Strong global cues boosted stocks in the domestic equity market today, 10 November 2016. The barometer index, the S&P BSE Sensex, rose 265.15 points or 0.97% to 27,517.68, as per the provisional closing data. The Nifty 50 index rose 93.75 points or 1.11% to 8,525.75, as per the provisional closing data. Market sentiment got a boost after global investors turned hopeful about generous tax cuts and higher infrastructure and defence spending in the US following Donald Trump's election victory.
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 204.52 points, or 0.75% at the day's low of 27,457.05 in late trade. 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 78.70 points, or 0.93% at the day's low of 8,510.70 in late trade.
In overseas stock markets, European shares advanced today, 10 November 2016, led higher by miners and banks, with encouraging results from companies such as Vivendi supporting the broader market. Asian stocks edged higher to join a global rebound on speculation Donald Trump will pursue business-friendly policies. Japan's Nikkei 225 ended 6.72% higher.
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. According to reports, investors were focusing on Trump's key policy priorities including generous tax cuts and higher infrastructure and defence spending, along with deregulation for banks.
Back home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 2,011 shares rose and 736 shares fell. A total of 135 shares were unchanged. The BSE Mid-Cap index provisionally rose 1.65%. The BSE Small-Cap index provisionally rose 1.75%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3726.46 crore, lower than turnover of Rs 5465.90 crore registered during the previous trading session.
Metal shares were in demand as copper price edged higher in the global commodities markets. Tata Steel (up 9.38%), Jindal Steel & Power (up 8.62%), Hindalco Industries (up 8.28%), Hindustan Copper (up 6.29%), Steel Authority of India (up 5.73%), Vedanta (up 4.96%), NMDC (up 4.70%), JSW Steel (up 4.40%), Bhushan Steel (up 3.68%), National Aluminium Company (up 2.83%) and Hindustan Zinc (up 1.62%), edged higher.
High Grade Copper for December 2016 delivery was currently up 4.51% at $2.5715 per pound on the COMEX.
Telecom stocks were in demand. Tata Teleservices (Maharashtra) (up 6.45%), MTNL (up 4.52%), Reliance Communications (up 3.20%), Bharti Airtel (up 2.14%) and Idea Cellular (up 0.97%), edged higher.
Telecom tower infrastructure provider Bharti Infratel rose 6.26% to Rs 387.
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.
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