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Market extends gains

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Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:35 IST, the barometer index, the S&P Sensex, was up 212.14 points or 0.8% at 26,606.15. The 50 index was currently up 72.25 points or 0.89% at 8,214.40. Gains in most global stocks boosted sentiment on domestic bourses.

The broad market depicted strength. There were more than two gainers against every loser on 1,661 shares rose and 827 shares declined. A total of 192 shares were unchanged. The Mid-Cap index was currently up 0.76%. The BSE Small-Cap index was currently up 1.17%. Both these indices outperformed the

ICICI Bank (up 3.58%), Maruti Suzuki India (up 2.95%) and Hindustan Unilever (up 1.76%) were the key gainers from the 30-share pack.

Telecom stocks saw mixed trend. Bharti Airtel (up 0.39%), MTNL (up 0.58%) and and Reliance Communications (up 1.64%) rose. Tata Teleservices (Maharashtra) lost 2.3%.

Idea Cellular lost 2.46%. The company during market hours today, 30 November 2016 denied having any proposal to sell 100% stake in its tower arm for a sum of nearly $1 billion.

Shares of Bharti Infratel rose 0.16%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Yes Bank rose 1.52% after the bank announced the launch of SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet. The announcement was made during market hours today, 30 November 2016.

The solution will cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet. This represents a large inherent market need, and hence a large scope for the solution. The bank plans to garner a base of 5 lakh SIMsePAY by 2017.

Among macro economic data, India's gross domestic product (GDP) for the quarter ended September 2016 (Q2) is slated to be released today, 30 November 2016. India's GDP growth rate slowed to 7.1% in Q1 June 2016 from 7.9% expansion in Q4 March 2016. Also India's infrastructure output for October 2016 will be released today, 30 November 2016. Infrastructure output in India went up 5% year-on-year in September, following a 3.2% growth in August.

Overseas, Asian and European stocks rose as investors awaited the conclusion of a highly-anticipated Organization of the Petroleum Exporting Countries (OPEC) meeting later in the day. OPEC are set to meet in Vienna, Austria today, 30 November 2016 and marketmen are awaiting decision regarding an oil production cut.

US stocks closed higher yesterday, 29 November 2016 with the Nasdaq touching a record, but the market failed to make much headway as oil futures slumped ahead of a key meeting of major crude producers. In economic news, the second read on US third-quarter GDP came in at an annualized rate of 3.2%, above a previous reading of 2.9%. The Consumer Confidence Index hit 107.1 in November, up from 98.6 in October.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 14:33 IST