After nudging higher in early trade, key benchmark indices extended gains in morning trade, with the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index, both, hitting their highest level in more than a week. At 10:17 IST, Sensex was up 200.11 points or 0.79% at 25,520.55. The Nifty was up 57.60 points or 0.75% at 7,758.50. Oil sector stocks led the upmove for key benchmark indices. The Sensex rose 202.72 points or 0.8% at the day's high of 25,523.16 in morning trade, its highest level since 8 December 2015. The Nifty rose 63.15 points or 0.82% at the day's high of 7,764.05 in morning trade, its highest level since 8 December 2015.
The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,435 shares rose and 487 shares fell. A total of 127 shares were unchanged. The BSE Mid-Cap index was currently up 0.78%. The BSE Small-Cap index was currently up 0.77%. Both these indices underperformed the Sensex.
Gains in overseas stocks underpinned sentiment on the domestic bourses. Asian stocks edged higher after overnight gains for US stocks. Energy sector stocks led gains in US markets yesterday, 15 December 2015, as crude oil prices rose. Meanwhile, the US Federal Reserve is widely expected to raise the federal funds rate by 25 basis points after the conclusion of a two-day monetary policy meeting today, 16 December 2015. With markets having already priced in a 25 basis points rate hike this week, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done. The US central bank has hinted that it intends to hike rates gradually.
Pharmaceutical stocks were in demand. Wockhardt (up 2.36%), Divi's Laboratories (up 1.43%), Dr Reddy's Laboratories (up 1.40%), Lupin (up 1.35%), Glenmark Pharmaceuticals (up 1.28%), Cadila Healthcare (up 1.24%), Sun Pharmaceutical Industries (up 1.09%), Strides Shasun (up 0.91%), Cipla (up 0.60%), Aurobindo Pharma (up 0.49%), Piramal Enterprises (up 0.37%) and IPCA Laboratories (up 0.19%), edged higher. GlaxoSmithKline Pharmaceuticals was down 0.39%.
Power generation stocks were trading higher. Torrent Power (up 1.72%), NTPC (up 1.48%), Tata Power (up 1.47%), Reliance Power (up 1.44%), JSW Energy (up 1.38%), Reliance Infrastructure (up 1.35%), NHPC (up 1.06%), Jaiprakash Power Ventures (up 0.91%), Adani Power (up 0.55%) and GMR Infrastructure (up 0.33%), edged higher. CESC was down 1.40%
Meanwhile, India's merchandise exports declined sharply last month, as per data released by the government after trading hours yesterday, 15 December 2015. Merchandise exports fell 24.43% at $20.01 billion in November 2015 over November 2014. Imports fell 30.26% at $29.79 billion in November 2015 over November 2014. Oil imports fell 44.99% at $6.43 billion in November 2015 over November 2014. Non-oil imports fell 24.7% at $23.36 billion in November 2015 over November 2014. The trade deficit fell sharply to $9.78 billion in November 2015 from $16.23 billion in November 2014.
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