Market gains for second day in a row

Trading for the year 2016 began on a positive note as key benchmark indices provisionally settled slightly higher after a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 43.36 points or 0.17% at 26,160.90, as per the provisional closing data. The 50-unit Nifty 50 index gained 12.05 points or 0.15% at 7,958.40, as per the provisional closing data.

High volatility was witnessed during the session. The Sensex hit more than four-week high when it rose 79.73 points or 0.3% at the day's high of 26,197.27 in late trade, its highest level since 2 December 2015. The index lost 109.34 points or 0.41% at the day's low of 26,008.20 in early trade. The Nifty hit more than four-week high, when it rose 26.20 points or 0.32% at the day's high of 7,972.55 in late trade, its highest level since 2 December 2015. The Nifty dropped 36.55 points or 0.45% at the day's low of 7,909.80 in early trade.

Key indices gained for the second day in a row today, 1 January 2016.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,973 shares rose and 846 shares fell. A total of 132 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.92%. The BSE Small-Cap index provisionally gained 0.88%. Both these indices outperformed the Sensex.

HDFC fell 0.45% after the company said that profit on sale of investments fell 49.56% to Rs 57 crore in Q3 December 2015 as against Rs 113 crore in Q3 December 2014. The announcement was made after market hours yesterday, 31 December 2015. The profit on sale of investments for the quarter ended 31 December 2015 was Rs 57 crore compared to Rs 113 crore in the corresponding quarter in the previous year. Income from dividend for the quarter ended 31 December 2015 was Rs 135 crore compared to Rs 103 crore in the corresponding quarter of the previous year. This includes dividend of Rs 127 crore from HDFC Standard Life Insurance Company, the company said in a statement.

HDFC, under the loan assignment route, sold loans amounting to Rs 1240 crore in the quarter ending 31 December 2015 to HDFC Bank compared to Rs 1234 crore during the corresponding quarter of the previous year. Loans sold in the preceding twelve months amounted to Rs 12975 crore, the company said.

Mahindra & Mahindra (M&M) shed 0.91% after the company reported a small rise in auto and tractor sales in December. The company said total auto sales rose 4% to 37,915 units in December 2015 over December 2014. Domestic sales rose 1% to 34,839 units in December 2015 over December 2014. Exports jumped 65% to 3,076 units in December 2015 over December 2014. The announcement was made during market hours today, 1 January 2016.

Separately, M&M said that total tractor sales rose 3% to 12,868 units in December 2015 over December 2014. Domestic sales rose 4% to 11,686 units in December 2015 over December 2014. Exports fell 1% to 1,182 units in December 2015 over December 2014. The announcement was made during market hours today, 1 January 2016.

Realty stocks rose. Sobha (up 1.45%), Indiabulls Real Estate (up 2.74%), DLF (up 4.7%), Unitech (up 2.7%), Housing Development & Infrastructure (HDIL) (up 0.71%), Oberoi Realty (up 1.45%), and Phoenix Mills (up 0.77%) edged higher. Godrej Properties fell 0.36%.

Capital goods stocks gained. Havells India (up 5.33%), ABB India (up 0.17%), L&T (up 1.01%), BEML (up 2.16%), and Siemens (up 0.42%) gained.

Bharat Heavy Electricals (Bhel) gained 1.03%. Bhel announced during market hours today, 1 January 2016 that Atul Sobti has assumed charge as Chairman and Managing Director (CMD) of the company with effect from today, 1 January 2016. Prior to this, Sobti was a director on the board of Bhel, heading two crucial portfolios of power and finance.

Among macro data, the combined index of eight core industries comprising nearly 38% of the weight of items included in the index of industrial production (IIP) fell 1.3% in November 2015 over November 2014. The data was announced after market hours yesterday, 31 December 2015.

In overseas equity markets, European markets remained closed today, 1 January 2016 on account of New Year holiday. Asian stocks were mixed amid many markets remaining close for New Year holiday. US stocks closed lower yesterday, 31 December 2015, with trading seen lighter than usual ahead of the New Year's Day holiday.

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