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Post Session: Sensex extends rally for second day, ends 240 pts higher; metal stocks zoom 4%

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Dion Global

11 Jan 2017

Indian equity benchmarks continued their gaining streak for the second straight session on Wednesday amid sustained buying by retail and foreign portfolio investors, despite muted cues from fellow Asian peers. Metal index rallied over 4 per cent as Chinese commodity futures soared after the country’s top steelmaking province promised to further reduce production capacity, the Reuters reported. IT stocks ended tad lower amid concerns over profitability margins if the new US bill titled ‘Protect and Grow American Jobs Act’ gets passed by US Congress.

The 30-share barometer index of Bombay Stock Exchange, Sensex closed trade at 27140.41, up by 240.85 points or by 0.9 per cent, and the NSE Nifty ended at 8380.65, up by 92.05 points or by 1.11 per cent.

During the day’s trade, the BSE Sensex touched intraday high of 27174.87 and intraday low of 26978.44, while the NSE Nifty touched intraday high of 8389 and intraday low of 8322.25.

Among the individual stocks, IndusInd Bank surged 6.16 per cent after the bank reported a better-than-expected growth of 29.2 per cent in its standalone net profit at Rs 750.64 crore for the third quarter ended December 31, 2016.

The top gainers of the BSE Sensex pack were Coal India Ltd. (Rs. 316.65,+5.41%), Tata Steel Ltd. (Rs. 448.10,+3.99%), Lupin Ltd. (Rs. 1520.30,+2.20%), Larsen & Toubro Ltd. (Rs. 1412.80,+1.91%), ICICI Bank Ltd. (Rs. 264.95,+1.79%), among others.

On the flip side, Bajaj Auto Ltd. (Rs. 2711.00,-1.09%), ITC Ltd. (Rs. 247.50,-0.56%), Reliance Industries Ltd. (Rs. 1084.10,-0.28%), Oil And Natural Gas Corporation Ltd. (Rs. 197.55,-0.18%), Infosys Ltd. (Rs. 969.00,-0.16%), were among top losers on BSE.

On the sectoral front, all the indices ended in positive terrain, barring IT index, with metal and bank stocks emerging as top gainers, adding as much as 4.42 per cent and 2.4 per cent respectively.

The market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 3114, shares advanced were 1815 while 1129 shares declined and 170 were unchanged.