Key benchmark indices registered modest gains. The barometer index, the S&P BSE Sensex, rose 182.58 points or 0.69% to settle at 26,697.82. The Nifty 50 index rose 51 points or 0.62% to settle at 8,221.80. Both the Sensex and the Nifty almost hovered in positive terrain throughout the trading session after initial volatility. The two key indices extended intraday gains towards the later part of the trading session.
Overseas, European stocks edged higher ahead of the much-awaited US Federal Reserve's monetary policy statement due tomorrow, 14 December 2016. Most Asian stocks ended higher. In mainland China, the Shanghai Composite settled 0.07% higher. In Hong Kong, the Hang Seng ended 0.06% higher. Industrial production in China rose unexpectedly last month, official data showed today, 13 December 2016. In a report, National Bureau of Statistics of China said that Chinese industrial production rose to 6.2% in November, from 6.1% in the preceding month.
US stocks struggled for direction yesterday, 12 December 2016, with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower. Major indexes had fluctuated between positive and negative territory with investors appearing reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve.
The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction. Higher US interest rates would attract foreign investments from the emerging markets towards the US.
Back home, the Sensex rose 182.58 points or 0.69% to settle at 26,697.82, its highest closing level since 9 December 2016. The index rose 209.73 points, or 0.79% at the day's high of 26,724.97. The index fell 21.01 points, or 0.08% at the day's low of 26,494.23.
The Nifty 50 index rose 51 points or 0.62% to settle at 8,221.80, its highest closing level since 9 December 2016. The index rose 58.05 points, or 0.71% at the day's high of 8,228.85. The index fell 15 points, or 0.18% at the day's low of 8,155.80.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,304 shares fell and 1,281 shares rose. A total of 191 shares were unchanged. The BSE Mid-Cap index fell 0.43%. The BSE Small-Cap index fell 0.07%. Both these indices underperformed the Sensex.
Among the sectoral indices on BSE, the S&P BSE Realty index (down 1.1%), the S&P BSE Basic Materials index (down 1.09%), the S&P BSE Metal index (down 1%), the S&P BSE Utilities index (down 0.13%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.1%), the S&P BSE Power index (down 0.07%), the S&P BSE Consumer Durables index (down 0.04%), the S&P BSE Finance index (up 0.20%), the S&P BSE Capital Goods index (up 0.23%), the S&P BSE Healthcare index (up 0.25%), the S&P BSE Bankex (up 0.48%) and the S&P BSE FMCG index (up 0.60%), underperformed the Sensex. The S&P BSE Telecom index (up 0.70%), the S&P BSE Teck index (up 0.71%), the S&P BSE Energy index (up 0.78%), the S&P BSE Oil & Gas index (up 0.81%), the S&P BSE IT index (up 0.85%), the S&P BSE Industrials index (up 0.90%) and the S&P BSE Auto index (up 0.98%), outperformed the Sensex.
Auto stocks rose. TVS Motor Company (up 4.27%), Tata Motors (up 3.48%), Bajaj Auto (up 0.50%), Eicher Motors (up 0.32%), Maruti Suzuki India (up 0.29%) and Mahindra & Mahindra (up 0.06%), edged higher. Hero MotoCorp (down 0.08%), Escorts (down 0.3%) and Ashok Leyland (down 1.58%), edged lower.
Index heavyweight and cigarette major ITC rose 1.18% at Rs 235.30. The stock hit a high of Rs 236.80 and a low of Rs 232.40 in intraday trade.
Housing Finance major HDFC rose 0.69% at Rs 1,271.10.
Software major Infosys advanced 1.28% at Rs 990.05.
Another index heavyweight Reliance Industries rose 1.15% at Rs 1,039.90.
Bank stocks were mixed. Among public sector banks, Vijaya Bank (up 4.30%), Indian Bank (up 1.76%), Dena Bank (up 1.17%), Bank of Baroda (up 0.91%), State Bank of India (up 0.80%), Union Bank of India (up 0.60%), IDBI Bank (up 0.35%) and Syndicate Bank (up 0.15%), edged higher. Bank of Maharashtra (down 0.17%), Allahabad Bank (down 0.22%), UCO Bank (down 0.29%), Canara Bank (down 0.38%), Central Bank of India (down 0.52%), Bank of India (down 0.65%), United Bank of India (down 0.71%), Punjab National Bank (down 1.11%) and Punjab & Sind Bank (down 1.42%), edged lower.
Among private sector banks, Federal Bank (up 1.07%), City Union Bank (up 0.75%), IndusInd Bank (up 0.46%), HDFC Bank (up 0.16%), ICICI Bank (up 0.04%) and Kotak Mahindra Bank (up 0.01%), edged higher. RBL Bank fell 0.76%.
Axis Bank rose 1.74% after the bank announced that it proposes to raise funds by issuing non-convertible debentures aggregating to Rs 3500 crore. The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution. The announcement was made after market hours yesterday, 12 December 2016.
Yes Bank rose 1.17%. The bank during market hours today, 13 December 2016 said it has partnered with Grofers, the on-demand e-commerce mobile and web application. With this partnership, Grofers customers will be able to get currency notes delivered to their doorstep along with their grocery order for up to Rs 2,000 through Yes Bank's PoS machines.
Yes Bank has partnered Grofers for supplying cash across 3 cities - Mumbai, Gurgaon and Bengaluru. Grofers customers in these cities will have an option to get home delivery of cash, along with their grocery order.
Separately, Yes Bank during market hours today, 13 December 2016 said that the bank has been upgraded by MSCI ESG Research to AAA rating from AA rating. The MSCI ESG Report has highlighted Yes Bank's key strengths in Financial Product Safety, Corporate Governance, and Financial System Instability, and has also highlighted that there are no significant risks for the bank from an ESG perspective.
The AAA rating reaffirms Yes Bank's 360 degree risk framework which includes pertinent ESG parameters and underscores the bank's ability to proactively mitigate emerging risks and create new opportunities in India's sunrise sectors.
The Sensex has risen 580.28 points or 2.22% in calendar year 2016 so far (till 13 December 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,203.21 points or 18.69%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,379.46 points or 8.18%. The Sensex is off 3,326.92 points or 11.08% from a record high of 30,024.74 hit on 4 March 2015.
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