Key benchmark indices trimmed gains in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 43.33 points or 0.16% at 26,359.67. The Nifty 50 index was currently up 13.45 points or 0.17% at 8,127.75. The Sensex, and the Nifty, both, hit their highest level in 1-1/2 weeks.
In overseas stock markets, European markets were trading lower amid continued political uncertainty in Italy. 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.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,580 shares rose and 912 shares declined. A total of 174 shares were unchanged. The BSE Mid-Cap index was currently up 0.85%. The BSE Small-Cap index was currently up 0.61%. Both these indices outperformed the Sensex.
Index heavyweight and cigarette major ITC gained 2.16% to Rs 233.70. The stock hit a high of Rs 234 and low of Rs 227.80 so far during the day.
FMCG stocks were mixed. Colgate-Palmolive (India) (up 0.7%), Dabur India (up 0.2%), Hindustan Unilever (up 0.75%), Nestle India (up 1.46%), Tata Global Beverages (up 2.33%), Procter & Gamble Hygiene and Health Care (up 0.8%) rose. Marico (down 2.37%), Britannia Industries (down 0.86%), GlaxoSmithkline Consumer Healthcare (down 0.74%), Godrej Consumer Products (down 0.33%), Jyothy Laboratories (down 0.12%), Bajaj Corp (down 0.79%) fell.
Metal and mining stocks gained as copper prices rose in global commodity markets. Vedanta (up 1.84%), JSW Steel (up 2.2%), Steel Authority of India (Sail) (up 1.99%), Hindustan Zinc (up 4.23%), Jindal Steel & Power (up 6.84%), NMDC (up 0.49%), Hindustan Copper (up 0.49%) edged higher. Tata Steel (down 0.01%), National Aluminium Company (down 0.88%), Hindalco Industries (down 0.72%) fell.
Copper edged higher in the global commodities market. High Grade Copper for December 2016 delivery was currently up 1.29% at $2.7165 per pound on the COMEX.
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