Key benchmark indices jumped in mid-afternoon trade as European shares opened higher. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 127.50 points or 0.49% at 26,358.16. The Nifty 50 index was currently up 39.75 points or 0.49% at 8,126.55.
The Sensex and the Nifty, both, bounced back after hitting their lowest intraday levels in more than one week in early afternoon trade. The Sensex rose 145.81 points, or 0.56% at the day's high of 26,376.47 in mid-afternoon trade. The index fell 105.31 points, or 0.40% at the day's low of 26,125.35 in early afternoon trade, its lowest level since 25 November 2016. The Nifty rose 49.85 points, or 0.62% at the day's high of 8,136.65 in mid-afternoon trade. The index fell 29.95 points, or 0.37% at the day's low of 8,056.85 in early afternoon trade, its lowest level since 25 November 2016.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1429 shares rose and 1071 shares fell. A total of 149 shares were unchanged. The BSE Mid-Cap index was currently up 0.63%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.23%, underperforming the Sensex.
Realty shares were mixed. Unitech (down 5.22%), Phoenix Mills (down 3.31%), Godrej Properties (down 1.75%), Anant Raj (down 1.72%), Prestige Estates Projects (down 1.65%), Mahindra Lifespace Developers (down 1.27%), Omaxe (down 0.76%) and D B Realty (down 0.63%), edged lower. Indiabulls Real Estate (up 0.66%), DLF (up 0.91%), Oberoi Realty (up 1.12%), Housing Development and Infrastructure (HDIL) (up 1.25%), Sobha (up 2.44%), Sunteck Realty (up 3.02%), Parsvnath Developers (up 5.31%) and Peninsula Land (up 6.85%), edged higher.
Power generation shares were mixed. Torrent Power (down 1.98%), JSW Energy (down 1.05%), NHPC (down 0.55%), Reliance Power (down 0.24%) and Tata Power (down 0.14%), edged lower. Jaiprakash Power Ventures (up 0.25%), GMR Infrastructure (up 0.68%), NTPC (up 0.68%), CESC (up 0.73%), Reliance Infrastructure (up 1.52%) and Adani Power (up 4.30%), edged higher.
State-run Power Grid Corporation of India was down 1.01%.
State-run Coal India was down 0.7%.
Yes Bank rose 2.23% to Rs 1,175.70 after the bank announced that it partnered with Ola to set up mobile ATMs in ten cities. Yes Bank said that it has partnered with Ola, India's most popular mobile app for transportation, to set up mobile automated teller machines (ATMs) and enable convenient cash withdrawals for citizens by any bank's debit cards. The service will be made available in over 30 locations across ten cities including, Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad and Jaipur. The withdrawal is enabled using point of sale machines available in Ola cabs stationed near Yes Bank branches across various locations in these cities. The partnership is done to ease the process of cash withdrawals and provide seamless service to the customers with additional mobile infrastructure powered by Ola. The announcement was made during market hours today, 5 December 2016.
On macro front, latest data released by Markit Economics showed that India's services sector activity declined sharply last month as cash shortages hit the sector in the wake of the government's move to demonetise higher denomination notes. The seasonally adjusted headline Nikkei India Services Business Activity Index dropped to 46.7 in November, from 54.5 in October, registering contraction for the first time since June 2015 and pointed to the sharpest reduction in output for almost three years.
Overseas, European shares edged higher in early trade. Most Asian stocks edged lower as investors feared the no vote in Italy's referendum on Sunday, 4 December 2016, could hurt the country's banking system and lead to global contagion. Italy's prime minister resigned following a heavy referendum defeat.
US stocks struggled for direction on Friday, 2 December 2016, with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times.
The uncertainty was underlined by the November jobs report, which showed 178,000 jobs added in the month, fewer than had been expected, while the count over the prior two months was reduced. However, the jobless rate fell sharply to a nine-year low of 4.6%.
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