Sensex regains 26,000; Nifty regains 8,000 as heavyweights rally

Key benchmark indices logged strong gains led by sharp gains in index heavyweights ITC, Infosys and Reliance Industries (RIL). The barometer index, the S&P BSE Sensex, jumped 406.34 points or 1.57% to 26,213.44, as per the provisional closing data. The Nifty 50 index gained 124.60 points or 1.58% at 8,032.85, as per the provisional closing data. The Sensex provisionally settled above the psychological 26,000 mark, after moving above that level in mid-afternoon trade. The Nifty also provisionally settled above the psychological 8,000 mark, after moving above that level in late trade.

The Sensex hit its highest level in almost one week in late trade. The broad market depicted strength. FMCG stocks gained on renewed buying.

In today's trade, after a positive start, the key equity benchmarks kept on gaining ground as trading for the day progressed. The Sensex jumped 441.93 points or 1.71% at the day's high of 26,249.03 in late trade, its highest level since 21 December 2016. The index fell 3.91 points or 0.02% at the day's low of 25,803.19 at the onset of the session. The Nifty jumped 136.40 points or 1.72% at the day's high of 8,044.65 in late trade, its highest level since 22 December 2016. The index declined 4.55 points or 0.06% at the day's low of 7,903.70 at the onset of the session.

In side indices, the BSE Mid-Cap index was provisionally up 1.71%. The BSE Small-Cap index was provisionally up 1.49%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,692 shares rose and 875 shares fell. A total of 174 shares were unchanged.

The total turnover on BSE amounted to Rs 1938.14 crore, higher than the turnover of Rs 1856.51 crore registered during the previous trading session.

Index heavyweight and cigarette major ITC gained 4.02% to Rs 234.10. The stock hit a high of Rs 234.70 and low of Rs 224.45 in intraday day trade.

FMCG stocks gained on renewed buying. Dabur India (up 3.65%), Britannia Industries (up 0.32%), GlaxoSmithkline Consumer Healthcare (up 0.74%), Godrej Consumer Products (up 2.27%), Hindustan Unilever (up 0.55%), Procter & Gamble Hygiene and Health Care (up 3.76%), Jyothy Laboratories (up 4.38%) Marico (up 2.56%), Nestle India (up 0.39%) and Tata Global Beverages (up 2.48%) rose.

Colgate-Palmolive (India) (down 0.08%) and Bajaj Corp (down 1.07%) fell.

Kaya rose 2.66% after the company said its subsidiary completed acquisition of 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah. The announcement was made after market hours yesterday, 26 December 2016.

Kaya announced that the company is in receipt of letter dated 25 December 2016 issued by Kaya Middle East DMCC (Kaya DMCC) confirming the settlement of consideration amount for acquiring 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah. Hence, the corporate guarantee provided by the company stands cancelled on payment of the consideration amount by Kaya DMCC.

On 27 September 2016, the company had announced the corporate guarantee provided by it on behalf of Kaya DMCC, wholly-owned subsidiary of the company, for payment of AED 22.5 million by Kaya DMCC for acquiring 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.

Overseas, European and Asian stocks were trading with slim gains, in thin trade and with little to guide them as most major markets were closed yesterday, 26 December 2016 for Christmas holidays. Meanwhile, in economic data, earnings growth accelerated in China's industrial sector in November, indicating that Beijing could reach its annual economic growth target, official data showed today, 27 December 2016. Industrial profits grew 14.5% in November from a year ago, faster than the 9.8% gain posted in October, according to the National Bureau of Statistics.

Markets in Australia, New Zealand and Hong Kong remain shut today, 27 December 2016 while those in the US and the UK will resume trading after the Christmas break.

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