Key benchmark indices registered impressive gains on positive global cues. The barometer index, the S&P BSE Sensex, rose 224.05 points or 0.83% at 27,123.61, as per the provisional closing data. The gains of the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty advanced 86 points or 1.04% at 8,374.60, as per the provisional closing data. The Sensex provisionally settled above the psychological 27,000 level after crossing that level in early trade.
The Sensex rose 275.31 points or 1.02% at the day's high of 27,174.87 in late trade, its highest level since 11 November 2016. It rose 78.88 points or 0.29% at the day's low of 26,978.44 in early trade. The Nifty rose 100.40 points or 1.21% at the day's high of 8,389 in late trade, its highest level since 11 November 2016. It rose 33.65 points or 0.4% at the day's low of 8,322.25 in early trade.
Market sentiment was boosted by positive global cues as markets are hoping for some concrete views from the first address of US President-elect Donald Trump on policy and a checklist of his priorities as he meets the press today, 11 January 2017.
Marketmen are awaiting details on Donald Trump's plan for tax cuts and infrastructure spending. Executives from BHP Billiton, the world's biggest miner, reportedly met with President-elect Donald Trump for talks on the industry, as the incoming administration's pledges to boost infrastructure spending.
The BSE Mid-Cap index provisionally rose 1.35%. The BSE Small-Cap index provisionally advanced 0.92%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,727 shares rose and 1,079 shares declined. A total of 164 shares were unchanged.
The total turnover on BSE amounted to Rs 3637.32 crore, higher than turnover of Rs 2820.43 crore registered during the previous trading session.
Metal stocks advanced ahead of US President-elect Donald Trump's first full press conference later in the day that will give an initial insight into the new administration's economic policies. Jindal Steel & Power (up 8.75%), National Aluminium Company (up 5.67%), Hindalco Industries (up 6.09%), Steel Authority of India (up 5.96%), JSW Steel (up 4.99%), Tata Steel (up 4.11%), Vedanta (up 1.98%), Hindustan Zinc (up 1.84%) and NMDC (up 1.74%) edged higher. Hindustan Copper (down 0.66%) edged lower.
Meanwhile, copper price marginally edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was up 0.04% at $2.6135 per pound on the COMEX.
Lupin rose 2.24% after the company announced that it has received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from the United States Food and Drug Administration (FDA) to market a generic equivalent of Taro Pharmaceuticals North America, inc's Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, inc's (collectively Taro) Topicort Cream, 0.25%.
Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% are the AB rated generic equivalent of Taro's Topicort LP Emollient Cream, 0.05% and Topicort Cream, 0.25%. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.
Topicort LP emollient Cream had US sales of $33 million (IMS MAT September 2016) while Topicort Cream had US sales of $17 million (IMS MAT September 2016). The announcement was made during market hours today, 11 January 2017.
Overseas, European and Asian stocks edged higher ahead of the first address of US President-elect Donald Trump. Markets are hoping for some concrete views from Trump on policy and a checklist of his priorities as he meets the press today, 11 January 2017.
Japan's Nikkei 225 Average settled 0.33% higher. Japan's leading index strengthened to the highest level in 15 months in November, survey data from the Cabinet Office showed today, 11 January 2017. The leading index, which measures the future economic activity, rose to 102.7 in November from 100.8 in October. The coincident index improved to 115.1, from 113.5 in October. The coincident indicator reflects the current economic activity.
US equities closed higher yesterday, 10 January 2017, as the Nasdaq composite notched a fresh record high.
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