Key benchmark indices logged steady gains on first trading day of the week led by index heavyweights ITC and HDFC. The barometer index, the S&P BSE Sensex, rose 82.84 points or 0.31% at 27,117.34, as per the provisional closing data. The Nifty 50 index was currently up 42.15 points or 0.5% at 8,391.50, as per the provisional closing data. The Sensex provisionally settled above the psychologically important 27,000 mark. Earlier, the Sensex had regained that level soon after falling below it in opening trade.
Volatility was witnessed ahead of expiry of near month derivatives contract this week, which is truncated due to a holiday on Thursday, 26 January 2017, on account of Republic Day. After opening in negative zone amid mixed Asian cues, the two key equity benchmarks soon regained positive zone. They once again regained positive terrain after slipping into the red in afternoon trade after hovering in positive terrain for some time.
The Sensex gained 133.29 points or 0.49% at the day's high of 27,167.79 in mid-morning trade. The index fell 70.92 points or 0.26% at the day's low of 26,963.58 at the onset of the session, its lowest level since 10 January 2017. The Nifty rose 54.80 points or 0.66% at the day's high of 8,404.15 in mid-morning trade. The index declined 22.15 points or 0.27% at the day's low of 8,327.20 at the onset of the session, its lowest level since 11 January 2017.
The breadth indicating the overall health of the market was positive. On BSE, 1,606 shares rose and 1,117 shares fell. A total of 192 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.52%. The BSE Small-Cap index was provisionally up 0.53%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3084.36 crore, higher than the turnover of Rs 2574.79 crore registered during the previous trading session on Friday, 20 January 2017.
Index heavyweight and housing finance major HDFC advanced 1.88% to Rs 1,260. The stock hit high of Rs 1,260 and low of Rs 1,236.80 in intraday trade.
Index heavyweight and cigarette major ITC gained 1.37% to Rs 258.95. The stock hit a high of Rs 260 and low of Rs 254.85 in intraday trade.
Metal and mining stocks were in demand as copper prices rose in global commodity markets.
Bhushan Steel (up 10.69%), Vedanta (up 2.85%), JSW Steel (up 4.25%), Tata Steel (up 1.42%), Steel Authority of India (Sail) (up 5.41%), National Aluminium Company (up 5.51%), Hindustan Zinc (up 3.06%), Jindal Steel & Power (up 2.53%), Hindalco Industries (up 5.98%), NMDC (up 2.76%) and Hindustan Copper (up 2.24%) edged higher.
Copper edged higher in the global commodities market. High Grade Copper for March 2017 delivery was currently up 0.82% at $2.6465 per pound on the COMEX.
Overseas, European stocks were trading lower due to fall in bank stocks and a profit warning at filter products maker Essentra, while insurer Generali was boosted by takeover talk. Most Asian stocks gained after Donald Trumps inauguration as the 45th US president last weekend. US stocks finished higher on Friday, 20 January 2017 after Donald Trump took office as US president and pledged to lead an administration that puts America first.
Republican Donald Trump took the oath of office to become the nation's 45th president and delivered an inaugural address that echoed the protectionist comments he had made throughout his campaign. Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families, Trump said in the speech.