Stocks end 2016 with 3% gains; volatility, black swan events dominate
Fresh buying into front line shares and continued covering of short positions helped markets to end higher for the 4th…
Indian shares snapped a massive losing streak, at least in early deals on Tuesday, as traders partially covered their short positions on the penultimate day of the monthly expiry of derivatives contracts. Mid caps, software and pharma shares led the bounce back.
Stocks have sunk to 7-month lows on a combination of factors such as the flight of overseas capital back to the US, the ongoing demonetisation drive that has sucked out demand from the economy and the possibility of more taxes being imposed on capital markets.
Here are the major events of the trading day so far:
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* The Nifty rises 30 points to 7,938 points. The index had fallen in 9 of the previous 11 sessions.
* Cipla, Sun Pharma, Tata Motors, Lupin and Aurobindo Pharma rose between 1.2-2 per cent, and were among 34 shares that gained on the index.
* Hindalco, Grasim, Hero Motors, Bharti Airtel and Idea Cellular dropped 0.9-1.4 per cent, and were among 17 sahres that slipped on the Nifty.
* The Sensex rose 90 points to 25,897 points on the Bombay Stock Exchange. TCS was among the top gainers while Bharti Airtel lost the most. Reliance Industries was the top traded counter.
* Broader equity benchmarks showed modest gains with the Nifty 100, 200 and 500 indices rising 0.4-0.5 per cent. Mid caps were the top gainers.
* All sectoral indices were in an uptrend. Modest upticks were seen in benchmarks tracking the Auto, FMCG, IT, Pharma and banking shares. The Realty Index was the lone loser, down 1 per cent.
* The bulls resurfaced on Dalal Street after a 2-week absence. 996 shares rose versus 527 that fell.
* The mood was buoyant in the derivatives market as well, where 134 futures advanced versus 41 that dropped.
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