The Sensex closed above the psychological 26,000 mark after regaining that mark in early trade. The Nifty settled above the psychological 8,000 level after reclaiming that mark in early trade. Bargain hunting emerged after the recent heavy selling on the bourses triggered by worries that US president elect Donald Trump's likely fiscal expansionary policies could result in hike in interest rates there which could spark capital outflows from the emerging equity markets.
The Sensex jumped 456.17 points or 1.76% to settle at 26,316.34, its highest closing level since 11 November 2016. The index jumped 483.78 points or 1.87% at the day's high of 26,343.95. The index rose 14.28 points or 0.05% at the day's low of 25,874.45.
The Nifty surged 148.80 points or 1.87% to settle at 8,114.30, its highest closing level since 11 November 2016. The index surged 156.75 points or 1.96% at the day's high of 8,122.25. The index rose 11.25 points or 0.14% at the day's low of 7,976.75.
In overseas stock markets, European stocks were trading flat amid volatility. Asian stocks gained as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets. US markets remained closed yesterday, 24 November 2016, on Thanksgiving holiday and trading will end early today, 25 November 2016 there.
Closer home, the broad market depicted strength. There were more than three gainers against every loser on BSE. 2,036 shares rose and 594 shares fell. A total of 164 shares were unchanged. The BSE Mid-Cap index rose 1.3%, underperforming the Sensex. The BSE Small-Cap index gained 1.74%, outperforming the Sensex.
IT stocks jumped after the recent weakness in rupee against the dollar. Tech Mahindra (up 5.48%), HCL Technologies (up 4.55%), Hexaware Technologies (up 6.88%), TCS (up 5.37%), and Infosys (up 4.62%) jumped. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Wipro gained 2.96% after the company announced that it completed the acquisition of Appirio on 23 November 2016. As mentioned in the media presentation submitted as part of results for Q2 September 2016, impact of the Appirio acquisition is expected to reflect in the financials of Wipro for Q3 December 2016, the company said. The announcement was made after market hours yesterday, 24 November 2016.
Shares of pharma companies rose following the recent sharp slide of the rupee against the dollar. Aurobindo Pharma (up 4.07%), Lupin (up 3.36%), Sun Pharmaceutical Industries (up 4.18%), Cipla (up 1.75%), Glenmark Pharmaceuticals (up 1.99%), Cadila Healthcare (up 2.18%), Piramal Enterprises (up 1.37%), Strides Shasun (up 0.63%), GlaxoSmithKline Pharmaceuticals (up 1.35%), Wockhardt (up 0.65%), and Divi's Laboratories (up 0.47%) gained. IPCA Laboratories (down 0.37%) and Alkem Laboratories (down 1.21%) edged lower. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
Dr Reddy's Laboratories gained 1.99% after the Central Government yesterday, 24 November 2016, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 241st meeting held on 27 October 2016, approved foreign direct investment (FDI) proposal of the company to acquire Imperial Credit, an Indian non banking financial company (NBFC) for Rs 36 crore.
Meanwhile, after witnessing selling pressure recently, rupee edged higher against the dollar today, 25 November 2016, after hitting a record low in the previous session. The partially convertible rupee was hovering at 68.45, compared with its close of 68.745 during the previous trading session.
Bank stocks also gained. Among public sector banks, UCO Bank (up 1.05%), Syndicate Bank (up 0.98%), Punjab National Bank (up 1.67%), Corporation Bank (up 0.77%), Allahabad Bank (up 2.25%), Bank of Baroda (up 0.36%), Canara Bank (up 1.55%), Bank of India (up 0.96%) and United Bank of India (up 2.18%) edged higher.
State Bank of India (SBI) declined 0.29% to Rs 260.95. The bank announced that the committee of directors for capital raising of the bank, in its meeting held on 24 November 2016, accorded its approval to fix the issue price at Rs 269.59 per share and accordingly, to issue 21.07 lakh equity shares, ranking pari-passu with the existing equity shares of the bank, in all respects, including payment of dividend, if any, on preferential basis to government of India, for a consideration of Rs 5680.99 crore subject to the approvals. The announcement was made before market hours today, 25 November 2016.
Among private sector banks, Axis Bank (up 0.72%), HDFC Bank (up 1.91%), ICICI Bank (up 0.08%), Kotak Mahindra Bank (up 0.86%), Federal Bank (up 4.05%), and IndusInd Bank (up 3.03%) edged higher.
Yes Bank gained 4.37% after the company announced that it has partnered with the Gujarat State Road Transport Corporation (GSRTC) to digitize payments of bus tickets for its customers. Under the partnership, Yes Bank will install over 125 PoS (point-of-sale) terminals to facilitate booking of tickets through credit and debit cards at all the GSRTC bus depots. Yes Bank is already live with 50 terminals as on date and will achieve a number of 125 in the next couple of weeks as part of the first phase of implementation. The announcement was made after market hours yesterday, 24 November 2016.
L&T rose 1.27%. L&T Hydrocarbon Engineering, a wholly owned subsidiary of L&T unveiled a high-tech spool base facilities at L&T's fabrication facility at Kattupalli, in Chennai today, 25 November 2016. These facilities are being employed to execute a prestigious Lump Sum Turn Key (LSTK) contract that has been bagged from ONGC for a subsea installation by a consortium of J. Ray Mc Dermott S.A., Berlian McDermott & L&T Hydrocarbon Engineering Ltd. in international competitive bidding.
The contract is part of ONGC's integrated development of Deep Water Vashishta & S1 Fields on India's east coast. It is their first project, involving three subsea wells in depths ranging from 400m to 700m involving a daisy chain field architecture with subsea tie back to onshore terminal at Odalaveru through a dual 14 pipeline. The announcement was made after market hours today, 25 November 2016.
J Kumar Infraprojects jumped 10% after the company said it bagged a contract from the Delhi Metro Rail Corporation. The announcement was made during trading hours today, 25 November 2016. J Kumar Infraprojects, on behalf of the J. Kumar Infra - CRTG JV, signed an agreement with the Delhi Metro Rail Corporation (DMRC) worth Rs 1344.93 crore on Thursday, 24 November 2016, for Phase-2 of the Mumbai metro project and other projects worth Rs 449.19 crore.
Steel Strips Wheels rose 0.63% after the company said that it bagged an export order for supplying Caravan Steel wheels for trailer market. The announcement was made during trading hours today, 25 November 2016. The company said the total order is for supplying approximately 20,000 wheels. Orders will be executed from SSWL's Chennai plant with shipments starting from December 2016. This is a repeat order from the export customer. The company has also bagged an order to supply wheels to BMW India. The total order size is 18,000 wheels and the order will start for mass supplies from March 2017 from the company's Chennai facility. This order marks strong competence of SSWL in both export and high end segments of the market. SSWL is expecting to receive additional orders for the Caravan wheels from other European Union (EU) customers in coming weeks.
The Sensex has fallen 1,613.87 points or 5.77% in November 2016 so far (till 25 November 2016). The Sensex has risen 198.80 points or 0.76% in calendar year 2016 so far (till 25 November 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,821.73 points or 16.98%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,760.94 points or 9.49%. The Sensex is off 3,708.40 points or 12.35% from a record high of 30,024.74 hit on 4 March 2015.
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