Key benchmark indices trimmed gains after extending gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 297.67 points or 1.23% at 24,486.04. The 50-unit Nifty 50 index was currently up 89.50 points or 1.22% at 7,440.50. Gains in global stocks aided the upmove on the domestic bourses. The Sensex jumped 374.97 points or 1.55% at the day's high of 24,563.34 in mid-afternoon trade, its highest level since 15 January 2016. The barometer index rose 58.86 points or 0.24% at the day's low of 24,247.23 in early trade. The Nifty rose 111.75 points or 1.52% at the day's high of 7,462.75 in mid-afternoon trade. The index rose 13.15 points or 0.17% at the day's low of 7,364.15 in early trade.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,678 shares gained and 874 shares fell. A total of 146 shares were unchanged. The BSE Mid-Cap index was currently up 1.48%. The BSE Small-Cap index was currently up 1.51%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks edged higher as slowing growth in China raised hopes for further stimulus for the world's second-largest economy. US stock index futures pointed at firm opening for US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 210 points at the opening bell today, 19 January 2016.
Chinese stocks led gains in Asian stocks after latest data pointing to slower Chinese economic growth fanned stimulus hopes. In mainland China, the Shanghai Composite index ended with gains of 3.22%. In Hong Kong, the Hang Seng index rose 2.07%. China's economy grew 6.8% in the fourth quarter from a year earlier, easing from 6.9% in the third quarter. It was the weakest pace of expansion since the first quarter of 2009, when growth tumbled to 6.2%. China's economic growth rate slowed to a 25-year low of 6.9% in 2015. China's GDP expansion stood at 7.3% in 2014.
Index heavyweight and housing finance major HDFC advanced 1.68% to Rs 1,152.90. The stock hit high of Rs 1,156 and low of Rs 1,130 so far during the day.
FMCG stocks rose. Hindustan Unilever (up 0.67%), Marico (up 1.28%), GlaxoSmithkline Consumer Healthcare (up 0.02%), Colgate-Palmolive (India) (up 0.46%), Tata Global Beverages (up 2.75%), Procter & Gamble Hygiene and Health Care (up 1.75%) and Jyothy Laboratories (up 1.01%), rose. Bajaj Corp (down 2.39%), Britannia Industries (down 0.68%), Godrej Consumer Products (down 0.02%) and Nestle India (down 0.33%) declined.
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Dabur India rose 1.09% to Rs 249.80 after a large bulk deal of 1.26 crore was executed on the scrip at Rs 250.55 per share at 13:33 IST on BSE today, 19 January 2016.
Aviation stocks gained as crude oil prices were hovering near 12-year lows. Jet Airways (India) (up 4.34%), InterGlobe Aviation (up 4.93%) and SpiceJet (up 9.67%) gained. Lower crude oil prices benefit aviation firms as jet fuel prices, which typically constitute about 50% of airlines' operating costs, are directly linked to international crude oil prices.
Crude oil prices hovered near 12-year lows at below $30 a barrel as Iran ordered a boost to crude production after the West lifted sanctions, exacerbating an already oversupplied global market. Brent for March settlement was currently up 58 cents at $29.13 a barrel. The contract had fallen 39 cents or 1.34% to settle at $28.55 a barrel during the previous trading session.
OnMobile Global surged 6% after the company said it has secured a renewal deal of ring back tones for 3 years with an option of further extension for 1 year with Bharat Sanchar Nigam for South & East zones. The announcement was made during market hours today, 19 January 2016.
Index heavyweight Reliance Industries advanced 1.24% to Rs 1,030.65 ahead of its Q3 December 2015 results today, 19 January 2016. The stock hit a high of Rs 1,047.50 and a low of Rs 1,015.20 so far during the day. As per reports, Reliance Jio Infocomm, the telecom business of RIL, will raise Rs 15000 crore through a rights issue. Reliance Jio Infocomm will be issuing 1500 crore equity shares of Rs 10 each to existing shareholders, reports indicated.
Reliance Power gained 4.11% after consolidated net profit rose 38.26% to Rs 351.81 crore on 45.93% growth in total income to Rs 2665.68 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours today, 19 January 2016. The company's total gross generation from operating plants surged 233.05% to 10,548 million units in Q3 December 2015 over Q3 December 2014.
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