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Sensex rises 260 points; ends year with 2% gain

Mumbai, Dec 30 (Agencies)
Published on 31 Dec. 2016 12:19 AM IST
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Indian shares ended the last trading day of 2016 with a positive note with the BSE benchmark Sensex rising 260 points to 26,626 and the Nifty settling 82 points higher at 8,185.80 on account of value buying in recently beaten down stocks. 
For the year 2016, The Sensex gained 1.95 per cent, while the NSE benchmark Nifty added 3 per cent. 
The year 2016 was marked by volatility from global events including Britain’s vote in June to exit the European Union and the U.S. election victory of Donald Trump in November. This year’s gains marked a recovery from a decline recorded in 2015. 
At home, the approval of the goods and services tax bill earlier this year helped boost sentiment, but that was offset later by the government’s move to scrap higher-denomination notes, raising concerns about economic growth. 
But analysts sounded optimism for the new year, with the Reserve Bank of India expected to cut rates at its next policy review in early February and the government gearing up to issue the annual budget. 
“Markets remain in comfortable zone, most of the lull was over in the last month,” said Deven Choksey, managing director of KR Choksey Securities. 
“Market is expecting positive outlook from budget in subsequent months.” 
Both Sensex and Nifty, however, were down for the month, with the BSE down 0.1 per cent and the NSE down 0.47 per cent. 
Among NSE’s members, Hindalco Industries was the top gainer for the year rising nearly 83 per cent, followed by Yes Bank and Tata Steels. 
By contrast, Idea Cellular, Bharat Heavy Electricals and Aurobindo Pharma were the top decliners in 2016. 
However, midcap shares outperformed the Sensex in 2016 with the BSE Midcap index rising 8 per cent. Meanwhile, the BSE Smallcap index closed 1.8 per cent higher, matching the performance of the Sensex.

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