Key benchmark indices logged small gains in a lackluster session of trade. The barometer index, the S&P BSE Sensex, rose 33.83 points or 0.13% at 26,350.17, as per the provisional closing data. The Nifty 50 index rose 12.60 points or 0.16% at 8,126.90, as per the provisional closing data.
Both the Sensex and the Nifty hit their highest levels in one-and-half week. The Sensex rose 97.65 points, or 0.37% at the day's high of 26,413.99 in early afternoon 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 32.20 points, or 0.4% at the day's high of 8,146.50 in early afternoon 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.
Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,660 shares rose and 931 shares declined. A total of 175 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.97%. The BSE Small-Cap index was provisionally up 0.66%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2999.73 crore, higher than the turnover of Rs 2608.36 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC gained 2.08% to Rs 233.50.
The stock hit a high of Rs 234.20 and low of Rs 227.80 in intraday trade.
Telecom stocks gained. Idea Cellular (up 3.33%), MTNL (up 3.57%), Reliance Communications (up 2.14%) and Tata Teleservices (Maharashtra) (up 3.52%) gained.
Bharti Airtel rose 5.19% after the firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquistion of Econet Wireless' entire 4.2% stake in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%. The announcement was made on Saturday, 26 November 2016.
Shares of Bharti Infratel rose 2.34%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Overseas, European stock markets were trading lower amid continued political uncertainty in Italy. On 4 December 2016, Italians will be asked to decide whether to accept a package of constitutional reforms put forward by centre-left Prime Minister Matteo Renzi, who has said he would resign if the proposals are rejected. Most Asian stocks rose 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.
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