Buying continued unabated as key benchmark indices hit fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 445.96 points or 1.64% at 27,698.49. The Nifty 50 index was up 157.70 points or 1.87% at 8,589.70. Strong cues from Asian markets boosted investors' sentiment.
The Sensex and the Nifty, both, hit their highest level in more than one week in early afternoon trade. The Sensex rose 490.93 points, or 1.80% at the day's high of 27,743.46 in early afternoon trade, its highest level since 1 November 2016. The index rose 239.40 points, or 0.88% at the day's low of 27,491.93 at the onset of trading session. The Nifty rose 166.45 points, or 1.97% at the day's high of 8,598.45 in early afternoon trade, its highest level since 1 November 2016. The index rose 80.90 points, or 0.96% at the day's low of 8,512.90 at the onset of trading session.
The broad market depicted strength. There were almost five gainers against every loser on BSE. 2,056 shares rose and 418 shares fell. A total of 112 shares were unchanged. The BSE Mid-Cap index was currently up 2.43%. The BSE Small-Cap index was currently up 2.61%. Both these indices outperformed the Sensex.
FMCG shares edged higher. Tata Global Beverages (up 2.91%), Britannia Industries (up 2.65%), Marico (up 2.09%), Godrej Consumer Products (up 2.08%), Jyothy Laboratories (up 1.94%), Colgate Palmolive (India) (up 1.08%), Dabur India (up 1.08%), Hindustan Unilever (up 0.88%), Procter & Gamble Hygiene & Health Care (up 0.59%), Nestle India (up 0.49%) and Bajaj Corp (up 0.46%), edged higher. GlaxoSmithKline Consumer Healthcare was down 1.80%.
Telecom stocks were in demand. Bharti Airtel (up 3.84%), MTNL (up 3.67%), Tata Teleservices (Maharashtra) (up 3.46%), Reliance Communications (up 3.31%) and Idea Cellular (up 1.87%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was up 3.97% to Rs 378.65.
Motherson Sumi Systems jumped 6.43% after consolidated net profit rose 26.17% to Rs 479.85 crore on 14.29% growth in total income to Rs 10337.08 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 10 November 2016.
Uflex jumped 5.79% after the company announced the launch of profile pouch for liquids with sonically sealed spout. The announcement was made during market hours today, 10 November 2016.
Uflex recently launched profile pouch for liquids with sonically sealed spout in India and offered it to Paras Dairy for packing its ghee (clarified butter). The laminate of the pouch engineered at Uflex's packaging plant at Noida is a three ply structure comprising isotropic PET/ isotropic PET/co-ex nylon polyethylene (PE). Two transparent lsotropic polyester layers provide excellent mechanicals to the laminate that are required to withstand harsh supply chain conditions. The three ply structure has been especially engineered to optimize the OTR and WVTR for extending the shelf life of the product packed, Uflex said.
Pidilite Industries was up 0.72% after consolidated net profit rose 13.1% to Rs 231 crore on 9.1% growth in gross sales to Rs 1522 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.
Bharat Puri, Managing Director, Pidilite Industries, commented that in the context of continued challenging market conditions, the company delivered steady sales volume growth. It continues to focus on growing its core categories through appropriate investment and driving operational efficiencies, Puri said.
On the macro front, the figures for direct tax collections up to October 2016 show that net collections are at Rs 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October 2016, 44.5% of the Budget estimates of direct taxes for financial year 2016-17 has been achieved.
The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7% more than the net collections for the corresponding period last year. Till October 2016, 62.4% of the Budget estimates of indirect taxes for financial year 2016-17 has been achieved.
In overseas stock markets, Asian stocks edged higher to join a global rebound on speculation Donald Trump will pursue business-friendly policies. Japan's Nikkei 225 surged 6.72%. US stocks rallied Wednesday, 9 November 2016, led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump. Trump was declared as the 45th President of the United States yesterday, 9 November 2016.
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