Strong market breadth

Volatility continued in mid-morning trade as the key benchmark indices once again regained positive zone soon after reversing gains. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 27.62 points or 0.11% at 25,846.96. The Nifty 50 index was up 3.70 points or 0.05% at 7,852.95. The gains for the Sensex were higher in percentage terms than those for the Nifty.

The market breadth indicating the overall health of the market was strong. On BSE, 1,334 shares rose and 834 shares fell. A total of 160 shares were unchanged. The BSE Mid-Cap index was up 0.37%. The BSE Small-Cap index was up 0.49%. Both these indices outperformed the Sensex.

In overseas markets, Asian stocks were trading on a mixed note. US markets closed marginally lower yesterday, 23 November 2015 as Pfizer's plan to buy Allergan plc in a $160 billion deal quickly drew criticism from politicians as a tax dodge.

Housing finance stocks were in demand. LIC Housing Finance (up 1.15%), Dewan Housing Finance Corporation (up 1.1%), Gruh Finance (up 1.58%) rose. Can Fin Homes fell 1.25%.

Index heavyweight and housing finance major HDFC advanced 1.87% to Rs 1,216.15. The stock hit high of Rs 1,217.50 and low of Rs 1,189.80 so far during the day.

IT stocks declined. TCS (down 0.31%), Wipro (down 0.37%) and Tech Mahindra (down 0.45%) declined. HCL Technologies rose 0.23%.

Index heavyweight and software major Infosys fell 1.21% to Rs 1,040.80. The stock hit high of Rs 1,050 and low of Rs 1,039.10 so far during the day. Infosys announced after market hours yesterday, 23 November 2015, that its product subsidiary, Infosys Finacle, launched a new offering 'Finacle as a managed service on Oracle Cloud'. This offering will enable banks globally to leverage Finacle's industry-leading solution suite, along with other enterprise-class applications hosted on premise or in an external environment, to gain agility and cost efficiencies, Infosys said in a statement. With this offering, Finacle becomes one of the first comprehensive banking platforms to be available as a managed service on Oracle Compute Cloud, Infosys said.

Federal Bank declined 0.7%. The bank said said that it has decided to reduce its base rate to 9.63% per annum from 9.95% per annum with effect from 1 December 2015. The bank made announcement after market hours yesterday, 23 November 2015.

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