Gains for private sector banks, oil exploration and production (E&P) firms and index heavyweights HDFC and ITC aided upmove for key benchmark indices. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 218.68 points or 0.8% at 27,506.34. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 59.50 points or 0.72% at 8,311.20. The Sensex and the Nifty, both, hit their highest level in more than 9 weeks at the onset of the trading session on firm global stocks.
The market breadth indicating the overall health of the market was positive. On BSE, 1,371 shares rose and 1,205 shares fell. A total of 162 shares were unchanged. The BSE Mid-Cap index was up 0.01%. The BSE Small-Cap index was up 0.1%. Both these indices underperformed the Sensex.
In overseas stock markets, Asian and European stocks edged higher after the European Central Bank (ECB) signaled its readiness to expand its ongoing bond-buying program. After the conclusion of ECB's regular monetary policy meeting yesterday, 22 October 2015, ECB President Mario Draghi indicated at a press conference that the central bank could move next month to expand stimulus measures in the face of sluggish global growth that is exacerbating worries about persistently low inflation in the eurozone. The ECB embarked on a massive bond-buying program in March this year. US stocks surged yesterday, 22 October 2015, rallying on economic data, better-than-expected earnings and dovish comments from Draghi.
Index heavyweights and housing finance major HDFC was up 1.36% at Rs 1,333.70. The stock hit a high of Rs 1,339.80 and a low of Rs 1,321 so far during the day.
Index heavyweights and cigarette major ITC was up 2.40% at Rs 356.85. The stock hit a high of Rs 357.95 and a low of Rs 351.95 so far during the day.
Sugar stocks were in demand. Upper Ganges Sugar & Industries (up 9.97%), Simbhaoli Sugars (up 9.95%), DCM Shriram Industries (up 8.58%), Empee Sugars and Chemicals (up 7.53%), Dhampur Sugar Mills (up 5.75%), KCP Sugar & Industries Corporation (up 5.66%), Dwarikesh Sugar Industries (up 5%), Oudh Sugar Mills (up 4.61%), Rana Sugars (up 4.16%), Shree Renuka Sugar (up 2.71%), Bajaj Hindusthan (up 2.23%), Sakthi Sugars (up 2.13%), EID Parry (India) (up 0.71%) and Balrampur Chini Mills (up 0.62%), edged higher. Triveni Engineering & Industries was down 1.57%.
Cement shares edged higher. Shree Cement (up 3.50%), UltraTech Cement (up 0.65%), ACC (up 0.63%), J K Cement (up 0.45%) and Ambuja Cements (up 0.29%), edged higher.
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Grasim Industries was up 0.87%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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