Market breadth turns negative from positive

Key benchmark indices were trading near the flat line in early afternoon trade after further trimming intraday gains and hitting fresh intraday low. At 12:20 IST, the barometer index, the S&P BSE Sensex was up 18.53 points or 0.07% at 25,783.67. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was currently up 17.85 points or 0.23% at 7,946.95. Firmness in Asian stocks supported gains on the bourses.

The market breadth indicating the overall health of the market turned negative from positive. On BSE, 1,234 shares fell and 1,060 shares rose. A total of 141 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.03%, underperforming the Sensex.

Earlier, key indices had trimmed gains after extending initial gains after starting the day's trade with a gap-up opening. The Sensex was almost unchanged at the day's low of 25,765.51 in early afternoon trade. The barometer index rose 274.56 points or 1.06% at the day's high of 26,039.70 in early trade. The Nifty rose 9.05 points or 0.11% at the day's low of 7,938.15 in early afternoon trade. The index rose 89.35 points or 1.12% at the day's high of 8,018.45 in early trade.

In overseas stock markets, Asian stocks gained in the wake of solid gains in US markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan. A powerful earthquake that rocked northern Japan today, 22 November 2016, appeared to have been taken in stride by investors. The quake generated a tsunami that hit the same northern Pacific coast devastated by a massive quake, tsunami and nuclear disaster in 2011.

US stocks closed higher at fresh record highs yesterday, 21 November 2016, aided by a jump in oil prices and a pullback in the dollar, giving the indices their third simultaneous all-time closing highs this year. Global risk assets, led by US stocks and the dollar, have led gains since Republican Donald Trump's upset election win early this November. Expectations that Trump's administration will usher in expansionary fiscal policies have seen a dramatic selloff in US Treasuries and fueled a surge in the dollar.

Metal & mining stocks gained as global commodity prices rose. JSW Steel (up 0.58%), Bhushan Steel (up 1.43%), Hindustan Copper (up 0.92%), Vedanta (up 3.53%), Hindalco Industries (up 4.13%), Hindustan Zinc (up 3.08%), Jindal Steel & Power (up 1.38%), Tata Steel (up 0.98%), National Aluminum Company (up 1.12%) and NMDC (up 2.26%) gained. Steel Authority of India (Sail) shed 0.32%.

Auto stocks were mixed. Maruti Suzuki India (up 2%), Eicher Motors (up 0.45%), Bajaj Auto (up 2.27%), Hero MotoCorp (up 1.24%), and TVS Motor Company (up 0.75%) gained. Mahindra & Mahindra (M&M) (down 0.48%), Ashok Leyland (down 1.25%), and Tata Motors (down 0.28%) declined.

Wim Plast rose 2.08% to Rs 1,426 on BSE after a large bulk deal of 12.01 lakh shares was executed on the scrip at Rs 1,370 per share in early trade on BSE.

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