Mid-Session: Sensex rebounds strongly in late morning trade Analysis for Nov 16, 2015

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The key domestic benchmark indices rebounded strongly in late morning deal on Monday, as investors shrugged-off the deadly Paris terrorist attacks led by gains in the index heavyweights such as SBI, ICICI Bank, L&T, Tata Steel and ITC. Meanwhile, October WPI inflation came at -3.8 per cent vs Sept WPI at -4.54 per cent.

At 12:15 PM, the Bombay Stock Exchange bellwether Sensex was trading at 25712.29, up by 101.76 points or by 0.4 per cent, while the NSE Nifty was trading 22.1 points higher at 7784.35.

In the choppy trade, the BSE Sensex touched an intraday high of 25727.89 and intraday low of 25451.42, while the NSE Nifty touched high and low of 7791.1 and 7714.15, respectively.

On the corporate front, shares of S H Kelkar and Co. made a strong debut on the Bombay Stock Exchange after the fragrance and flavours manufacturer opened 23.72 per cent above the issue price of Rs 180.

Among others, shares of Oil India tumbled 8 per cent the Bombay Stock Exchange after the state-owned oil marketing company removed from the prestigious MSCI India index with effect from November 30.

On the sectoral front, bankex and capital goods stocks were leading the rally, adding 1.34 per cent and 1.01 per cent, respectively.

Leading the rally on the D-Street were Dr. Reddy's Laboratories Ltd. (Rs. 3462.40,+2.30%), Tata Steel Ltd. (Rs. 226.80,+2.09%), ITC Ltd. (Rs. 335.75,+1.91%), ICICI Bank Ltd. (Rs. 266.50,+1.83%), Larsen & Toubro Ltd. (Rs. 1354.35,+1.68%), among others.

However, some selling were witnessed in blue chip stocks, such as Hindustan Unilever Ltd. (Rs. 786.10,-1.37%), Coal India Ltd. (Rs. 333.25,-1.30%), Tata Motors Ltd. (Rs. 397.80,-1.25%), Tata Consultancy Services Ltd. (Rs. 2369.00,-1.18%), Infosys Ltd. (Rs. 1091.95,-0.77%), among others.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2559, shares advanced were 1254 while 1155 shares declined and 150 were unchanged.

Among the global peers, Asian stocks were trading mostly lower as investors turned risk averse following Friday"s massive terrorist attacks in Paris which were orchestrated by the ISIS. China"s Shanghai Composite edge slightly higher, paring early loses, while Japan"s Nikkei 225 and Hang Seng tumbled over 1 per cent.

Story first published: Monday, November 16, 2015, 12:48 [IST]
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