Key benchmark indices rebounded from almost six-month closing lows hit in the previous session as firmness in global stocks boosted sentiment. The barometer index, the S&P BSE Sensex, rose 195.64 points or 0.76% at 25,960.78, as per the provisional closing data. The gains of the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty gained 73.20 points or 0.92% at 8,002.30, as per the provisional closing data. The Nifty provisionally closed a tad higher above the 8,000 mark. It had slipped below that mark after regaining that mark in early trade. The Sensex provisionally settled below the psychological 26,000 level. It had fallen below that mark after regaining that mark in early trade. The Sensex snapped six-day losing streak today, 22 November 2016.
Key indices remained in positive terrain throughout the session after witnessing a gap-up opening. After trimming initial gains, market regained strength in late trade. The Sensex rose 274.56 points or 1.06% at the day's high of 26,039.70 in early trade. The barometer index was almost unchanged at the day's low of 25,765.51 in early afternoon trade. The Nifty rose 89.95 points or 1.13% at the day's high of 8,019.05 in late trade. The index rose 9.05 points or 0.11% at the day's low of 7,938.15 in early afternoon trade.
The market breadth indicating the overall health of the market turned positive from negative in late trade. Earlier, breadth had turned negative from positive in early afternoon trade. On BSE, 1,477 shares rose and 1,081 shares fell. A total of 188 shares were unchanged. The BSE Mid-Cap index provisionally rose 1.39%. The BSE Small-Cap index provisionally gained 1.15%. Both these indices outperformed the Sensex.
In overseas stock markets, global stocks rose in the wake of impressive gains in US markets overnight. US stocks closed higher at fresh record highs yesterday, 21 November 2016, aided by a jump in oil prices and a pullback in the dollar, giving the indices their third simultaneous all-time closing highs this year. Global risk assets, led by US stocks and the dollar, have led gains since Republican Donald Trump's upset election win early this November. Expectations that Trump's administration will usher in expansionary fiscal policies have seen a dramatic selloff in US Treasuries and fueled a surge in the dollar.
Metal & mining stocks gained across the board as global commodity prices rose. JSW Steel (up 0.7%), Bhushan Steel (up 0.39%), Hindustan Copper (up 3.12%), Hindalco Industries (up 6.1%), Hindustan Zinc (up 3.49%), Jindal Steel & Power (up 2.84%), Tata Steel (up 1.84%), Steel Authority of India (Sail) (up 1.16%), National Aluminum Company (up 5.32%) and NMDC (up 4.7%) gained.
Vedanta rose 5.3% after the company announced that it has received board's approval to raise Rs 300 crore through issue of 3,000 secured redeemable non-cumulative non-convertible debentures (NCDs) of face value of Rs 10 lakh each. The announcement was made during market hours today, 22 November 2016. The tenure of the NCDs is three years and five months from the date of allotment, while date of maturity is 22 April 2020.
In a separate announcement today, 22 November 2016, the company said that the board has approved the appointment of chief financial officer Arjun Kumar GR as a whole-time director of the company and Bhumika Sood as company secretary. The appointments reflect the focus of Vedanta towards empowering our professionals and developing in-house talent, said, Tom Albanese, CEO, Vedanta.
A2Z Infra Engineering surged 18.1% after the company said that a contract has been awarded to the company by Chhattisgarh State Power Transmission Company for construction of 132 kilovolt S/S Bijapur and associated EHV Line on turnkey basis. The aggregate value of the contract is Rs 41.33 crore. The announcement was made during market hours today, 22 November 2016.
IRB Infrastructure Developers shed 3.49% after consolidated net profit fell 5% to Rs 142.18 crore on 12.27% increase in total income to Rs 1324.21 crore in Q2 September 2016 over Q2 September 2015. The result was announced during trading hours today, 22 November 2016.
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