After a range bound movement in afternoon trade, key benchmark indices moved higher in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 192.12 points or 0.75% at 25,686.49. The gains for the 50 unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 63.95 points or 0.83% at 7,814.85. A rally in European stocks triggered upmove for key benchmark indices in mid-afternoon trade. Metal stocks and index heavyweight Reliance Industries (RIL) led gains for key benchmark indices.
The Sensex rose 208.12 points, or 0.82% at the day's high of 25,702.49 in mid-afternoon trade, its highest level since 7 December 2015. The barometer index fell 46.05 points or 0.18% at the day's low of 25,448.32 in mid-morning trade. The Nifty rose 67.20 points, or 0.87% at the day's high of 7,818.10 in mid-afternoon trade, its highest level since 7 December 2015. The Nifty fell 13.35 points, or 0.17% at the day's low of 7,737.55 in mid-morning trade.
The broad market depicted strength. There were over two gainers against every loser on BSE. 1,790 shares rose and 761 shares rose. A total of 209 shares were unchanged. The BSE Mid-Cap index was currently up 1.24%. The BSE Small-Cap index was currently up 1.34%. Both these indices outperformed the Sensex.
In overseas stock markets, European shares surged as investors saw the US Federal Reserve's move to raise interest rates for the first time in nearly a decade as a sign of confidence in the world's biggest economy. Asian stocks edged higher after the US Federal Reserve emphasized a gradual path for future interest rate hikes after raising the benchmark rate by 25 basis points to 0.25%-to-0.50% at the conclusion of its two-day monetary policy meeting yesterday, 16 December 2015. US stocks rallied yesterday, 16 December 2015, in the aftermath of the Fed's widely expected decision to raise the benchmark interest rate by 25 basis points. The Fed policy makers voted unanimously to raise the target range of its fed-funds rate, which had been stuck at zero for seven years.
Index heavyweight Reliance Industries was up 1.88% at Rs 996.40. The stock hit a high of Rs 996.65 and a low of Rs 978 so far during the day.
Index heavyweight L&T was up 1.03% at Rs 1,294.45. The stock hit a high of Rs 1,297 and a low of Rs 1,282.45 so far during the day.
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Steel makers led gains in metal stocks. Steel Authority of India (up 6.20%), JSW Steel (up 3.85%), Tata Steel (up 3.63%) and Jindal Steel & Power (up 2.90%), edged higher. Among other metal stocks, NMDC (up 3.94%), National Aluminium Company (up 3.02%), Hindalco Industries (up 2.23%), Hindustan Copper (up 2.10%), Vedanta (up 2.08%), Bhushan Steel (up 1.90%) and Hindustan Zinc (up 0.75%) edged higher.
Cement stocks were in demand. Ambuja Cements (up 1.13%), UltraTech Cement (up 0.78%) and ACC (up 0.37%) edged higher.
Grasim Industries was up 0.55%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most capial goods shares edged higher. BEML (up 6.98%), Thermax (up 2.20%), Suzlon Energy (up 1.95%), Crompton Greaves (up 1.93%), AIA Engineering (up 1.70%), Havells India (up 1.63%), Jindal Saw (up 1.58%), Bharat Electronics (up 1.22%), Punj Lloyd (up 1.19%), ALSTOM India (up 0.32%), Siemens (up 0.18%), Lakshmi Machine Works (up 0.06%) and Bharat Heavy Electricals (up 0.03%), edged higher. Alstom T&D India (down 0.75%), ABB India (down 0.97%), Pipavav Defence and Offshore Engineering Company (down 1.11%), SKF India (down 1.58%) and Praj Industries (down 2.1%), edged lower.
Voltas dropped 1.62% after reports that a foreign brokerage has downgraded the stock to underperform from buy. The foreign brokerage reportedly said that competition in air conditioner (AC) segment is intensifying and this can lead to lower margins for the company going ahead. Voltas may lose market share in near term, the foreign brokerage reportedly said.
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