account the acquisitions made under the open offer.
On the macro economic front, data released by the government after market hours yesterday, 16 November 2015 showed that India's merchandise exports continued to decline for the eleventh straight month at 17.5% to $21.35 billion in October 2015 over October 2014. Meanwhile, merchandise imports also dipped 21.2% to $31.12 billion. The trade deficit narrowed 28.1% to $9.77 billion in October 2015 from $14.47 billion in October 2014.
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