Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 316.15 points or 1.31% at 24,504.52. The 50-unit Nifty 50 index was currently up 96.65 points or 1.31% at 7,447.65. Gains in Asian stocks and sharp surge in US stock index futures aided the upmove on the domestic bourses. The Sensex rose 350.06 points or 1.44% at the day's high of 24,538.43 in 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 105.30 points or 1.43% at the day's high of 7,456.30 in 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. 1,594 shares gained and 831 shares fell. A total of 143 shares were unchanged. The BSE Mid-Cap index was currently up 1.66%. The BSE Small-Cap index was currently up 1.68%. Both these indices outperformed the Sensex.
In overseas stock markets, 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 was currently up 1.38%. 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.
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 231 points at the opening bell today, 19 January 2016.
Most auto stocks gained. Ashok Leyland (up 3.13%), Eicher Motors (up 0.63%), Bajaj Auto (up 0.39%), Hero MotoCorp (up 1.53%), and TVS Motor Company (up 1.46%) gained. Mahindra & Mahindra (M&M) (down 0.52%) and Maruti Suzuki India (down 0.92%) declined.
Tata Motors rose 2.61%. Tata Motors has appointed Guenter Butschek as Chief Executive Officer & Managing Director for a period of 5 years. Butschek will lead all operations of Tata Motors in India and in international markets including South Korea, Thailand, Indonesia and South Africa. Jaguar Land Rover would continue to be managed by its Chief Executive Officer and Director, Ralf Speth, who is also on the board of Tata Motors. Butschek is expected to join the company by 15 February 2016. The announcement was made after market hours yesterday, 18 January 2016.
Tata Motors market hours yesterday, 18 January 2016, also announced that the board of directors of the company at its meeting held on 18 January 2016 approved the buy-back of unsecured non-convertible debentures (NCDs) as part of its debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt. Tata Motors will buyback NCDs aggregating Rs 200 crore due to mature on 30 November 2018 and NCDs aggregating Rs 250 crore due to mature on 28 May 2019.
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Pharma stocks edged higher. Alkem Laboratories (up 1.25%), Sun Pharmaceutical Industries (up 0.29%), Aurobindo Pharma (up 2.3%), Cipla (up 0.3%), Lupin (up 0.6%), Wockhardt (up 3.38%), Dr Reddy's Laboratories (up 0.15%), Glenmark Pharmaceuticals (up 2.8%) and Cadila Healthcare (up 1.78%) gained.
Telecom stocks advanced. Bharti Airtel (up 3.15%), Tata Teleservices (Maharashtra) (up 3.35%) Reliance Communications (up 5.37%) and Idea Cellular (up 5.3%) gained.
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