Key benchmark indices extended initial gains, with the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index, both, hitting 3-1/2-week high. At 10:17 IST, the Sensex was up 139.36 points or 0.54% at 25,978.07. The Nifty was currently up 41.70 points or 0.53% at 7,902.75. The Sensex rose 152.37 points or 0.58% at the day's high of 25,991.08 in morning trade, its highest level since 3 December 2015. The barometer index rose 18.15 points or 0.07% at the day's low of 25,856.86 at the onset of the trading session. The Nifty rose 43.90 points or 0.55% at the day's high of 7,904.95 in morning trade, its highest level since 3 December 2015. The index rose 1.95 points or 0.02% at the day's low of 7,863, at the onset of the trading session.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,398 shares rose and 547 shares fell. A total of 133 shares were unchanged. The BSE Mid-Cap index was currently up 0.38%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.72%, outperforming the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks closed slightly lower in a truncated trading session on Thursday, 24 December 2015, as investors remained on the sidelines ahead of a long weekend.
Auto stocks gained. Mahindra & Mahindra (M&M) (up 0.5%), Bajaj Auto (up 0.26%), and Hero MotoCorp (up 0.25%) gained. TVS Motor Company declined 0.46%.
Shares of commercial vehicle makers edged higher on reports that the government is looking to notify 15 years as the end of life for commercial vehicles. Tata Motors (up 2.1%), Ashok Leyland (up 0.17%) and Eicher Motors (up 0.92%) edged higher. The move to ban 15-year-old commercial vehicles, once implemented, will take millions of vehicles off the roads, thereby giving a big boost to demand for new commercial vehicles. The notification, which is likely to come into effect from the middle of 2016, is primarily aimed at addressing rising pollution levels in the country, reports added.
Car maker Maruti Suzuki India (MSIL) gained 0.49%. The company announced on Saturday, 26 December 2015, that it will contribute Rs 2 crore to the Prime Minister's National Relief Fund to strengthen the relief and rebuilding efforts of the government for victims of the recent floods in Tamil Nadu. Alongside, MSIL has taken several customer care initiatives for vehicles impacted by the floods. The company has rushed spare parts to Tamil Nadu and has made special arrangements with the insurance companies to speed up survey and approval process. To support customers in this time of hardship, for the flood affected vehicles repaired under insurance, 50% of the depreciation amount will be borne by Maruti Suzuki. Normally, the total depreciation amount is payable by the customer. Additionally the company is offering 50% waiver on cleaning and polishing charges.
Capital goods stocks also gained. Bharat Heavy Electricals (Bhel) (up 0.67%), Havells India (up 0.26%), ABB India (up 0.83%), Bharat Electronics (up 0.68%), BEML (up 0.47%), L&T (up 0.32%), and Thermax (up 0.62%) gained.
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Tata Power Company rose 2.86% after the company signed a Memorandum of Understanding (MoU) with the Ministry for Development of Russian Far East, Government of the Russian Federation, to explore and develop investment opportunities in the energy sector across the Russian Far East. The announcement was made after market hours on Thursday, 24 December 2015. Under the provisions of the MoU, the Ministry for Development of Russian Far East will cooperate with and support Tata Power at all stages of the investment projects, including assisting the company's communications with federal and regional authorities, state-owned companies and the private sector. The MoU was signed during Prime Minister Narendra Modi's visit to Russia.
Srikalahasthi Pipes jumped 6.96% after the company said that it has received orders worth Rs 1053 crore during December 2015 for supply of ductile iron pipes. This includes orders worth Rs 891 crore for Telangana Water Grid. The announcement was made on Saturday, 26 December 2015.
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