Market spurts in volatile trading session

Key benchmark indices witnessed a volatile trading session today, 16 November 2015. The barometer index, the S&P BSE Sensex, rose 168.39 points or 0.66% to 25,778.92, as per the provisional closing data. The Nifty 50 index rose 44.35 points or 0.57% at 7,806.60, as per the provisional closing data.

Key indices bounced back from a seven-weeks low in mid morning trade. The Sensex rose 255.89 points or 1% at the day's high of 25,866.42 in mid-afternoon trade. The Nifty rose 76.60 points or 0.99% at the day's high of 7,838.85 in mid-afternoon trade. The Sensex fell 159.11 points or 0.62% at the day's low of 25,451.42 in the morning trade, its lowest level since 29 September 2015. The Nifty fell 48.10 points or 0.61% at the day's low of 7,714.15 in the morning trade, its lowest level since 29 September 2015.

Meanwhile, latest data released by the government showed that the annual rate of inflation, based on monthly wholesale price index (WPI) stood at minus 3.81% for the month of October 2015 as compared to minus 4.54% for the previous month and 1.66% during the corresponding month of the previous year.

Overseas cues were negative. European market bounced back, recovering from earlier losses at the open of markets as investors responded to Friday night's terrorist attacks in Paris. Asian markets declined today, 16 November 2015, after terror attacks in Paris unnerved investors and data showed Japan entered a recession for the second time in two years. Selling hit Wall Street for a third straight day on Friday, 13 November 2015, amid a selloff in retail stocks, capping the worst week for the major averages since August.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,375 shares rose and 1,260 shares fell. A total of 168 shares were unchanged. The BSE Mid-Cap index was up 0.22%. The BSE Small-Cap index was up 0.50%. Both these indices underperformed the Sensex.

The total turnover on BSE amounted to Rs 2544 crore, lower than turnover of Rs 2631.54 crore registered during the previous trading session on Friday, 13 November 2015.

Banks were in demand. Among private sector banks, Federal Bank (up 5.78%), IndusInd Bank (up 2.17%), ICICI Bank (up 1.85%), Yes Bank (up 1.84%), Kotak Mahindra Bank (up 1.28%) and HDFC Bank (up 0.66%), edged higher. City Union Bank (down 0.06%) and Axis Bank (down 0.56%), edged lower.

Among PSU banks, Syndicate Bank (up 3.50%), State Bank of India (up 3.43%), Union Bank of India (up 3.15%), Punjab National Bank (up 2.59%), IDBI Bank (up 2.50%), Bank of India (up 2.26%), Canara Bank (up 2.12%), Central Bank of India 1.87%), Bank of Baroda (up 1.73%), UCO Bank (up 1.71%), Andhra Bank (up 1.69%), Corporation Bank (up 0.48%), Allahabad Bank (up 0.47%) and Punjab and Sind Bank (up 0.40%), edged higher. Indian Bank (down 0.04%), Bank of Maharashtra (down 0.15%), Vijaya Bank (down 0.15%), Dena Bank (down 0.24%) and United Bank of India (down 0.69%), edged lower.

Pharmaceuticals shares were mixed. Dr. Reddy's Laboratories (up 3.56%), Glenmark Pharmaceuticals (up 2.75%), Strides Arcolab (up 2.41%), Lupin (up 1.72%), Cipla (up 1.24%), IPCA Laboratories (up 0.39%) and Wockhardt (up 0.05%), edged higher. Sun Pharmaceutical Industries (down 0.19%), GlaxoSmithKline Pharmaceuticals (down 0.87%), Divi's Laboratories (down 1.19%), Aurobindo Pharma (down 1.4%), Piramal Enterprises (down 2.61%) and Cadila Healthcare (down 3.88%), edged lower.

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