The movement for key benchmark indices remained confined to a narrow range in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 76.23 points or 0.29% at 26,110.10. The gains for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was currently up 13.65 points or 0.17% at 7,938.80. The market breadth indicating the overall health of the market was positive. On BSE, 1,306 shares rose and 936 shares fell. A total of 202 shares were unchanged. The BSE Mid-Cap index was currently up 0.62%. The BSE Small-Cap index was currently up 0.3%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks edged lower yesterday, 28 December 2015, weighed down by a drop in energy stocks as global crude oil prices fell.
IT stocks were mixed. Tech Mahindra (up 0.42%) and Wipro (up 1.28%) edged higher. HCL Technologies (down 0.44%) and TCS (down 0.08%) declined.
Infosys rose 0.21% after the company announced the launch of its solar PV power plant of 6.6 megawatts (MW) capacity at its Pocharam campus in the state of Telangana. With this launch, combined with the existing 0.6 MW capacity rooftop solar plant, the Infosys campus in Pocharam will be one of the first corporate campuses in India that will be run completely by renewable energy.
The construction of phase-2 at Infosys' campus at Pocharam SEZ is currently underway, with a planned capacity of 25,000 employees. An area has been reserved to construct phase-3 at the campus.
Shares of oil exploration and production companies declined along with fall in crude oil prices. ONGC (down 0.69%), Oil India (down 0.26%), and Cairn India (down 0.18%) declined. Reliance Industries (RIL) rose 0.59%. Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
More From This Section
Shares of public sector oil marketing companies (PSU OMCs) edged higher as crude oil prices fell and after the Ministry of Petroleum & Natural Gas announced that from January 2016 onwards the benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs 10 lakh in previous financial year. BPCL (up 0.99%), HPCL (up 0.99%) and Indian Oil Corporation (up 0.2%) edged higher.
Lower crude oil prices could reduce under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports. The government has already freed pricing of petrol and diesel.
GAIL (India) which shares a part of the subsidy sharing burden on LPG was up 1.8% at Rs 368.50
In the global commodities markets, Brent for February settlement was currently up 4 cents at $36.66 a barrel. The contract had fallen $1.27 a barrel or 3.37% to settle at $36.62 a barrel during the previous trading session.
In the foreign exchange market, the partially convertible rupee was currently hovering at 66.3525, compared with its close of 66.2075 during the previous trading session.
Ajmera Realty & Infra India rose 2.16% after the company said that it has incorporated a wholly-owned subsidiary company, Ajmera Corporation UK, a company limited by shares, in Wembley, London, United Kingdom. This investment is planned for real estate construction and development projects in London, United Kingdom, the company added. The company made the announcement after market hours yesterday, 28 December 2015.
Powered by Capital Market - Live News