After opening on a negative note, key benchmark indices reversed intraday trend and ended the session sharply higher on bargain hunting after recent losses. The barometer index, the S&P BSE Sensex, rose 300.12 points or 1.17% to 25,979.05, as per the provisional closing data. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty rose 107.60 points or 1.37% to 7,962.65, as per the provisional closing data. The Sensex provisionally closed below the psychologically important 26,000 level which it had crossed in mid-afternoon trade. All the nineteen sectoral indices on BSE registered gains. Gains in European stocks also boosted investors' sentment.
The Sensex jumped 376.07 points, or 1.46% at the day's high of 26,055 in late trade, its highest level since 21 April 2016. The index fell 129.88 points, or 0.51% at the day's low of 25,549.05 in early trade, its lowest level since 13 April 2016. The Nifty jumped 119.45 points, or 1.52% at the day's high of 7,974.5 in late trade, its highest level since 21 April 2016. The index fell 32.50 points, or 0.41% at the day's low of 7,822.55 in early trade, its lowest level since 13 April 2016.
The market breadth indicating the overall health of the market was strong. On BSE, 1,567 shares rose and 998 shares fell. A total of 174 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.79%. The BSE Small-Cap index provisionally rose 0.68%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2676 crore, lower than turnover of Rs 4413.64 crore registered during the previous trading session.
In overseas markets, European stocks traded higher as markets await the outcomes of several central bank meetings this week. Asian stocks were mixed as investors braced for central bank policy meetings in the United States and Japan later this week. The Bank of Japan (BOJ) holds a two-day monetary policy meeting on Wednesday, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stock prices fell yesterday, 25 April 2016, as weaker oil prices weighed on energy shares. The US Federal Reserve holds a two-day policy meeting on Tuesday, 26 April 2016 and Wednesday, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Index heavyweight and housing finance major HDFC rose 1.77% to Rs 1131.25. The stock hit a high of Rs 1132 and a low of Rs 1103.90 in intraday trade.
Index heavyweight and IT major Infosys rose 1.06% to Rs 1230. The stock hit a high of Rs 1239 and a low of Rs 1209 in intraday trade.
Index heavyweight and engineering & construction major L&T rose 1.07% to Rs 1279. The stock hit a high of Rs 1283 and a low of Rs 1258 in intraday trade.
Index heavyweight and cigarette major ITC rose 1.87% to Rs 327, reversing intraday losses on bargain hunting after recent decline. The stock hit a high of Rs 328.45 and a low of Rs 312 in intraday trade. The stock had declined 4.27% in the preceding four trading sessions to settle at Rs 321 yesterday, 25 April 2016, from its close of Rs 335.35 on 18 April 2016.
Shares of ITC fell in morning trade today, 26 April 2016, on reports that the government is working on a proposal to completely ban foreign direct investment in the tobacco sector. After making it mandatory to carry larger pictorial warnings on cigarette packets, the government is now working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector, the report suggested. The Commerce and Industry Ministry is proposing to even ban FDI in licensing for franchise, trademark, brand name and management contract in the sector, report added. The ban would eliminate the possibility of indirect flow of overseas funds to the tobacco sector, even through foreign technology collaboration including licensing for franchise, trademark and brand name.
Most realty shares edged higher. Prestige Estates Projects (up 4.14%), Housing Development and Infrastructure (HDIL) (up 3.33%), Mahindra Lifespace Developers (up 3.10%), DLF (up 3.08%), Sunteck Realty (up 1.84%), Sobha (up 1.61%), Anant Raj (up 1.44%), Unitech (up 1.21%), Indiabulls Real Estate (up 0.98%), Oberoi Realty (up 0.82%), D B Realty (up 0.64%), Parsvnath Developers (up 0.26%) and Peninsula Land (up 0.26%), edged higher. Godrej Properties (down 0.36%) and Phoenix Mills (down 0.7%), edged lower.
Powered by Capital Market - Live News