Market opens higher on positive Asian stocks

Trading for the last day of the week and the calendar year 2016 kicked-off on an upbeat note on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 151.18 points or 0.57% at 26,517.33. The Nifty 50 index was currently up 43.95 points or 0.54% at 8,147.55.

The BSE Mid-Cap index was currently up 0.96%. The BSE Small-Cap index was currently up 0.69%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 951 shares rose and 206 shares fell. A total of 40 shares were unchanged.

Overseas, Asian stocks were trading higher. US stocks closed fractionally lower yesterday, 29 December 2016 as investors remained reluctant to make big bets in a thinly-traded session ahead of long holiday weekend.

On the US data front, jobless claims declined by 10,000 to 265,000 for the week ending 24 December 2016, according to Labor Department report. This marks the 95th straight week that claims were below 300,000, a threshold associated with a healthy labor market. Meanwhile, the country's trade deficit in goods grew last month, according to a report released by the Commerce Department on Thursday. The initial estimate, which does not include trade in services, showed that the country exported $1.2 billion less in November than in October. Imports rose by $2.2 billion during the month.

Back home, Maruti Suzuki India (up 1.09%), ICICI Bank (up 1.02%) and GAIL (India) (up 0.85%) were the key gainers from the 30-share Sensex pack.

Sun Pharmaceutical Industries (Sun Pharma) rose 0.97%. Sun Pharma clarified after market hours yesterday, 29 December 2016, that with respect to news suggesting blast at Sun Pharma unit that on 28 December 2016, a fire broke out at its Ahmednagar factory during excavation work, causing burn injuries to four workmen at the excavation site. All the four injured workmen were immediately rushed to a nearby hospital.

Two of the injured workmen succumbed to burn injuries and other two are being treated at the hospital. According to preliminary updates, both of them are responding well to treatment. The company is currently investigating the matter with the help of local law enforcement. There is no loss of production at Ahmednagar factory on account of this incident. This is not a material event nor would have any bearing on the operations/performance of the company, Sun Pharma added.

Meanwhile, the government will release data for several economic indicators today, 30 December 2016 including fiscal deficit, foreign exchange reserves, foreign debt and trade figures.

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