Strong market breadth

A brief intraday recovery which pushed the key benchmark indices marginally into the positive zone was derailed in morning trade by fresh selling. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 28.25 points or 0.11% at 26,288.09. The Nifty 50 index was currently down 8.90 points or 0.11% at 8,105.40.

In overseas stock markets, most Asian stocks were trading higher after oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016 to discuss production cuts to shore up prices, but Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,262 shares rose and 666 shares declined. A total of 96 shares were unchanged. The BSE Mid-Cap index was currently up 0.54%. The BSE Small-Cap index was currently up 0.53%. Both these indices outperformed the Sensex.

Telecom stocks gained. Idea Cellular (up 1.77%), MTNL (up 2.98%) and Reliance Communications (up 1.43%) rose. Tata Teleservices (Maharashtra) declined 1.12%.

Bharti Airtel rose 2.18% after the firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquisition of Econet Wireless' entire 4.2% stake in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%. The announcement was made on Saturday, 26 November 2016.

Shares of Bharti Infratel rose 1.06%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Realty stocks rose. DLF (up 0.67%), Housing Development and Infrastructure (up 0.85%), Unitech (up 0.61%), Anant Raj Industries (up 1.72%), Prestige Estates Projects (up 1.25%), Oberoi Realty (up 1.83%) and Parsvnath Developers (up 0.81%) rose. Indiabulls Real Estate (down 1.2%), D B Realty (down 0.13%), Sobha (down 1.44%) and Godrej Properties (down 0.28%) fell.

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