Amid mixed Asian cues and lackluster trade, key benchmark indices traded with small gains near the flat line in afternoon trade after seeing the same trend throughout the session so far. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 32.19 points or 0.12% to 26,242.87. The Nifty 50 index was currently up 16.85 points or 0.21% at 8,051.70.
Mid-Cap and Small-Cap counters witnessed renewed buying in last few sessions. In side indices, the BSE Mid-Cap index was currently up 0.63%. The BSE Small-Cap index was currently up 0.66%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,474 shares rose and 886 shares fell. A total of 144 shares were unchanged.
The market may remain volatile during the later part of the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2016 series to January 2017 series. The near month December 2016 derivatives contracts expire today, 29 December 2016.
Bharat Heavy Electricals (Bhel) rose 0.38% after the company said that it has commissioned one more 600 megawatts (MW) coal based thermal power plant in Telangana. The announcement was made during market hours today, 29 December 2016.
The unit was commissioned at the 1200 MW Singareni Thermal Power Project (TPP) in Telangana. The project has been developed by Singareni Collieries Company (SCCL), India's second largest coal mining company. This is the second 600 MW commissioned by Bhel at Singareni TPP. The first unit was earlier commissioned in March 2016.
Shares of most power generation and power distribution companies gained. Tata Power Company (up 0.34%), Adani Power (up 1.56%), NTPC (up 0.28%), Power Grid Corporation of India (up 0.01%), Reliance Infrastructure (up 1.04%) and Reliance Power (up 0.75%) gained. Torrent Power (down 0.57%) and NHPC (down 0.19%) declined.
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Shares of state run coal mining major Coal India rose 0.27% to Rs 296.10. The stock had hit high of Rs 296.35 and low of Rs 293 in intraday trade.
Auto stocks were mixed ahead of the announcement of sales data for December and revision of fuel prices by PSU OMCs this weekend. Maruti Suzuki India (up 0.63%), Bajaj Auto (up 0.3%), Hero MotoCorp (up 0.27%), and TVS Motor Company (up 0.08%) gained. Mahindra & Mahindra (M&M) (down 0.23%), Ashok Leyland (down 0.13%), Eicher Motors (down 0.6%), and Tata Motors (down 0.04%) declined.
Overseas, Asian stocks were trading on a mixed note. Trading has been thin across the globe during the last week of the year. US stocks fell yesterday, 28 December 2016 as shares financials and materials declined. In economic news, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5% to 107.3 in November from 110 in October, data released by National Association of Realtors showed yesterday, 28 December 2016.
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