Sensex, Nifty hit 2-1/2-week closing high

Key benchmark indices registered small gains in a volatile session of trade today, 29 November 2016. The barometer index, the S&P BSE Sensex, rose 43.84 points or 0.17% to settle at 26,394.01. The Nifty 50 index rose 15.25 points or 0.19% at 8,142.15.

Key indices trimmed gains during the latter part of the trading session after extending intraday gains after opening on a firm note. Indices held in the positive terrain throughout the session. Both the Sensex and the Nifty, hit their highest closing level in 2-1/2-weeks with the market gaining for the third day in a row. Auto and telecom stocks led gains on the bourses.

The Sensex rose 43.84 points or 0.17% to settle at 26,394.01, its highest closing level since 11 November 2016. The index rose 236.90 points, or 0.89% at the day's high of 26,587.07. The index rose 4.49 points, or 0.02% at the day's low of 26,354.66.

The Nifty rose 15.25 points or 0.19% at 8,142.15, its highest closing level since 11 November 2016. The index rose 70.45 points, or 0.86% at the day's high of 8,197.35. The index rose 1.80 points, or 0.02% at the day's low of 8,128.70.

Among sectoral indices on BSE, the S&P BSE Auto index (up 2.2%), the S&P BSE Consumer Discretionary Goods & Services index (up 1.71%), the S&P BSE Realty index (up 0.26%), the S&P BSE Basic Materials index (up 0.19%), the S&P BSE Telecom index (up 2.04%), the S&P BSE Energy index (up 0.3%), the S&P BSE Finance index (up 0.19%), the S&P BSE Industrials index (up 0.58%), the S&P BSE Consumer Durables index (up 0.93%), and the S&P BSE Capital Goods index (up 0.26%) outperformed the Sensex.

The S&P BSE FMCG index (down 0.47%), the S&P BSE Teck index (down 0.08%), the S&P BSE Metal index (down 0.17%), the S&P BSE Power index (down 0.06%), the S&P BSE Oil & Gas index (down 0.01%), the S&P BSE Utilities index (up 0.12%), the S&P BSE Bankex (down 0.39%), the S&P BSE IT index (down 0.51%) and the S&P BSE Healthcare index (down 0.17%) underperformed the Sensex.

The breadth indicating the overall health of the market was strong. On BSE, 1,527 shares rose and 1,028 shares declined. A total of 199 shares were unchanged. The BSE Mid-Cap index rose 0.53%. The BSE Small-Cap index gained 0.55%. Both these indices outperformed the Sensex.

Auto stocks gained on renewed buying. Maruti Suzuki India (up 4.25%), Mahindra & Mahindra (M&M) (up 1.88%), Eicher Motors (up 5.36%), Ashok Leyland (up 2.56%), Bajaj Auto (up 1.61%), Hero MotoCorp (up 2.05%), Tata Motors (up 0.85%) and TVS Motor Company (up 2.02%) rose.

Index heavyweight and cigarette major ITC fell 0.75% to Rs 231.75. The stock hit a high of Rs 235.60 and low of Rs 230.25 in intraday trade.

Telecom stocks also gained. Bharti Airtel (up 2.11%), MTNL (up 0.58%), Tata Teleservices (Maharashtra) (up 1.4%) and Reliance Communications (RCom) (up 1.81%) rose.

Idea Cellular surged 4.42% on media reports that the company is likely to sell 100% stake in its tower subsidiary. Idea Cellular has dropped its earlier plans to sell a minority stake in the tower business and now it is looking to sell 11,000 telecom towers for close to $1 billion, reports suggested.

Shares of Bharti Infratel rose 1.98%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Most bank stocks declined. Among public sector bank stocks, State Bank of India (SBI) (down 0.26%), Union Bank of India (down 0.47%), Bank of India (down 1.27%), Punjab National Bank (down 0.69%) Bank of Baroda (down 0.71%), Andhra Bank (down 0.49%), Oriental Bank of Commerce (down 0.3%), Dena Bank (down 1.42%), and Indian Bank (down 1.98%) declined. Canara Bank (up 0.52%), Syndicate Bank (up 0.45%), and Indian Overseas Bank (up 0.6%) gained.

Among private sector banks, Axis Bank (down 1.59%), Kotak Mahindra Bank (down 0.83%), Yes Bank (down 0.41%), and HDFC Bank (down 0.53%) declined. IndusInd Bank (up 1%) and ICICI Bank (up 0.16%) gained.

Meanwhile, key indices gained for the third day in a row today, 29 November 2016. The Sensex gained 533.84 points or 2.06% in three sessions from a close of 25,860.17 on 24 November 2016. The Sensex has fallen 1,536.20 points or 5.5% in November 2016 so far (till 29 November 2016). The Sensex has risen 275.47 points or 1.05% in calendar year 2016 so far (till 29 November 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,899.40 points or 17.33%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,683.27 points or 9.22%. The Sensex is off 3,630.73 points or 12.09% from a record high of 30,024.74 hit on 4 March 2015.

Overseas, European shares were trading lower with commodities-related stocks coming under renewed selling pressure after a sharp decline in metals and oil prices. Asian stocks closed on a mixed note ahead of key global events set to take place this week, including a meeting tomorrow, 30 November 2016 between the world's largest oil producers and the release of the US nonfarm payroll report on Friday, 2 December 2016. US stocks declined yesterday, 28 November 2016 for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.

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