Sensex rings in New Year with a tepid start

The benchmark Sensex failed to go the distance on the first day of 2016 as it today rose a modest 43 points to close at 26,160.90, a one-month high, helped by select auto, capital goods and realty stocks.
For the week, both indices - the Sensex and the Nifty - ended 1.25 per cent and 1.30 per cent higher, their third straight weekly gains.
The 30-share barometer started on a weaker note, but ended higher by 43.36 points, or 0.17 per cent, at 26,160.90 -- its highest closing since December 1.
The 50-share Nifty was up 16.85 points, or 0.21 per cent, to close at 7,963.20 -- a level last seen on November 4 last year. It shuttled between 7,909.80 and 7,972.55 intra-day.

The gauge had gained 157.51 points mainly on the back of covering-up of short positions by speculators.
Most international markets were closed for the New year.

The near-absence of overseas cues meant investors remained directionless despite the start of the January derivatives contracts.
"With major Asian markets shut for New Year celebrations, Indian markets started the day without any opening bias, and the push above recent ranges prompted short covering," said Anand James, Co Head Technical Research Desk, Geojit BNP Paribas.
Tata Motors was on the top of the heap, up 2.66 per cent, followed by Adani Ports (2.65 per cent).

Investors also lapped up second-line stocks, with mid-cap and small-cap indices outperforming the Sensex with gains of 0.92 per cent and 0.88 per cent, respectively.
In the auto space, the country's largest car-maker Maruti Suzuki advanced 0.43 per cent after it posted an 8.5 per cent increase in total sales in December.
Others such as Tata Motors, Ashok Leyland and Eicher Motors too ended in the positive terrain.
Aviation stocks were in demand following a sharp 10 per cent cut in aviation turbine fuel (ATF) prices by oil marketing companies as crude oil prices continue to remain soft.
SpiceJet and InterGlobe Aviation, which operates budget airline IndiGo, jumped up to 8.73 per cent and so did Jet Airways (up 8.28 per cent), which got further support from its inclusion in the futures and options (F&O) segment from today.

The BSE realty index gained most by surging 1.99 per cent, followed by capital goods (1.01 per cent), auto (0.93 per cent), power (0.89 per cent), PSU (0.83 per cent), metal (0.65 per cent) and banking (0.62 per cent), among others.
Going forward, investors are waiting for the second week
of January to get a fix on how corporate earnings numbers play out.
Pramit Brahmbhatt, CEO, Veracity Group, said, "Today's upmove was on the back of across-the-board buying, barring IT stocks."
In the Sensex pack, 16 closed in the green while 14 fell.
"All eyes would now be on economic data from both the US as well as India, as both Fed and RBI are scheduled to announce their monetary policy in a month," added James.

The market breadth turned positive as out of a total 2,951 stocks, 1,990 ended higher and 834 lower while 127 ruled flat.
The total turnover climbed further to Rs 2,984.79 crore, from Rs 2,745.62 crore yesterday.