Trading for the week started on a positive note as key benchmark indices settled with small gains as firmness in global stocks boosted sentiment. The barometer index, the S&P BSE Sensex rose 101.90 points or 0.36% to settle at 28,179.08. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty gained 15.90 points or 0.18% to settle at 8,708.95.

Stocks of public sector banks were mostly higher. Stocks of private sector banks were mixed. Auto stocks gained. Shares of two-wheeler makers declined. Stocks of public sector oil marketing companies edged higher. Stocks of oil exploration & production (E&P) firms were mixed. ONGC edged higher after the company said its board of directors will consider a proposal for declaration of bonus issue, if any, in a meeting scheduled on 27 October 2016. Wipro declined after reporting weak Q2 September 2016 results.

In overseas stock markets, European stocks edged higher as investors focused on fresh economic data and corporate earnings. Economic activity in the eurozone accelerated at the beginning of the fourth quarter, led by an upturn in Germany, according to surveys of purchasing managers at manufacturers and service providers. IHS Markit said today, 24 October 2016 that its measure of private-sector activity, the Composite Purchasing Managers Index, rose to 53.7 in October from 52.6 in September, a ten-month high. A reading above 50 indicates an increase in activity.

Asian stocks gained in volatile trade led by gains in Chinese stock market. China's Shanghai Composite closed 1.21% higher. Latest data showed that the Nikkei Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in October from September's 50.4, improving at the sharpest rate in nine months. Most US stocks closed slightly lower on Friday, 21 October 2016 after earnings from McDonald's helped offset a fall in energy and healthcare shares.

The Sensex rose 101.90 points or 0.36% to settle at 28,179.08, its highest closing level since 5 October 2016. The index rose 179.47 points or 0.63% at the day's high of 28,256.65. The index lost 1.23 points at the day's low of 28,075.95.

The Nifty gained 15.90 points or 0.18% to settle at 8,708.95, its highest closing level since 6 October 2016. The index rose 43.90 points or 0.5% at the day's high of 8,736.95. The index lost 8.90 points or 0.1% at the day's low of 8,684.15.

The BSE Mid-Cap index lost 0.13%, underperforming the Sensex. The BSE Small-Cap index rose 0.52%, outperforming the Sensex.

The market breadth indicating the overall health of the market was positive. On BSE, 1,685 shares rose and 1,164 shares fell. A total of 225 shares were unchanged.

The total turnover on BSE amounted to Rs 3380.91 crore, higher than turnover of Rs 3200.73 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Auto index (up 0.84%), the BSE Bankex index (up 0.6%) and the BSE Oil & Gas index (up 1.67%) outperformed the Sensex. The BSE IT index (down 0.96%), the BSE Telecom index (down 0.42%) and the BSE Capital Goods index (down 0.67%) underperformed the Sensex.

Stocks of public sector banks were mostly higher. Canara Bank (up 1.86%), Indian Bank (up 2%), State Bank of India (up 1.72%), Bank of Baroda (up 1.31%), Bank of India (up 1.19%), IDBI Bank (up 0.2%) and Union Bank of India (up 0.75%) edged higher. Punjab National Bank (down 0.37%) edged lower.

Stocks of private sector banks were mixed. ICICI Bank (up 2.47%), RBL Bank (up 1.9%) and Kotak Mahindra Bank (up 1.02%) edged higher. Axis Bank (down 1.01%), Yes Bank (down 0.63%), HDFC Bank (down 0.39%) and IndusInd Bank (down 0.59%) edged lower.

Auto stocks gained. Mahindra & Mahindra (up 0.94%), Ashok Leyland (up 1.38%), Maruti Suzuki India (up 1.1%), and Tata Motors (up 2.67%) gained. Eicher Motors shed 0.75%. Shares of two-wheeler makers declined. TVS Motor Company (down 0.11%), Bajaj Auto (down 0.49%), and Hero MotoCorp (down 0.78%) declined.

