A range bound movement was witnessed as key benchmark indices hovered in green in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 60.19 points or 0.23% at 26,094.32. The 50-unit Nifty 50 index hovered near the flat line. Earlier during the trading session, the Nifty slipped into the red for a brief period after hitting its highest level in almost four weeks in early trade. The Sensex has remained in green so far during the trading session after hitting its highest level in almost four weeks in early trade.
The Nifty fell 1.25 points or 0.01% at the day's low of 7,923.90 in early trade. The index rose 17 points or 0.21% at the day's high of 7,942.15 in early trade, its highest level since 2 December 2015. The Sensex gained 99.65 points or 0.38% at the day's high of 26,133.78 in early trade, its highest level since 2 December 2015. The barometer index rose 30.95 points or 0.11% at the day's low of 26,065.08 at the onset of the trading session.
The market breadth indicating the overall health of the market was strong. On BSE, 1,202 shares rose and 688 shares fell. A total of 138 shares were unchanged. The BSE Mid-Cap index was currently up 0.52%. The BSE Small-Cap index was currently up 0.31%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks hovered in green. US stocks edged lower yesterday, 28 December 2015, weighed down by a drop in energy stocks as global crude oil prices fell.
Auto stocks edged higher. Mahindra & Mahindra (M&M) (up 0.63%), Ashok Leyland (up 0.62%), Eicher Motors (up 0.11%), Bajaj Auto (up 0.42%), Hero MotoCorp (up 0.62%), Tata Motors (up 0.45%) and TVS Motor Company (up 0.67%) gained. Maruti Suzuki India declined 0.22%.
Realty stocks rose. Sobha (up 0.91%), Indiabulls Real Estate (up 0.24%), DLF (up 1%), Unitech (up 0.15%), Housing Development & Infrastructure (HDIL) (up 0.2%), Oberoi Realty (up 0.37%), and Phoenix Mills (up 1.42%) edged higher.
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NBCC rose 1.02% after the company bagged an order worth Rs 328.08 crore from Nabinagar Power Generating Company for a township project near its super thermal power project. Nabinagar Power Generating Company is a joint venture between NTPC and Bihar State Power Generation Co. The company made the announcement after market hours yesterday, 28 December 2015.
Meanwhile, in the global commodities markets, Brent crude oil futures edged higher after a sharp slide during the previous trading session. Brent for February settlement was currently up 5 cents at $36.67 a barrel. The contract had fallen $1.27 a barrel or 3.37% to settle at $36.62 a barrel during the previous trading session. India imports about 80% of its crude requirements and a decline in crude prices eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports.
In the foreign exchange market, the partially convertible rupee was currently hovering at 66.325, compared with its close of 66.2075 during the previous trading session.
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