Strong market breadth

Shares continued to hover in positive terrain in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 28.26 points or 0.11% at 26,421.02. The Nifty 50 index was up 9.25 points or 0.11% at 8,152.40. Gains in other Asian shares boosted investors sentiment.

The Sensex rose 77.17 points, or 0.29% at the day's high of 26,469.93 in early trade. The index rose 25.29 points, or 0.10% at the day's low of 26,418.05 in early trade. The Nifty rose 27.55 points, or 0.34% at the day's high of 8,170.70 in early trade. The index rose 11.90 points, or 0.15% at the day's low of 8,155.05 in early trade.

The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,259 shares rose and 654 shares fell. A total of 108 shares were unchanged. The BSE Mid-Cap index was currently up 0.19%. The BSE Small-Cap index was currently up 0.26%. Both these indices outperformed the Sensex.

Most metal shares edged higher. National Aluminium Company (up 9.31%), Hindustan Copper (up 4.32%), NMDC (up 1.26%), Steel Authority of India (up 0.88%), Bhushan Steel (up 0.86%), Hindustan Zinc (up 0.29%), Hindalco Industries (up 0.14%) and Tata Steel (up 0.06%), edged higher. JSW Steel (down 0.2%), Jindal Steel & Power (down 0.28%) and Vedanta (down 0.37%), edged lower.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2017 delivery was currently down 0.58% at $2.6645 per pound on the COMEX.

FMCG shares were mixed. Britannia Industries (up 1.02%), Nestle India (up 0.58%), Jyothy Laboratories (up 0.49%), Marico (up 0.47%), Tata Global Beverages (up 0.45%), GlaxoSmithKline Consumer Healthcare (up 0.24%), Hindustan Unilever (up 0.20%) and Colgate Palmolive (India) (up 0.18%), edged higher. Bajaj Corp (down 0.33%), Godrej Consumer Products (down 0.4%), Procter & Gamble Hygiene & Health Care (down 0.5%) and Dabur India (down 1.14%), edged lower.

On macro front, a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) will conclude today, 7 December 2016. It will be interesting to watch RBI's monetary policy stance this time in a scenario of government's recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October.

Overseas, Asian shares were trading higher as investors covered short positions and looked to the upcoming policy meeting of the European Central Bank for comfort after a referendum defeat tipped Italy into political turmoil. US stocks rose yesterday, 6 December 2016, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row.

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