Volatility struck bourses in morning trade as the key benchmark indices regained positive zone after reversing early gains. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 50.13 points or 0.19% at 26,702.94. The Nifty 50 index was currently up 7.40 points or 0.09% at 8,231.90. Positive Asian stocks boosted sentiment on domestic bourses.
Overseas, Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices. US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.
Closer home, the breadth indicating the overall health of the market was positive. On BSE, 1,021 shares rose and 1,005 shares declined. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently off 0.12%. The BSE Small-Cap index was currently up 0.24%. Both these indices underperformed the Sensex.
GAIL (India) (up 3.1%), ONGC (up 2.3%) and HDFC (up 0.86%) were the top gainers from the 30-share Sensex pack.
Index heavyweight Reliance Industries (RIL) rose 1.56% to Rs 1,008.25. The stock hit high of Rs 1,009.20 and low of Rs 996.15 in intraday trade.
Pharma shares gained on renewed buying. Cadila Healthcare (up 1.13%), Cipla (up 0.61%), Dr Reddy's Laboratories (up 0.58%), Glenmark Pharmaceuticals (up 0.85%), Lupin (up 0.99%), Sun Pharmaceutical Industries (up 0.87%), GlaxoSmithKline Pharmaceuticals (up 0.28%), Aurobindo Pharma (up 1.97%) and Wockhardt (up 1.86%) rose. Alkem Laboratories (down 0.69%) fell.
Maruti Suzuki India shed 0.16%. The company reported 12.2% rise in total sales to 1.35 lakh units in November 2016 over November 2015. Maruti Suzuki India's (Maruti) domestic sales rose 14.2% to 1.26 lakh units in November 2016 over November 2015. Exports fell 9.8% to 9,225 units in November 2016 over November 2015. The announcement was made during market hours today, 1 December 2016.
Among macro economic data, Markit Economics will announce the India Manufacturing Purchasing Managers' Index (PMI) data for November 2016 today, 1 December 2016. The seasonally adjusted Nikkei India Manufacturing PMI climbed to a 22-month peak to 54.4 in October from 52.1 in September.
The gross domestic product (GDP) rose at 7.3% in the second quarter ended September 2016. GDP expanded by 7.1% in the first quarter ended June 2016 and at 7.6% in the second quarter ended September 2015, data released after market hours yesterday, 30 November 2016 from the Central Statistics Office showed.
The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%, data released after market hours yesterday, 30 November 2016 showed.
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