Key benchmark indices traded off initial highs in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 67.22 points or 0.27% at 24,919.05. The 50-unit Nifty 50 index was currently up 19.40 points or 0.26% at 7,587.70. The Sensex failed to retain the psychological 25,000 level which it had reclaimed in early trade.
The Sensex rose 231.72 points or 0.93% at the day's high of 25,083.55 in early trade. The barometer index rose 35.39 points or 0.14% at the day's low of 24,887.22 in mid-morning trade. The Nifty rose 65.80 points or 0.86% at the day's high of 7,634.10 in early trade. The index rose 12.75 points or 0.16% at the day's low of 7.581.05 in mid-morning trade.
In overseas stock markets, Chinese stocks led gains in Asian markets after China Securities Regulator removed its four-day-old circuit-breaker system that was blamed for triggering a rout in Chinese stocks this week. In mainland China, the Shanghai Composite index was currently up 2.86%. China's central bank meanwhile guided the yuan stronger against the dollar, further helping to calm the markets somewhat. Chinese markets were suspended from trading on Monday, 4 January 2016, and Thursday, 7 January 2016, after they fell by the 7% limit allowed in the new circuit-breaker system ushered in this year.
Trading in US stock index futures pointed to a recovery in US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 122.50 points at the opening bell today, 8 January 2016. US stocks tumbled yesterday, 7 January 2016, as persistent worries about the health of the Chinese economy and a continued slide in commodity prices sent investors for cover.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,632 shares rose and 702 shares declined. A total of 169 shares were unchanged. The BSE Mid-Cap index was currently up 0.61%. The BSE Small-Cap index was currently up 0.79%. Both these indices outperformed the Sensex.
Power generation and distribution stocks edged higher. Reliance Infrastructure (up 3.36%), JSW Energy (up 2.2%), Adani Power (up 2.03%), Torrent Power (up 2.58%), Reliance Power (up 1.99%), Power Grid Corporation of India (up 1.41%), NTPC (up 0.73%), CESC (up 0.73%), Tata Power Company (up 0.76%), GMR Infrastructure (up 1.01%) and Jaiprakash Power Ventures (up 0.01%) gained. NHPC (down 0.24%) edged lower.
State-run coal-mining giant Coal India was off 2.57% at Rs 318.15. The stock hit a high of Rs 329.55 and a low of Rs 317 so far during the day.
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Realty stocks gained on renewed buying. Housing Development and Infrastructure (up 2.67%), Godrej Properties (up 1.6%), Prestige Estates Projects (up 1.58%), DLF (up 0.98%), Unitech (up 0.61%), Oberoi Realty (up 1.12%), Indiabulls Real Estate (up 0.51%) and Sobha (up 0.08%) edged higher. D B Realty (down 0.09%) edged lower.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.89% at Rs 791 on reports that a foreign brokerage has maintained buy rating on the stock. The stock hit a high of Rs 805 and a low of Rs 790.45 so far during the day. The foreign brokerage reportedly expects 72% year-on-year growth in the company's earnings per share (EPS) for the year ending 31 March 2017 (FY 2017). The brokerage said that the company's EPS in FY 2017 will be driven by Gleevec generic launch in the United States and synergy benefits from the merger of Ranbaxy. Other catalysts for Sun Pharma's growth include early resolution of Halol warning letter, potential clearance of Ranbaxy's Mohali plant and positive phase III data read of novel psoriasis drug Tildrakizumab, the brokerage reportedly said.
Deep Industries jumped 4.36% at Rs 167.60 after the company said that its subsidiary will get 25% participating interest along with joint ownership in a CBM Block in North Karanpura. Deep Industries said it has received a letter from ONGC in which ONGC informed that it has received the approval of Ministry of Petroleum and Natural Gas for transfer of 25% participating interest (PI) along with joint ownership of a CBM Block in North Karanpura to Prabha Energy (PEPL), a subsidiary of Deep Industries. The announcement was made at the fag end of market hours yesterday, 7 January 2016.
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