Key indices were trading higher on strong buying in index stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 393.37 points or 0.97% at 41,070.00. The Nifty 50 index was up 133.25 points or 0.1.11% at 12,126.30. The Sensex regained the 41,000 level and the Nifty surged above the psychological 12,000 mark in early trade. Positive Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.63%. Both these indices underperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 740 shares rose and 108 shares fell. A total of 16 shares were unchanged.
Among stocks, HDFC Bank rose 1.86%. HDFC Bank announced operational performance for Q3 of FY 2020. In Q3 of FY 2020, advances grew 20% to Rs 9,34,000 crore, compared to Q3 of FY 2019. Deposits grew 25% to Rs 1,06,7500 crore as of 31 December 2019, up 25%, compared to Q3 of FY 2019. CASA ratio stood at around 39.5% as of 31 December 2019, as compared to 40.7% as of 31 December 2018 and 39.3 % as of 30 September 2019. During the quarter, the Bank purchased loans aggregating Rs 4258 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.
V.S.T Tillers Tractors fell 0.99%. V.S.T Tillers Tractors has said that Power Tiller sales quantity rose 4.3% to 1,410 units in December 2019 from 1,352 units in December 2018. Tractor sales quantity fell 39.2% to 366 units in December 2019 from 602 units in December 2018.
Mishra Dhatu Nigam gained 2.75%. Mishra Dhatu Nigam (MIDHANI) said the company has dispatched its first consignment of ultra high strength steel for ignitor box and cobalt alloy for throat sitting rings for indigenous manned mission of Indian Space Research Organisation (ISRO) 'Gaganyaan' which will carry its Vyomanauts to space.
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Avenue Supermarts advanced 1.75%. Avenue Supermarts allotted listed Commercial Paper of Rs 100 crore on 6 January 2020. The company has issued said Commercial Paper within the overall limit of Rs 900 crore as approved by Board of Directors in their meeting held on 12 January 2019. The maturity date is 25 February 2020. CRISIL has assigned rating of CRISIL A1+.
PI Industries fell 1.36%. PI Industries said a factory accident that happened in one section of a Multi-Product Plants (MPP) at Jambusar fine chemicals manufacturing site in Gujarat. This accident unfortunately resulted in two fatalities and nine others are injured. The accident did not result in any fire or hazardous emissions but was limited to one MPP and has not affected operations of the other MPPs at the site.
Overseas, most Asian markets were trading higher as a day passed without a new escalation in the Middle East and Wall Street erased early losses to end higher.
In US, stocks staged a U-turn on Monday to close at session highs, as investors brushed aside concerns about escalating tensions in the Middle East.
In economic data, the IHS Markit purchasing managers index for the US services sector came in at 52.8 in December, versus 51.6 in November, indicating continued expansion.
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