Shares ended higher amid a strong bout of volatility in intraday trade. The barometer index, the S&P BSE Sensex, rose 47.79 points or 0.18% to 26,643.24, as per the provisional closing data. The Nifty 50 index rose 12.75 points or 0.16% to 8,192.25, as per the provisional closing data. Key benchmark indices swung between gains and losses, while side counter stocks held firm at higher levels throughout the session.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 0.61%. The BSE Small-Cap index provisionally rose 1.03%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,839 shares rose and 921 shares fell. A total of 122 shares were unchanged.
The total turnover on BSE amounted to Rs 2613.29 crore, higher than turnover of Rs 2514.83 crore registered during the previous trading session.
Meanwhile, the Cabinet Committee on Parliamentary Affairs today, 3 January 2017, reportedly recommended holding of the Budget Session from 31 January 2017 when the government is likely to table the Economy Survey followed by the Union Budget on 1 February 2017.
In a first, the government has decided to present the Budget on 1 February instead of the last day of the month as part of an overhaul that would also scrap the practice of a separate railway budget. The Budget Session is normally convened in the last week of February but this year the government is looking set to convene the longest session of Parliament in the last week of January, media reports suggested.
The Budget Session is reportedly being advanced as the government wants early allocation of funds for various schemes from 1 April 2017, the beginning of the financial year. The first part of the Budget Session will run till 9 February 2017, added reports.
Shares of companies whose fortunes are linked with orders from Indian railways jumped. Hind Rectifiers (up 5.94%), Kernex Microsystems (India) (up 4.92%), Titagarh Wagons (up 4.32%), Kalindee Rail Nirman (Engineers) (up 4.29%), Texmaco Rail & Engineering (up 3.73%), Stone India (up 3.58%), Container Corporation of India (up 2.20%), Zicom Electronic Security Systems (up 1.79%), Bharat Heavy Electricals (up 1.71%), NELCO (up 1.71%) and BEML (up 0.85%), edged higher.
Yes Bank rose 1.92% after the bank said it has implemented a multi-nodal Blockchain transaction to fully digitize vendor financing for Bajaj Electricals. The announcement was made during market hours today, 3 January 2017.
Yes Bank said it has put in place a detailed roadmap on commercialising Blockchain based banking solutions in India and is exploring use cases for implementation towards 'letter of credit' and documentary collections, foreign remittances and partnering with correspondent banks for trade finance among others.
HPCL rose 3.35% after the reports of company's plans to invest Rs 1200 crore in the next three to five years in city gas distribution to expand network and build infrastructure. HPCL has three city gas distribution joint ventures: Aavantika Gas Ltd, Bhagyanagar Gas Ltd and Godavari Gas Ltd.
Bharat Electronics rose 4.27% on reports that a foreign brokerage has maintained buy rating on the stock citing high medium-term visibility in order inflows for the company. The brokerage expects a 15% earnings growth for Bharat Electronics over FY 2016-19.
On the macro front, core sector output rose 4.9% in November 2016 on the back of a strong expansion in steel production and electricity generation, but the pace of growth was down from 6.6% in October 2016, data released yesterday, 2 January 2017, showed. Part of the buoyancy was due to the base effect of a lower growth rate at 0.6% in November 2015.
Meanwhile, during the current financial year 2016-17, the Government has so far realised Rs 23528.73 crore, which include Rs 21432.38 crore through minority stake sale in 14 central public sector enterprises (CPSEs) and Rs 2096.35 crore through strategic disinvestment. The total realization of Rs 21432.38 crore, by end-November 2016 through CPSEs' disinvestment receipts, constitutes around 59.53% of the budgeted target of Rs 36000 crore (CPSEs' disinvestment), the Ministry of Finance said in a statement during trading hours today, 3 January 2017.
The disinvestment target for the current financial year ending 31 March 2017 has been estimated at Rs 56500 crore comprising Rs 36000 crore from disinvestment of CPSEs and Rs 20500 crore from strategic disinvestment.
Overseas, most European shares were trading higher today, 3 January 2017, as strength in financials and commodity-related stocks continued to underpin the region's equity markets.
Asian stocks edged higher after a key indicator of China's private manufacturing showed robust gains in December 2016. Indonesia's Jakarta Composite Index, however, fell 0.39%. Japan was closed for an extended New Year holiday.
China's Caixin Manufacturing Purchasing Managers' index (PMI) rose 51.9, compared to 50.9 in November on the back of increased demand. A reading above 50 represents expansion in a sector, whereas a reading below 50 represents contraction. The private manufacturing survey results come after figures at the weekend showed China's official PMI fell to 51.4 in December.
Trading in US index futures indicated that the Dow Jones Industrial Average could rise 125 points at the opening bell today, 3 January 2017. US financial markets were closed yesterday, 2 January 2017.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
