Key benchmark indices edged higher in early trade, tracking gains in most Asian stocks. The barometer index, the S&P BSE Sensex was currently up 153.94 points or 0.57% at 27,362.55. The market breadth indicating the overall health of the market was strong.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 2,808.27 crore on Wednesday, 24 December 2014, as per provisional data.
In the global market, Asian stocks were trading higher after US equities climbed to all-time highs as the world's biggest economy grew at the fastest pace in 11 years.
At 9:25 IST, the S&P BSE Sensex was up 153.94 points or 0.57% at 27,362.55. The index jumped 162.02 points at the day's high of 27,370.63 at the onset of trading session. The index rose 6.58 points at the day's low of 27215.19 at the onset of trading session.
The CNX Nifty was up 57.85 points or 0.71% at 8,231.95. The index hit a high of 8,234.55 in intraday trade. The index hit a low of 8,198.10 in intraday trade.
The BSE Mid-Cap index was up 71.84 points or 0.71% at 10,146.36, outperforming the Sensex. The BSE Small-Cap index was up 55.30 points or 0.51% at 10,948.23, underperforming the Sensex.
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The market breadth indicating the overall health of the market was strong. On BSE, 877 shares rose and 302 shares fell. A total of 29 shares were unchanged.
Reliance Industries rose 0.36%. The company before market hours today, 26 December 2014 said it has signed shipping agreements with one of the world's largest and reputed shipping companies MITSUI O.S.K. Lines (MOL) for transporting liquefied ethane from North America to India. MOL will supervise the construction of six very large ethane carriers (VLECs), ordered by Reliance. MOL will also operate and manage the vessels after they are built and delivered.
UltraTech Cement rose 0.28%. The company after market hours on Wednesday, 26 December 2014 in a clarification with respect to announcement dated 23 December 2014 regarding UltraTech Cement's acquisition of cement units of Jaiprakash Associates said that the board of UltraTech Cement approved the acquisition of 2 integrated cement units of Jaiprakash Associates in Madhya Pradesh as mentioned in the press release at an enterprise value of Rs 5400 crore. The Board also approved executing an Memorandum of Understanding (MOU), which was signed by the parties on 23 December 2014 after the board meeting. The transaction is subject to confirmatory due diligence, definitive agreements and regulatory approvals as may be required, UltraTech Cement said.
GlaxoSmithKline Pharmaceuticals (GSK Pharma) rose 0.32%. The company after market hours on Wednesday, 24 December 2014 in a clarification with regard to news item titled "CCI Gives Approval for Novartis-GSK Pharma Deal" said that the Competition Commission of India (CCI) approved the GSK - Novartis deal relates to the global deal between GlaxoSmithKline Plc ( GSK Plc ) and Novartis AG ( Novartis ). GSK Plc, an entity situated in UK indirectly holds shares of GlaxoSmithKline Pharmaceuticals ( GSK India ) and GSK India has not accepted any binding commitments in relation to the global deal. No filings and/or representations have been made by GSK India in the application for the approval filed by GSK Plc and Novartis. GSK India shall make all necessary disclosures as and when any obligation to do so arises under clause 36 of the listing agreement, GSK Pharma said.
Bata India rose 0.83%. The company after market hours on Wednesday, 24 December 2014 with regard to a news item titled "Crocs sues bata, other for design infringement" said that the subject matter is presently sub-judice before the Delhi High Court and hence, the company would not like to comment thereon. However, this is a routine operational litigation and the outcome thereof has no material impact on the business operations of the company, Bata India said.
Punjab National Bank rose 1.32%. The company said after market hours on Wednesday, 24 December 2014, that the board of directors of the bank at its meeting held on 23 December 2014, has approved the holding of EGM on 13 February 2015, for election of three shareholder directors of the bank and seeking shareholder approval for raising of equity capital by way of FPO/QIP/ESPS or in any combination thereof.
Reliance Capital rose 1.51%. The company said after market hours on Wednesday, 24 December 2014, that a meeting of the board of directors of the company will be held tomorrow, 25 December 2014, to consider a strategic long term alliance with a foreign partner, including inter alia a preferential allotment of a minority equity stake in the company.
Corporation Bank rose 1.20%. The company after market hours on Wednesday, 24 December 2014, announced that it has fixed 23 January 2015 as the record date for 5-for-1 stock split.
Asian stocks were mixed. Key benchmark indices in China, South Korea and Taiwan were up 0.23% to 1.24%. However, key benchmark indices in Japan and Singapore were down by 0.02% to 0.15%. Key benchmark indices in Hong Kong and Indonesia were closed for holiday.
US markets remained shut on account of Christmas holiday on Thursday, 25 December 2014.
US stocks closed flat in a short session on Wednesday, 24 December 2014, as investors found few reasons to push major indexes to their sixth straight day of gains. The S&P 500 erased earlier gains and closed down less than a point at 2,081.88 in the Christmas holiday-shortened session, ending its five-day winning streak. But the Dow Jones Industrial Average eked out a 6-point gain to 18,030.21, closing at a record level.
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