Market holds firm

Key benchmark indices held firm in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 176.14 points or 0.67% at 26,526.31. The Nifty 50 index was currently up 54.25 points or 0.67% at 8,181.15. Gains were led by index heavyweights HDFC and Reliance Industries (RIL).

Both the Sensex and the Nifty hit their highest levels in almost two weeks. The Sensex rose 227.28 points, or 0.86% at the day's high of 26,577.45 in mid-morning trade, its highest level since 16 November 2016. The index rose 7.39 points, or 0.03% at the day's low of 26,357.26 at onset of day's trading session. The Nifty rose 69.50 points, or 0.86% at the day's high of 8,196.40 in mid-morning trade, its highest level since 16 November 2016. The index rose 1.80 points, or 0.02% at the day's low of 8,128.70 at onset of day's trading session.

The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,657 shares rose and 554 shares declined. A total of 116 shares were unchanged. The BSE Mid-Cap index was currently up 0.77%. The BSE Small-Cap index was currently up 1.17%. Both these indices outperformed the Sensex.

Index heavyweight and housing finance major HDFC advanced 2.06% to Rs 1,273. The stock hit high of Rs 1,284.30 and low of Rs 1,244 so far during the day.

Index heavyweight Reliance Industries (RIL) rose 1.57% to Rs 1,001.95. The stock hit high of Rs 1,002.70 and low of Rs 987.10 so far during the day.

Capital goods stocks rose. Bharat Heavy Electricals (Bhel) (up 1.37%), BEML (up 1.71%), Bharat Electronics (up 1.25%), Crompton Greaves (up 2.26%), L&T (up 0.6%), Siemens (up 0.87%) gained. Thermax (down 0.45%) and ABB India (down 0.25%) fell.

Telecom stocks gained. Bharti Airtel (up 1.51%), Idea Cellular (up 4.02%), MTNL (up 1.45%), Tata Teleservices (Maharashtra) (up 3.58%) and Reliance Communications (up 1.95%) rose.

Shares of Bharti Infratel rose 1.44%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Hindustan Composites lost 4.59% after net profit fell 32% to Rs 10.88 crore on 9.9% decline in net sales to Rs 44.31 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.

Triveni Engineering & Industries rose 5.34% after consolidated net profit jumped 205.53% to Rs 67.92 crore on 49.69% rise in total income from operations to Rs 675.51 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.

Overseas, Asian stocks were trading mixed ahead of key global events set to take place this week, including a meeting tomorrow, 30 November 2016 between the world's largest oil producers and the release of the US nonfarm payroll report on Friday, 2 December 2016. US stocks declined yesterday, 28 November 2016 for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.

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