Market trims gains

Key benchmark indices pared some gains in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 205.90 points or 0.75% at 27,480.05. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was up 76.60 points or 0.91% at 8,510.35.

The Sensex rose 317 points, or 1.16% at the day's high of 27,591.15 in early trade, its highest level since 3 November 2016. The index rose 178.22 points, or 0.65% at the day's low of 27,452.37 in early afternoon trade. The Nifty rose 102.10 points, or 1.21% at the day's high of 8,535.85 in early trade, its highest level since 3 November 2016. The index rose 59.90 points, or 0.71% at the day's low of 8,493.65 in early trade.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 2,009 shares rose and 593 shares fell. A total of 102 shares were unchanged. The BSE Mid-Cap index was currently up 1.26%. The BSE Small-Cap index was currently up 1.61%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks were trading higher as US Federal Bureau of Investigations director James Comey told Congress on 6 November 2016 that the agency would not reopen any investigation into presidential candidate Hillary Clinton's email usage. Investors around the world have been watching the US elections warily, and many have reacted to the prospects of a Donald Trump presidency with horror, concerned about his outlandish and economically questionable proposals.

In US, the S&P 500 ended lower on Friday, 4 November 2016, for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain US election. The tech-heavy Nasdaq also ended lower for a ninth-consecutive session, while the Dow industrials closed down for a seventh straight day.

The outcome of United States presidential elections of 2016, which will be held tomorrow, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.

Back home, engineering and construction major L&T lost 0.57% to Rs 1,410.80 amid volatility after the Government of India offloaded stake in the company via bulk deal mechanism on the stock exchanges on Friday, 4 November 2016.

FMCG shares were mixed. Tata Global Beverages (up 2.41%), Bajaj Corp (up 1.20%), Jyothy Laboratories (up 0.63%), Dabur India (up 0.20%), Colgate Palmolive (India) (up 0.19%) and Britannia Industries (up 0.12%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.29%), Marico (down 0.3%), Godrej Consumer Products (down 0.32%), Nestle India (down 0.41%), Hindustan Unilever (down 0.87%) and GlaxoSmithKline Consumer Healthcare (down 2.06%), edged lower.

Telecom stocks edged higher. Idea Cellular (up 2.29%), Tata Teleservices (Maharashtra) (up 2.12%), Reliance Communications (up 1.36%), MTNL (up 0.80%) and Bharti Airtel (up 0.02%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 1.92%.

Ujaas Energy rose 4.69% after the company said it has secured an order for commissioning of a solar power system of 50 Kwp at main office building of RBI at Bhopal in Madhya Pradesh. The announcement was made after market hours on Friday, 4 November 2016.

UCO Bank rose 1.53% after the bank announced that it raised non-convertible, unsecured, subordinated fully paid-up Basel III compliant perpetual debt instruments eligible for inclusion in additional tier I capital of Rs 750 crore through private placement. The announcement was made after market hours on Friday, 4 November 2016.

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