Key benchmark indices regained positive zone and hit fresh intraday high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 41.54 points or 0.16% at 26,357.88. The Nifty 50 index was currently up 9.75 points or 0.12% at 8,124.05.
The Sensex rose 52.16 points, or 0.2% at the day's high of 26,368.50 in mid-morning trade, its highest level since 17 November 2016. The index fell 133.12 points, or 0.51% at the day's low of 26,183.22 at onset of day's trading session. The Nifty rose 15.80 points, or 0.19% at the day's high of 8,130.10 in mid-morning trade, its highest level since 17 November 2016. The index fell 47.80 points, or 0.59% at the day's low of 8,066.50 at onset of day's trading session.
In overseas stock markets, most Asian stocks were trading higher as oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016 to discuss production cuts to shore up prices, but Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,507 shares rose and 643 shares declined. A total of 128 shares were unchanged. The BSE Mid-Cap index was currently up 0.77%. The BSE Small-Cap index was currently up 0.93%. Both these indices outperformed the Sensex.
Power generation stocks gained. Reliance Infrastructure (up 1.53%), Tata Power Company (up 0.64%), CESC (up 0.82%), NTPC (up 0.62%), Torrent Power (up 0.64%), Reliance Power (up 1.52%), NHPC (up 0.92%), Adani Power (up 5.71%) and JSW Energy (up 1.24%) edged higher.
State-run coal-mining giant Coal India was off 0.33% at Rs 303.10. The stock hit a high of Rs 306.40 and a low of Rs 302.40 so far during the day.
Shares of state-run power transmission major Power Grid Corporation of India gained 2.57%.
Shares of state-run power sector finance firms fell. Rural Electrification Corporation shed 0.29%. Power Finance Corporation slipped 0.53%.
Cement stocks rose. Ambuja Cements (up 0.57%), ACC (up 0.43%), and Shree Cement (up 0.45%) gained. UltraTech Cement shed 0.23%.
Grasim Industries was up 1.93% at Rs 838.80. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Uflex rose 4.86% after consolidated net profit rose 16.76% to Rs 90.35 crore on 1.60% rise in net sales to Rs 1501.88 crore in Q2 September 2016 over Q2 September 2015. Uflex's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose by 6% and stood at Rs 233.10 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 25 November 2016.
Hathway Cable & Datacom fell 1.73% after the company reported net loss of Rs 40.44 crore in Q2 September 2016 as against net loss of Rs 31.99 crore in Q2 September 2015. Net sales rose 18.59% to Rs 318.84 crore in Q2 September 2016 over Q2 September 2015. The company's revenue from the broadband business rose 67% to Rs 120.30 crore in Q2 September 2016 over in Q2 September 2015. The result was announced after market hours on Friday, 25 November 2016.
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