Key benchmarks were trading in narrow range with modest gains in morning trade. The Nifty regained 12,200 and traded above that level. Positive global shares boosted market sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 148.74 points or 0.36% at 41,454.76. The Nifty 50 index was up 44.05 points or 0.36% at 12,226.55.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.44% while the S&P BSE Small-Cap index was up 0.72%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1189 shares rose and 560 shares fell. A total of 94 shares were unchanged. In Nifty 50 index, 34 stocks advanced while 16 stocks declined.
Buzzing Index:
The Nifty Metal rose 1.27% higher to 2,831.55 amid positive global cues.
Hindustan Copper (up 16.46%), Steel Authority of India (up 5.24%), Jindal Steel & Power (up 2.68%), Hindustan Zinc (up 2.17%), Tata Steel (up 2.08%), National Aluminium Company (up 1.85%), NMDC (up 1.36%), Vedanta (up 1.2%) and Hindalco Industries (up 1.12%) were top gainers in metal segment.
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Stocks in Spotlight:
Bajaj Auto slipped 0.83% after the company reported 16.66% decline in total auto sales to 3.36 lakh units in December 2019 from 4.03 lakh units in November 2019. The total auto sales, however, fell marginally by 3% from 3.46 lakh units in December 2018.
Shares of Coal India were trading 0.83% lower at Rs 210.15. The company's total coal production in December 2019 was 58.02 million tonnes as compared to 54.14 million tonnes in December 2018, recording a rise of 7.2%. The coal offtake recorded a 1.9% rise to 53.63 million tonnes in December 2019 as against 52.61 million in December 2018.
GNFC fell 1.2% after the company received a demand notice from the Office of Controller of Communication Accounts, Department of Telecommunications (DoT) directing the Company to deposit the total outstanding amount of Rs 15,019.97 crore before 23 January 2020. The amount due is in respect of financial years from 2005-06 to 2018-19 in connection with V-SAT & ISP Licenses held by the company. The company clarified that it is examining said notice and judgement passed by Supreme Court by seeking a legal advise in the matter.
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