Key benchmark indices ended higher amid a broad-based rally led by metals, automobiles and oil & gas shares. The barometer index, the S&P BSE Sensex, rose 245.11 points or 0.92% to 26,878.24, as per the provisional closing data. The Nifty 50 index rose 83.30 points or 1.02% to 8,273.80, as per the provisional closing data. The broad market depicted strength.
The Sensex hit its highest intraday level in almost two months in mid-morning trade. The Nifty hit its highest intraday level in almost one month in afternoon trade. The Sensex rose 284.08 points, or 1.07% at the day's high of 26,917.21 in late trade, its highest level since 11 November 2016. The index rose 105.29 points, or 0.40% at the day's low of 26,738.42 at the onset of trading session. The Nifty rose 92.15 points, or 1.13% at the day's high of 8,282.65 in late trade, its highest level since 9 December 2016. The index rose 33.20 points, or 0.41% at the day's low of 8,223.70 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 1.32%. The BSE Small-Cap index provisionally rose 0.98%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,941 shares rose and 903 shares fell. A total of 135 shares were unchanged.
The total turnover on BSE amounted to Rs 3139.76 crore, higher than turnover of Rs 2608.67 crore registered during the previous trading session.
ICICI Bank was up 2.15% to Rs 256.50.
Tata Motors rose 3.20% to Rs 502.05 after the company's British luxury unit Jaguar Land Rover (JLR) reported a 30% jump in retail sales in US in December 2016. JLR yesterday, 4 January 2017, announced its US retail sales for the month of December 2016. JLR's US sales rose 30% to 12,573 units in December 2016 over December 2015. Jaguar sales jumped 259% to 4,294 units in December 2016 over December 2015. Land Rover sales declined 2% to 8,279 units in December 2016 over December 2015.
GAIL (India) rose 0.55% to Rs 442. The company announced during trading hours today, 5 January 2017, that Life Insurance Corporation of India (LIC) sold 2.008% stake in the company between 29 July 2016 to 2 January 2017. Post sale, LIC's stake in GAIL (India) reduced to 9.997% from 12.005% earlier.
Shares of metal and mining companies rose after a private survey showed that activity in China's service sector expanded at a faster pace in December. JSW Steel (up 8.34%), Jindal Steel & Power (up 5.82%), Vedanta (up 4.63%), Hindustan Zinc (up 4.16%), Tata Steel (up 3.37%), Steel Authority of India (up 2.77%), Hindalco Industries (up 1.98%), Hindustan Copper (up 1.85%), Bhushan Steel (up 1.68%), National Aluminium Company (up 1.52%) and NMDC (up 0.30%), edged higher.
Activity in China's service sector expanded at a faster pace in December, a private gauge showed today, 5 January 2016, adding to recent signs of firmness in China's economy. The Caixin China services purchasing managers' index rose to 53.4 in December from 53.1 in November, Caixin Media Co. and research firm Markit said. A reading above 50 indicates a month-to-month expansion, while a reading below that points to a contraction.
The rise in the private gauge came despite a decline in an official measure of activity outside the factory sector. China's official nonmanufacturing PMI, which includes the construction sector, edged down to 54.5 in December from 54.7 in November, the National Bureau of Statistics said last weekend. China is the world's largest consumer of steel, copper and aluminum.
Meanwhile, Hong Kong's PMI moved back into growth territory for the first time in nearly two years in December.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently up 0.22% at $2.5615 per pound on the COMEX.
Overseas, most shares in Europe were trading lower today, 5 January 2017, after minutes from the last US Federal meeting showed willingness to increase rates at a faster pace. UK's FTSE 100 was up 0.14%.
Most Asian stocks edged higher today, 5 January 2017, underpinned by a firm closing at the Wall Street. Japan's Nikkei 225 index fell 0.37%. Activity in China's service sector expanded at a faster pace in December, a private gauge showed today, 5 January 2017, adding to recent signs of firmness in China's economy. The Caixin China services purchasing managers' index rose to 53.4 in December from 53.1 in November, Caixin Media Co. and research firm Markit said. A reading above 50 indicates a month-to-month expansion, while a reading below that points to a contraction.
US stocks closed just shy of record levels yesterday, 4 January 2017, following the release of the Federal Reserve's policy minutes from its December meeting and a strong showing in auto sales. The Fed said interest-rate hikes may come at a faster-than-expected pace, according to minutes from the Federal Open Market Committee's 13-14 December 2016 meeting.
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