Market continues upward march

Key benchmark indices continued upward march and hit fresh intraday high in early afternoon trade as firmness in Asian stocks boosted sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 287.84 points or 1.11% at 26,148.01. The gains of the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was currently up 103.90 points or 1.3% at 8,069.40. The Sensex was currently hovering well above the psychological 26,000 mark after regaining that mark earlier in the day. The Nifty also was hovering decently above the psychological 8,000 level after reclaiming that mark earlier in the day.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,810 shares rose and 506 shares fell. A total of 147 shares were unchanged. The BSE Mid-Cap index was currently up 1%, underperforming the Sensex. The BSE Small-Cap index was currently up 1.55%, outperforming the Sensex.

The Sensex gained 292.67 points or 1.13% at the day's high of 26,152.84 in early afternoon trade, its highest level since 21 November 2016. The barometer index rose 14.28 points or 0.05% at the day's low of 25,874.45 in early trade. The Nifty gained 111.50 points or 1.39% at the day's high of 8,077 in early afternoon trade, its highest level since 21 November 2016. The index rose 11.25 points or 0.14% at the day's low of 7,976.75 in early trade.

Realty stocks rose. D B Realty (up 2.37%), Indiabulls Real Estate (up 5.03%), Unitech (up 4.62%), NBCC (up 1.27%), Godrej Properties (up 0.01%), Housing Development & Infrastructure (HDIL) (up 0.95%), and Oberoi Realty (up 2.8%) edged higher. DLF (down 0.84%) and Sobha (down 0.65%) declined.

Auto stocks were mixed. Ashok Leyland (up 0.66%), Maruti Suzuki India (up 1.31%) and Hero MotoCorp (up 0.44%) gained. Mahindra & Mahindra (M&M) (down 0.12%), Eicher Motors (down 0.3%), Bajaj Auto (down 0.66%), TVS Motor Company (down 1.03%) and Tata Motors (down 0.35%) declined.

Vardhman Textiles rose 1.77% after the company said its shareholders approved the proposal to buyback equity shares of the company. The company made the announcement after market hours yesterday, 24 November 2016. On 24 September 2016, the board of Vardhman Textiles approved the proposal to buyback the fully paid-up equity shares of the company. The company later sought shareholders' approval through a postal ballot process. The shareholders voted in favor of the proposed buyback of shares. The result of postal ballot was declared on 24 November 2016. The buyback shall be upto an aggregate amount not exceeding Rs 720 crore at a maximum price of Rs 1,175. At maximum buyback price, the buyback translates into approximately 61.27 lakh equity shares of the company.

Pennar Industries rose 3.16% after the company announced further investment of Rs 49.5 crore for 49.80 lakh shares in Pennar Renewables. The company said that it has invested initially Rs 2.9 lakh and acquired 29,411 shares in Pennar Renewables on 14 October 2015. Pursuant to the investment, Pennar Renewables became subsidiary of the company. Later on as per the understanding and terms of the investment, Pennar Industries has further invested Rs 49.5 crore for 49.80 lakh shares in Pennar Renewables. The announcement was made after market hours yesterday, 24 November 2016.

In overseas stock markets, Asian stocks gained as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets. US markets remained closed yesterday, 24 November 2016, on Thanksgiving holiday and trading will end early today, 25 November 2016 there.

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