Metal and oil sector stocks led gains as key benchmark indices snapped a six-day losing streak. The barometer index, the S&P BSE Sensex, rose 212.45 points or 0.85% at 25,248.50, as per the provisional closing data. The 50-unit Nifty 50 index rose 70.75 points or 0.93% at 7,683.25, as per the provisional closing data. The Sensex jumped 253.53 points or 1.01% at the day's high of 25,289.58 in late trade. The barometer index fell 1.91 points at the day's low of 25,034.14 in mid-morning trade. The Nifty rose 79.45 points or 1.04% at the day's high of 7,691.95 in late trade. The index fell 2.50 points or 0.03% at the day's low of 7,610 in mid-morning trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,833 shares rose and 835 shares declined. A total of 186 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.9%, underperforming the Sensex. The BSE Small-Cap index was provisionally up 1.25%, outperforming the Sensex.
The total turnover on BSE amounted to Rs 2401 crore, lower than turnover of Rs 2604.12 crore registered during the previous trading session.
Index heavyweight and housing finance major HDFC rose 2.03% at Rs 1,178.05. The stock hit high of Rs 1,184 and low of Rs 1,154.60 in intraday trade.
Metal and mining stocks edged higher on renewed buying. Hindalco Industries (up 3.05%), National Aluminium Company (up 2.51%), Vedanta (up 1.34%), JSW Steel (up 2.03%), NMDC (up 2.01%), Steel Authority of India (up 1.95%), Jindal Steel & Power (up 3.76%), Hindustan Zinc (up 0.14%) and Tata Steel (up 2.95%) edged higher.
Shares of state-run coal mining giant Coal India rose 1.19% at Rs 311.30. The stock hit a high of Rs 312.20 and a low of Rs 308.10 in intraday trade.
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Oil stocks witnessed across the board gains. Among state-run oil marketing companies (PSU OMCs), BPCL (up 2.29%), HPCL (up 2.86%) and Indian Oil Corporation (up 0.56%) edged higher.
Among oil exploration and production (E&P) stocks, Cairn India (up 0.99%), ONGC (up 1.22%) and Reliance Industries (up 3.49%) edged higher. Oil India (down 1.33%) edged lower.
In the global commodities markets, Brent for January settlement was currently up 15 cents at $40.26 a barrel. The contract had declined 15 cents or 0.37% to settle at $40.11 a barrel during the previous trading session.
Sun Pharmaceutical Industries (Sun Pharma) reversed initial gains triggered by the company's announcement that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke, as well as glioblastoma, a lethal brain cancer. The stock fell 0.5% at Rs 755. The stock hit a high of Rs 767.50 and a low of Rs 734.40 in intraday trade. Scientists at Weizmann Institute have developed a recombinant enzyme currently undergoing animal studies for indications of brain stroke and glioblastoma. Further studies of this enzyme will be conducted at IDIS. Sun Pharma will have the exclusive option to conduct further development of the enzyme after completion of the preclinical studies. Sun Pharma will have commercial rights to this product globally. Moreover, this enzyme may potentially be indicated for uses beyond these two brain diseases, Sun Pharma said. Sun Pharma will have the right to develop these additional indications.
Tata Motors declined 1.19% at Rs 389.25. The stock was volatile. The stock hit high of Rs 401 and low of Rs 385.60 in intraday trade. The company reported 8% increase in global wholesales to 90,695 units in November 2015 over November 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in fell 4% to 29,066 units in November 2015 over November 2014. Global wholesales of all passenger vehicles in rose 15% at 61,629 units in November 2015 over November 2014. The announcement was made after market hours yesterday, 9 December 2015.
Wipro fell 0.04% at Rs 564.90. The stock was volatile. The stock hit a high of Rs 569.80 and a low of Rs 559.50 in intraday trade. The company announced that Wipro Digital, its digital business unit, has opened a new office in London to offer enhanced digital transformation services at close proximity to its UK and European customers. Wipro Digital also intends to continue its hiring in the UK to support business growth and expand its range of offerings. The company made the announcement after market hours yesterday, 9 December 2015.
Asian Paints rose 2.29% at Rs 859.50 after the company announced that as part of the company's plan to consolidate its investments in overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 60% held in the subsidiary company, Asian Paints (Vanuatu) to Berger International, Singapore, a wholly owned subsidiary of APIL. The company made the announcement after market hours yesterday, 9 December 2015.
In overseas stock markets, European and Asian markets edged lower after a decline in US stocks overnight. US stocks edged lower in a choppy trading session yesterday, 9 December 2015, as weak oil prices continued to feed global growth worries.
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