The Sensex, Nifty
kickstarted the December series on a positive note. Positive global
indices, rupee appreciation and also steel makers extended gains after
the government imposed anti-dumping duties on some imports lifted the
Indian stock markets on Friday.The key benchmarks traded at high point as traders opted to buy beaten-down but fundamentally strong stocks amid firm global cues. The benchmark indices Sensex and Nifty reclaimed their psychological 26,300 and 8,100 levels respectively.
On the economy front, PM Narendra Modi pushed for the need to move towards a digital economy, emphasising that people have the right to use their money, but that can also be done digitally.
The BSE Sensex which opened at 25,953.24 points, closed at 26,316, up 456 points or 1.76% from the previous close at 25,860.17 points. The Sensex touched a high of 26,244 points and a low of 25,874.45 points during the intra-day trade so far.
The NSE Nifty closed with a gain of 142 points at 8,107. The NSE Nifty opened at 8,008 hitting a high of 8,122 and low of 7,977.
The NSE market breadth was skewed in favour of the bulls - with 1,344 advances and 293 declines.
Fitch Ratings said Demonetisation will have a "negative" impact on growth in the short run but for the full fiscal, the GDP decline would be "relatively moderate". However, it expects India's GDP growth to trend higher than China's in the medium term, adding that it would accelerate next fiscal on the back of reforms and monetary policy easing.
Sentiments remained up-beat from the start of the session with Finance Minister Arun Jaitley saying that the government’s demonetisation move is going to have a positive impact on the economy, including GDP.
The buying was so fierce that not a single sectoral index on the BSE ended with losses; IT, pharma, banking, finance, energy, media and metal stocks ended with the top gainers. Even the mid-cap and the small-cap stocks participated in today’s rally.
Among the 50-stocks of Nifty, Tech Mahindra, TCS, Infosys, HCL Tech and Sun Pharma were among the gainers on NSE, whereas ACC, Bharti Infratel, Bajaj Auto, Eicher Motors and Bharti Airtel were among the losers today.
The India VIX (Volatility) index was up 2.63% at 17.6125.
The rupee was trading marginally up by 32 paise at 68.41 per US dollar. Gold was trading at Rs 28,576 per per 10 gms and silver was trading at Rs 40,225 per kg.
On the global front, Asian stocks closed higher. The Shanghai Composite index and Hong Kong’s Hang Seng index closed higher by 1%. Nikkei 225 ended in green.
European stocks were trading mostly in red due to lack of cues from the U.S. Markets. CAC 40 is trading in green, while FTSE 100 and DAX are trading lower.
J Kumar Infraprojects rallied 9.6% on the BSE. J Kumar Infraprojects, on behalf of the J. Kumar Infra - CRTG JV, signed an agreement with the Delhi Metro Rail Corporation (DMRC) worth of Rs 1,344.9 crore on Thursday, 24 November 2016, for Phase-2 of the Mumbai metro project and other projects worth Rs 449.19 crore.
Bata India soare 2.3%. The company has posted a net profit of Rs 35 crore for the quarter ended September 30, 2016 as compared to Rs 54 crore for the quarter ended September 30, 2015.
Talwalkars Better Value Fitness climbed 5% after the management has decided to demerge gym business, thereby transferring gym business of TBVFL to TLL, in the interest of maximising overall shareholder value.
LT Foods gained 1%. The company has inked a 51:49 joint venture with Kameda Seika, to sell rice-based snacks in India.
A total of 15 stocks registered a fresh 52-week high in trades today, whereas 13 stocks touched a new 52-week low on the NSE.
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