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…
The Nifty snapped a 5-day losing streak even as broader markets continued their slow pace on Wednesday as global trade turned cautious after two attacks in Europe that killed more than a dozen people. Low volumes during the holiday season impacted prices.
The Nifty rose 12 points to 8,094 in early deals, rising for the first time in six sessions. It remains to be seen whether the index will be able to hold on to these gains till end of trade today. Here are the main themes in morning trade:
* Debt laden Reliance Communications surged 7.6 per cent to 37.70 rupees after media reports suggested the mobile services provider may announce the sale of its tower division to Brookfield Asset Management for an upfront payment of 11,000 crore rupees. The proceeds will be used to cut down on outstanding debt.
* Hindalco, Eicher Motors, UltraTech Cement, HDFC and Bosch rose between 1-2 per cent and were among 32 shares that rose on the Nifty.
* BPCL, Zee Entertainment, GAIL, TCS and Tata Motors slumped 0.8-1.2 per cent and were among 19 stocks that fell on the index.
* The Sensex rose 31 points to 26,338 points on the Bombay Stock Exchange. Sun Pharma was the top traded stock on the index. Bajaj Auto was the top gainer.
* Broader market indices were flat. The Nifty 100, 200 and 500 benchmarks rose a modest 0.1 per cent. DLF is the top gainer.
* Stocks in the Metals, Realty and PSU banks inched up. Welspun Corp, DLF and Andhra Bank gained ground.
* The bulls put up a fight on Dalal Street with 913 shares rising versus 587 stocks that fell.
* Sentiment was even better in the derivatives market with 126 futures advancing compared with 50 that dropped.
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