Strong market breadth

A bout of volatility was witnessed in morning trade, as key benchmark indices pared gains after surging in early trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 123.02 points or 0.46% at 26,713.61. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The 50-unit CNX Nifty was up 27.05 points or 0.34% at 8,087.85. Firmness in Asian stocks supported gains on the domestic bourses.

The market breadth indicating the overall health of the market was quite strong on BSE, with more than two gainers for every loser. On BSE, 1,274 shares rose and 573 shares fell. A total of 80 shares were unchanged. The BSE Mid-Cap index was currently up 0.6%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.45%, underperforming the Sensex.

In overseas markets, Asian stocks jumped, led by gains in Chinese and Japanese stocks, as overnight gains in US stocks boosted sentiment. US stocks rose for a second straight day yesterday, 3 November 2015, with Nasdaq Composite Index finishing at a record closing high, helped by a rally in energy companies.

Auto stocks gained. Mahindra & Mahindra (M&M) (up 1.03%), Tata Motors (up 5.88%), Eicher Motors (up 0.43%), Bajaj Auto (up 0.89%) and Hero MotoCorp (up 0.44%) gained. Maruti Suzuki India (down 0.19%) and TVS Motor Company (down 0.75%) declined.

Ashok Leyland gained 1.83% ahead of its Q2 results today, 4 November 2015.

Realty stocks rose. Sobha (up 1.26%), Indiabulls Real Estate (up 1.05%), Unitech (up 1.07%), Housing Development & Infrastructure (HDIL) (up 1.29%), Oberoi Realty (up 0.95%), and Phoenix Mills (up 1.12%) edged higher.

DLF gained 2.12% after the company reported good Q2 results. The company's consolidated net profit rose 20.6% to Rs 131.50 crore on 7.3% drop in net sales to Rs 1865.49 crore in Q2 September 2015 over Q2 September 2014. The company announced results after market hours yesterday, 3 November 2015.

Shares of travel companies dropped in a firm market. Cox & Kings (down 1.26%) and Thomas Cook (India) (down 0.96%) declined.

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