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Market gains for fourth day in a row

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Key benchmark indices logged strong gains tracking positive global stocks. The barometer index, the S&P Sensex, gained 258.80 points or 0.98% at 26,652.81, as per the provisional closing data. The 50 index rose 82.35 points or 1.01% at 8,224.50. Key indices gained for the fourth day in a row today, 30 November 2016.

The broad market depicted strength. There were more than two gainers against every loser on 1,744 shares rose and 842 shares declined. A total of 208 shares were unchanged. The Mid-Cap index was provisionally up 1.07%. The BSE Small-Cap index was provisionally up 1.28%. Both these indices outperformed the

The total turnover on BSE amounted to Rs 2579.13 crore, lower than the turnover of Rs 2875.88 crore registered during the previous trading session.

Capital goods stocks edged higher. L&T (up 2.1%), ABB India (up 0.42%), Bharat Heavy Electricals (Bhel) (up 0.66%), BEML (up 0.76%), Bharat Electronics (up 2.61%), Crompton Greaves (up 4.27%), Thermax (up 3.83%) and Punj Lloyd (up 2.24%) rose. Siemens shed 0.1%.

Tata Power Company rose 2.22% after the company reported consolidated net profit of Rs 336.24 crore in Q2 September 2016, compared with net loss of Rs 95.87 crore in Q2 September 2015. Total income declined 3.5% to Rs 7311.82 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 29 November 2016.

The company reported a turnaround in bottom line in Q2 September 2016 vis-vis corresponding previous quarter mainly due to lower mark-to-market (MTM) losses at Coastal Gujarat Power (CGPL) and better performance by key Indian subsidiaries and Indonesian coal mines.

Lupin lost 1.22% to Rs 1,498.50. The stock was volatile. The stock hit high of Rs 1,536.70 and low of Rs 1,497.55 in intraday trade. The company announced that its US subsidiary Lupin Pharmaceuticals Inc (LPI) has received final approval for its Armodafinil tablets 50mg, 150mg, 200mg and 250mg from the United States Food and Drug Administration (USFDA) to market a generic version of Cephalon, Inc's Nuvigil tablets. LPI shall commence promoting the product in the US shortly. Lupin's Armodafinil tablets are the AB rated generic equivalents of Cephalon, Inc's Nuvigil tablets. Armodafinil tablets are indicated to improve wakefulness in adult patients with excessive sleepiness associated with obstructive sleep apnea (OSA), narcolepsy or shift work disorder (SWD). Nuvigil tablets had annual US sales of $515.6 million as per IMS MAT September 2016 data. The announcement was made after market hours yesterday, 29 November 2016.

Among macro economic data, India's gross domestic product (GDP) for the quarter ended September 2016 (Q2) is slated to be released today, 30 November 2016. India's GDP growth rate slowed to 7.1% in Q1 June 2016 from 7.9% expansion in Q4 March 2016. Also India's infrastructure output for October 2016 will be released today, 30 November 2016. Infrastructure output in India went up 5% year-on-year in September, following a 3.2% growth in August.

Overseas, Asian and European stocks rose as investors awaited the conclusion of a highly-anticipated Organization of the Petroleum Exporting Countries (OPEC) meeting later in the day and the Italian referendum on proposed constitutional reforms on Sunday, 4 December 2016. OPEC are set to meet in Vienna, Austria today, 30 November 2016 and marketmen are awaiting decision regarding an oil production cut.

US stocks closed higher yesterday, 29 November 2016 with the Nasdaq touching a record, but the market failed to make much headway as oil futures slumped ahead of a key meeting of major crude producers. In economic news, the second read on US third-quarter GDP came in at an annualized rate of 3.2%, above a previous reading of 2.9%. The Consumer Confidence Index hit 107.1 in November, up from 98.6 in October.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 15:31 IST