Key benchmark indices turned range bound in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 226.96 points or 0.83% at 27,501.11. The Nifty 50 index was up 72.55 points or 0.86% at 8,506.30.
The Sensex rose 317 points, or 1.16% at the day's high of 27,591.15 in early trade, its highest level since 3 November 2016. The index rose 182.26 points, or 0.67% at the day's low of 27,456.41 in early trade. The Nifty rose 102.10 points, or 1.21% at the day's high of 8,535.85 in early trade, its highest level since 3 November 2016. The index rose 59.90 points, or 0.71% at the day's low of 8,493.65 in early trade.
The broad market depicted strength. There were almost five gainers against every loser on BSE. 1,813 shares rose and 388 shares fell. A total of 82 shares were unchanged. The BSE Mid-Cap index was currently up 1.35%. The BSE Small-Cap index was currently up 1.53%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks were trading higher as US Federal Bureau of Investigations director James Comey told Congress on 6 November 2016 that the agency would not reopen any investigation into presidential candidate Hillary Clinton's email usage. Investors around the world have been watching the US elections warily, and many have reacted to the prospects of a Donald Trump presidency with horror, concerned about his outlandish and economically questionable proposals.
In US, the S&P 500 ended lower on Friday, 4 November 2016, for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain US election. The tech-heavy Nasdaq also ended lower for a ninth-consecutive session, while the Dow industrials closed down for a seventh straight day.
The outcome of United States presidential elections of 2016, which will be held tomorrow, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
Back home, metal shares were in demand. Hindustan Zinc (up 3%), Hindalco Industries (up 2.88%), National Aluminium Company (up 2.05%), Hindustan Copper (up 1.99%), Bhushan Steel (up 1.74%), Tata Steel (up 1.72%), Steel Authority of India (up 1.69%), Jindal Steel & Power (up 1.67%), Vedanta (up 1.22%) and JSW Steel (up 1.19%), edged higher.
NMDC was up 2.05% at Rs 129.60. The company said its total production rose 20.60% to 16.80 million tonnes in October 2016 over October 2015. Total sales rose 19.84% to 18.97 million tonnes in October 2016 over October 2015. The announcement was made after market hours on Friday, 4 November 2016.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for December 2016 delivery was currently up 0.60% at $2.2785 per pound on the COMEX.
IT shares were mixed. Hexaware Technologies (up 1.92%), Infosys (up 1.19%), MindTree (up 0.93%), Tech Mahindra (up 0.57%), HCL Technologies (up 0.40%) and Persistent Systems (up 0.37%), edged higher. TCS (down 0.55%), Oracle Financial Services Software (down 0.57%), Wipro (down 0.6%) and MphasiS (down 1.85%), edged lower.
KPIT Technologies rose 1.44% to Rs 133.50. The company announced on Sunday, 6 November 2016, that it has completed agreement with ANSYS, to sell its Berlin-based subsidiary, KPIT medini Technologies AG, which has been focusing on functional safety products (Product brand known as Medini). Medini is a functional safety product which has applications beyond KPIT's focused industries and as a software product, needs a wider and different distribution network to reach out to other industries beyond KPIT's focused areas.
KPIT is expanding its portfolio as a provider of services and platforms to automotive industry for product engineering areas such as Powertrain, AUTOSAR, Diagnostics, Infotainment, etc. While KPIT will continue to provide services around the Medini tools, it would like to deepen its domain expertise by continuing to make further strategic investments in its focus areas for which the proceeds from this sale will be used.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
