Sensex regains 26,000

Key benchmark indices gained in early trade, making a decent start to trade today, 22 November 2016, after witnessing recent steep losses. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 239.57 points or 0.92% at 26,002.03. The Nifty 50 index was currently up 75.80 points or 0.96% at 8,004.90. The Sensex regained psychological 26,000 mark after settling below the mark in the previous session. The Nifty regained psychological 8,000 mark. IT and metal stocks led gains on the bourses.

In overseas stock markets, Asian stocks gained in the wake of solid gains in US markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan. A powerful earthquake that rocked northern Japan today, 22 November 2016, appeared to have been taken in stride by investors. The quake generated a tsunami that hit the same northern Pacific coast devastated by a massive quake, tsunami and nuclear disaster in 2011.

US stocks closed higher at fresh record highs yesterday, 21 November 2016, aided by a jump in oil prices and a pullback in the dollar, giving the indices their third simultaneous all-time closing highs this year. Global risk assets, led by US stocks and the dollar, have led gains since Republican Donald Trump's upset election win early this November. Expectations that Trump's administration will usher in expansionary fiscal policies have seen a dramatic selloff in US Treasuries and fueled a surge in the dollar.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,076 shares rose and 294 shares declined. A total of 32 shares were unchanged. The BSE Mid-Cap index was currently up 0.88%, underperforming the Sensex. The BSE Small-Cap index was currently up 1.05%, outperforming the Sensex.

Adani Ports & Special Economic Zone (up 2.41%), ONGC (up 2.36%) and Tata Motors (up 1.35%) were the major gainers from the Sensex pack in early trade. Dr Reddy's Laboratories (down 0.41%) and HDFC Bank (down 0.29%) declined.

Axis Bank rose 1.08% after the bank said that it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated Basel- III compliant Tier II debentures (Series - 25) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1800 crore. The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution. The announcement was made after market hours yesterday, 21 November 2016.

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