Nifty hits 4-weeks closing high

Key benchmark indices ended on a positive note after hovering in narrow range for most part of the session. The barometer index, the S&P BSE Sensex, rose 52.90 points or 0.20% to settle at 26,747.18. The Nifty 50 index rose 14.90 points or 0.18% to settle at 8,261.75. The Sensex hits its highest closing level in more than two weeks. The Nifty hits its highest closing level in four weeks.

Overseas, most European shares edged higher in early trading today, 9 December 2016, underpinned by a rebound among healthcare stocks. Asian shares were mixed after the European Central Bank (ECB) trimmed the size of its asset purchase programme. In mainland China, the Shanghai Composite ended 0.54% higher. In Hong Kong, the Hang Seng ended 0.44% lower.

China's consumer inflation picked up for a third-straight month in November, but remained below the upper limit of a government target range, official data showed today, 9 December 2016. China's consumer price index increased 2.3% in November from a year earlier, rising at a quicker pace than a 2.1% year-over-year gain in October, the National Bureau of Statistics said. It added that strength in food prices were the main factor pushing up the headline figure.

US stocks closed at record high levels yesterday, 8 December 2016, after the ECB outcome. ECB yesterday, 8 December 2016, pledged to continue with its programme of money printing to shore up the euro zone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month.

ECB left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond if necessary. But the central bank said it would reduce its monthly asset buys to 60 billion euros as of April, from the current 80 billion euros. It, however, said it reserved the right to increase the size of purchases again.

Back home, the Sensex rose 52.90 points or 0.20% to settle at 26,747.18, its highest closing level since 24 November 2016. The index rose 109.48 points, or 0.41% at the day's high of 26,803.76. The index rose 13.53 points, or 0.05% at the day's low of 26,707.81.

The Nifty 50 index rose 14.90 points or 0.18% to settle at 8,261.75, its highest closing level since 11 November 2016. The index rose 28.10 points, or 0.34% at the day's high of 8,274.95. The index fell 4.90 points, or 0.06% at the day's low of 8,241.95.

Back home, the market breadth, indicating the overall health of the market, was positive. On BSE, 1,449 shares rose and 1,173 shares fell. A total of 178 shares were unchanged. The BSE Mid-Cap index rose 0.21%. The BSE Small-Cap index rose 0.52%. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 2389.98 crore, lower than turnover of Rs 2446.94 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 1.62%), the S&P BSE Bankex (up 1.14%), the S&P BSE FMCG index (up 0.52%), the S&P BSE IT index (up 0.47%), the S&P BSE Utilities index (up 0.45%), the S&P BSE Power index (up 0.40%), the S&P BSE Finance index (up 0.39%), the S&P BSE Oil & Gas index (up 0.31%), the S&P BSE Teck index (up 0.29%) and the S&P BSE Energy index (up 0.28%), outperformed the Sensex. The S&P BSE Industrials index (up 0.15%), the S&P BSE Basic Materials index (up 0.09%), the S&P BSE Consumer Durables index (up 0.07%), the S&P BSE Healthcare index (down 0.07%), the S&P BSE Capital Goods index (down 0.15%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.23%), the S&P BSE Metal index (down 0.23%), the S&P BSE Auto index (down 0.46%) and the S&P BSE Telecom index (down 0.65%), underperformed the Sensex.

Bank stocks gained. Among public sector banks, IDBI Bank (up 4.73%), Allahabad Bank (up 3.31%), State Bank of India (up 2.41%), Bank of Baroda (up 2.27%), Syndicate Bank (up 2.26%), Andhra Bank (up 1.96%), Bank of India (up 1.92%), Dena Bank (up 1.91%), Union Bank of India (up 1.87%), Vijaya Bank (up 1.77%), Corporation Bank (up 1.68%), Punjab National Bank (up 1.62%), Canara Bank (up 1.32%), United Bank of India (up 0.95%), UCO Bank (up 0.89%) and Indian Bank (up 0.10%), edged higher. Bank of Maharashtra (down 0.17%) and Punjab & Sind Bank (down 0.3%), edged lower.

Among private sector banks, ICICI Bank (up 2.35%), Axis Bank (up 1.51%), IndusInd Bank (up 1.38%), Federal Bank (up 1.14%) and Yes Bank (up 0.46%), edged higher. HDFC Bank (down 0.15%), RBL Bank (down 0.57%), Kotak Mahindra Bank (down 0.79%) and City Union Bank (down 1.78%), edged lower.

Realty shares edged higher. Phoenix Mills (up 11.14%), Anant Raj (up 1.95%), Sunteck Realty (up 1.48%), DLF (up 1.41%), D B Realty (up 1.24%), Parsvnath Developers (up 1.24%), Housing Development and Infrastructure (HDIL) (up 1.21%), Prestige Estates Projects (up 1.06%), Mahindra Lifespace Developers (up 0.99%), Peninsula Land (up 0.98%), Oberoi Realty (up 0.48%), Unitech (up 0.42%) and Indiabulls Real Estate (up 0.07%), edged higher. Omaxe (down 0.09%), Godrej Properties (down 0.21%) and Sobha (down 0.58%), edged lower.

Mahindra & Mahindra (M&M) fell 1.43% to Rs 1,189.10. The company said it will be undertaking scheduled maintenance shutdown at some of its automotive and tractor plants in December 2016. It will also observe on need basis few days as 'no production days' at some of its automotive/tractor plants including Chakan plant of its wholly-owned subsidiary Mahindra Vehicle Manufacturers as part of its efforts to optimize inventories during December year-end. The management does not envisage any adverse impact on the availability of products in the market due to adequacy of stocks to serve the market requirements.

The Sensex has risen 510.31 points or 1.95% in two trading sessions from its close of 26,236.87 on 7 December 2016. The Sensex has risen 629.64 points or 2.41% in calendar year 2016 so far (till 9 December 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,252.57 points or 18.90%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,330.10 points or 8.01%. The Sensex is off 3,277.56 points or 10.92% from a record high of 30,024.74 hit on 4 March 2015.

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