Key benchmark indices mirrored gains in global stock markets triggered by the Federal Bureau of Investigation (FBI) clearing Democratic candidate Hillary Clinton of any wrongdoing over the weekend. The barometer index, the S&P BSE Sensex, rose 184.84 points or 0.68% to 27,458.99, as per the provisional closing data. The Nifty 50 index rose 58.20 points or 0.69% to 8,491.95, as per the provisional closing data.
The Sensex rose 317 points, or 1.16% at the day's high of 27,591.15 in early trade, its highest level since 3 November 2016. The index rose 124.57 points, or 0.46% at the day's low of 27398.72 in late trade. The Nifty rose 102.10 points, or 1.21% at the day's high of 8,535.85 in early trade, its highest level since 3 November 2016. The index rose 47.70 points, or 0.57% at the day's low of 8,481.45 in late trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 2,001 shares rose and 873 shares fell. A total of 149 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.59%, underperforming the Sensex. The BSE Small-Cap index provisionally rose 1.19%, outperforming the Sensex.
The total turnover on BSE amounted to Rs 3193.59 crore, lower than turnover of Rs 4545.34 crore registered during the previous trading session.
Metal shares were in demand after copper price edged higher in the global commodities markets. Hindalco Industries (up 5.72%), Hindustan Zinc (up 2.78%), Jindal Steel & Power (up 2.69%), Tata Steel (up 1.95%), Steel Authority of India (up 1.79%), Bhushan Steel (up 1.51%), Hindustan Coppe (up 1.21%), National Aluminium Company (up 1.17%), Vedanta (up 0.94%) and JSW Steel (up 0.68%), edged higher.
NMDC rose 0.55% at Rs 127.70. The company said its total production rose 20.60% to 16.80 million tonnes in October 2016 over October 2015. Total sales rose 19.84% to 18.97 million tonnes in October 2016 over October 2015. The announcement was made after market hours on Friday, 4 November 2016.
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High Grade Copper for December 2016 delivery was currently up 1.61% at $2.3015 per pound on the COMEX.
Engineering and construction major L&T fell 1.26% to Rs 1,401 amid volatility after the Government of India offloaded stake in the company via bulk deal mechanism on the stock exchanges on Friday, 4 November 2016.
Lupin jumped 6.90% to Rs 1,519. The company announced that it has received notification that the inspection carried out by the USFDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupin's Goa facility, the company said. Commenting on the receipt of the EIR, Vinita Gupta, Chief Executive Officer and Nilesh Gupta, Managing Director, Lupin said that the company is committed to ensuring that all systems and processes followed by it are compliant with cGMP and are committed to bringing quality products to market. The announcement was made on Saturday, 5 November 2016.
In overseas stock markets, European and Asian stocks edged higher today, 7 November 2016, as Democrat Hillary Clinton's bid for the White House gained new momentum after she averted charges over her use of emails. Investors around the world have been watching the US elections warily, and many have reacted to the prospects of a Donald Trump presidency with horror, concerned about his outlandish and economically questionable proposals.
Trading in US index futures indicated that the Dow Jones Industrial Average could rise 237.50 points at the opening bell today, 7 November 2016.
In US, the S&P 500 ended lower on Friday, 4 November 2016, for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain US election. The tech-heavy Nasdaq also ended lower for a ninth-consecutive session, while the Dow industrials closed down for a seventh straight day.
The outcome of United States presidential elections of 2016, which will be held tomorrow, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
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