Stocks of public sector oil marketing companies edged higher. BPCL (up 2.73%), HPCL (up 1.42%) and Indian Oil Corporation (up 0.93%) rose.

Stocks of oil exploration & production (E&P) firms were mixed. Oil India (up 0.77%) edged higher. Reliance Industries (down 0.08%) edged lower.

ONGC rose 4.61% after the company said that the board of directors of the company will consider a proposal for declaration of bonus issue, if any, in a meeting, scheduled on 27 October 2016. The announcement was made during market hours today, 24 October 2016.

Separately, ONGC on Saturday, 22 October 2016 in its clarification with respect to news titled, Bombay high court asks ONGC to release $20 million to Swiber said that as per the current status the Bombay High Court decided on 18 October 2016 that parties are trying their best to arrive at an amicable settlement of their disputes. The parties are still trying to finalize the terms of the settlement and directed ONGC to release $11.1 million to the Judicial Manager, subject to a workable mechanism, so that this amount is utilized for the purpose of the project only and to deposit $8.44 million in the court before the next date of hearing on 26 October 2016.

The matter is in the normal execution of contract/project and the amount due and payable towards contract/project execution is to be deposited in the court and there is nothing material in the court decision. ONGC, Offshore Engineering Services had awarded three projects i.e. Daman Development Project, Pipeline Replacement Project-4 & C-26 Cluster Pipeline Project to Swiber Offshore Construction(SOC), Singapore a subsidiary of Swiber Holdings Pte Ltd Singapore.

Cairn India lost 0.22%. The company's consolidated net profit rose 139.16% to Rs 778.70 crore on 9.08% decline in net sales to Rs 2038.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31% to Rs 1039 crore in Q2 September 2016 over Q1 June 2016.

Cairn India's average price realisation fell 4% to $41.8 per barrel of oil equivalent (boe) in Q2 September 2016 compared with $43.7 boe in Q2 September 2015. Average price realisation rose 10% compared with $38 boe in Q1 June 2016.

In its outlook, Cairn India said that with an aim to create long term value to the shareholders, it will remain focused on monetizing its Rajasthan resource base. A net capital investment of $100 million is estimated for the year ending March 2017 (FY 2017), including 20% for exploration activities and 80% for development of RDG Gas project and completion activities of Mangala EOR. The gross production from Rajasthan for FY 2017 is expected to be maintained at the year ended March 2016 (FY 2016) level. Efforts are ongoing to further improve the economics of key projects - Bhagyam and Aishwariya EOR, Barmer Hill and Satellite Fields, at low oil prices and the pre-development investment is underway to ensure project readiness for the development with grant of extension of PSC. The company retains the flexibility to raise its capital investment as oil prices improve and aims to generate a healthy cash flow post capex so as to retain the ability to pay dividends.

Wipro shed 3.09% after consolidated net income fell 8% to Rs 2070 crore on 10% increase in gross revenues to Rs 13770 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016. During the quarter, Wipro's non-GAAP constant currency IT services segment revenue in dollar terms grew 0.9% over Q1 June 2016 and grew 7.2% over Q2 September 2015. IT services segment revenue was $1916.30 million, a decrease of 0.8% over Q1 June 2016 and an increase of 4.6% over Q2 September 2015.

IT services segment profits fell 5% to Rs 2340 crore on 9% increase in revenue to Rs 13140 crore in Q2 September 2016 over Q2 September 2015. Wipro expects revenues from its IT services business to be in the range of $1,916 million to $1,955 million in the year ending 31 March 2017 (FY 2017).

The Sensex has risen 313.12 points or 1.12% in this month so far (till 24 October 2016). The Sensex has risen 2,061.54 points or 7.89% in calendar year 2016 so far (till 24 October 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,684.47 points or 25.27%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 898.20 points or 3.08%. The Sensex is off 1,845.66 points or 6.14% from a record high of 30,024.74 hit on 4 March 2015.

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