Market ends Jan expiry higher; Nifty above 8,600 for 1st time since Nov 1

The market has seemingly recovered from the demonetisation gloom with Nifty50 ending above its crucial 8,600-mark for the first time since November 01. The positive rollovers to February series contributed to the gains. 

The S&P BSE Sensex settled at 27,708, up 332 points, while the Nifty50 closed at 8,602, up 128 points. 

Broader market underperformed the headline indices with BSE Midcap and BSE Smallcap rising 0.9% each.

The market breadth, indicating the overall health of the market, remained positive. On the BSE, 1,507 shares rose and 1,240 shares fell. A total of 205 shares were unchanged.

"The positive momentum continued on the last day of the expiry. The Nifty rallied by over 5% in the entire January series and has recovered by 700 points from its lows of 7,900. As per provisional data, the Nifty rollovers to February series came in around 63%," said Chandan Taparia, Derivatives Analyst - Equity Research at Anand Rathi.  

Sectors and stocks

Financials contributed to a majority of the gains on the indices, led by Bharat Financial Inclusion (up 10% at Rs 745), Capital Trust (up 9% at Rs 488) and Muthoot Finance (up 8.3% at Rs 323)

HDFC was the top gainer on Sensex and rose 3.7% at Rs 1,329. 

Biocon rose as much as 5.21% to its highest since January 12 after posting a 65% jump in third-quarter consolidated profit on Tuesday. The scrip settled at Rs 1,023, up 2.5%.

Crompton Greaves Consumer Electronics rallied 8% to Rs 185 in intraday trade after the company reported a healthy 39% year on year (YoY) growth in standalone net profit at Rs 57 crore for the quarter ended December 2016 (Q3FY17) on back of strong operational performance. The stocks closed 1.2% higher at Rs 64.

Among decliners, Wipro lost 1.7% to Rs 473 ahead of its quarterly earnings.

Bharti Airtel shed over 4% in intraday deals after the company on Tuesday reported its lowest profit in four years. 

Global markets

World stocks hit a 19-month high on Wednesday, lifted by strong Japanese trade data, stellar European company earnings and hopes that US President Donald Trump will press ahead with a large fiscal spending package.

Spanish bank Santander was among the big gainers in Europe, its 4% rise in 2016 net profit giving its share price a similar boost and leading the continent-wide rally in bank stocks.

MSCI's global share index rose 0.2% to 433.59 points, its highest since June 2015, after two of Wall Street's main indices reached fresh peaks overnight.

Europe's index of 300 leading shares and Germany's DAX both rose 1% and Britain's FTSE 100 was up 0.7%.

Japan's Nikkei advanced 1.4%, buoyed by data showing the country's exports rose for the first time in 15 months in December, a positive sign for the economy even as talk of US protectionism looms over the outlook.

US futures pointed to a higher open on Wall Street. 

(With inputs from Reuters)

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