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…
Erasing Wednesday’s declines amid positive Asian and European markets, Indian bourses closed Thursday trading session in the positive zone with Midcaps and Smallcaps stocks leading the gains.
The Sensex at the Bombay Stock Exchange (BSE) closed 265 points higher at 27,518 and the Nifty at the National Stock Exchange (NSE) ended 94 points up at 8,526.
After opening at 27,605, the Sensex touched 27,743 mark on the positive side while it touched 27,457 mark on the negative side, in the intra-day trade.
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Broader markets outperformed the benchmark indices, BSE Smallcap and Midcaps indices surged around 1.7 per cent each.
Among the BSE sectoral indices, Metal index jumped the most, up over 6 per cent while Auto index became the top loser, down 0.7 per cent.
On Wednesday, the Sensex had closed 339 points down at 27,253 while the Nifty had closed 112 point lower at 8,432.
Top gainers in the Sensex-30 pack: Tata Steel (up 9.3 per cent), SBI (up 8.4 per cent), Cipla (up 6.9 per cent), Power Grid (up 4.4 per cent) and Coal India (up 4.1 per cent).
Top losers in the Sensex-30 pack: Asian Paints (down 3.5 per cent), Hero Motocorp (down 2.8 per cent), Lupin (down 2.3 per cent), HDFC (down 2.3 per cent) and Infosys (down 1.8 per cent).
However, the Rupee was trading 13 paisa down at 66.56 against the US Dollar.
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