Key benchmark indices settled with decent gains as firmness in global stocks boosted sentiment. The barometer index, the S&P BSE Sensex, gained 258.80 points or 0.98% to settle at 26,652.81. The Nifty 50 index rose 82.35 points or 1.01% to settle at 8,224.50. Both the Sensex and the Nifty, hit their highest closing level in almost three-weeks. Key indices gained for the fourth day in a row today, 30 November 2016.
The Sensex gained 258.80 points or 0.98% to settle at 26,652.81, its highest closing level since 11 November 2016. The index rose 286.54 points or 1.08% at the day's high of 26,680.55. The index rose 1.49 points, at the day's low of 26,395.50.
The Nifty 50 index rose 82.35 points or 1.01% to settle at 8,224.50, its highest closing level since 11 November 2016. The index rose 92.10 points or 1.13% at the day's high of 8,234.25. The index fell 2.90 points, or 0.03% at the day's low of 8,139.25.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,765 shares rose and 827 shares declined. A total of 202 shares were unchanged. The BSE Mid-Cap index rose 1.07%. The BSE Small-Cap index gained 1.28%. Both these indices outperformed the Sensex.
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.
All the nineteen sectoral indices on BSE were in the green. the S&P BSE Auto index (up 1%), the S&P BSE Consumer Discretionary Goods & Services index (up 1.36%), the S&P BSE Basic Materials index (up 1.35%), the S&P BSE Finance index (up 1.71%), the S&P BSE Industrials index (up 1.06%), the S&P BSE Consumer Durables index (up 2.46%), the S&P BSE Bankex (up 2.2%), the S&P BSE Power index (up 1.02%), and the S&P BSE Capital Goods index (up 1.57%) outperformed the Sensex.
The S&P BSE Realty index (up 0.15%), the S&P BSE FMCG index (up 0.89%), the S&P BSE Telecom index (up 0.34%), the S&P BSE Energy index (up 0.53%), the S&P BSE Teck index (up 0.37%), the S&P BSE Metal index (up 0.58%), the S&P BSE Oil & Gas index (up 0.74%), the S&P BSE Utilities index (up 0.81%), the S&P BSE IT index (up 0.41%) and the S&P BSE Healthcare index up 0.31%) underperformed the Sensex.
Bank stocks gained. Among public sector banks, Syndicate Bank (up 1.74%), Punjab National Bank (up 1.47%), Corporation Bank (up 4.13%), Allahabad Bank (up 2.44%), Bank of Baroda (up 1.51%), State Bank of India (SBI) (up 2.15%), Union Bank of India (up 1.78%), Canara Bank (up 2.35%), Bank of India (up 2.58%) and United Bank of India (up 0.71%) edged higher.
UCO Bank rose 1.04% to Rs 33.95 after the bank said it has allotted 7.17 crore equity shares to Life Insurance Corporation of India at an issue price of Rs 37.74 per equity. The shares issued to Life Insurance Corporation of India (LIC) will be under lock-in for a period of one year from the date of trading from the stock exchanges. LIC owned 11.88% stake in UCO Bank end September 2016. The announcement was made after market hours yesterday, 29 November 2016.
Among private sector banks, Axis Bank (up 0.96%), HDFC Bank (up 1.74%), ICICI Bank (up 3.62%), Kotak Mahindra Bank (up 1.66%), Federal Bank (up 1.51%), and IndusInd Bank (up 2.78%) edged higher.
Yes Bank rose 2.38% after the bank announced the launch of SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet. The announcement was made during market hours today, 30 November 2016.
The solution will cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet. This represents a large inherent market need, and hence a large scope for the solution. The bank plans to garner a base of 5 lakh SIMsePAY by 2017.
Auto stocks were mixed. Maruti Suzuki India (up 3.39%), Bajaj Auto (up 0.82%), Eicher Motors (up 1.74%), Hero MotoCorp (up 0.47%), and TVS Motor Company (up 3.75%) gained. Mahindra & Mahindra (M&M) (down 0.08%), Ashok Leyland (down 0.56%), and Tata Motors (down 0.1%) declined.
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, global 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.
Meanwhile, key indices gained for the fourth day in a row today, 30 November 2016. The Sensex gained 792.64 points or 3.06% in four sessions from a close of 25,860.17 on 24 November 2016. The Sensex has fallen 1,277.40 points or 4.57% in November 2016. The Sensex has risen 535.27 points or 2.04% in calendar year 2016 so far (till 30 November 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,158.20 points or 18.48%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,424.47 points or 8.33%. The Sensex is off 3,371.93 points or 11.23% from a record high of 30,024.74 hit on 4 March 2015.
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