After trimming gains in mid-morning trade, key benchmark indices extended gains in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 146.35 points or 0.57% at 25,985.06. The 50-unit Nifty 50 Nifty was currently up 44.25 points or 0.56% at 7,905.30. The Nifty hit 3-1/2-week high when it rose 46.40 points or 0.59% at the day's high of 7,907.45 in early afternoon trade. 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 Sensex also hit 3-1/2-week high when it rose 152.37 points or 0.58% at the day's high of 25,991.08 in morning trade. 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 market breadth indicating the overall health of the market was strong. On BSE, 1,539 shares rose and 865 shares fell. A total of 190 shares were unchanged. The BSE Mid-Cap index was currently up 0.38%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.61%, outperforming the Sensex.
In overseas stock markets, Chinese stocks edged lower after the nation's top anti corruption agency yesterday, 27 December 2015, detained the chairman of state-run China Telecom Corp. in the latest of moves against executives at the country's top state-owned companies. Other Asian markets 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.
ONGC rose 1.11% after the company announced that its wholly owned subsidiary ONGC Videsh and Russia's Rosneft have signed an agreement of confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC "Vankorneft". The document was signed during Prime Minister Narendra Modi's visit to Russia last week. The document was signed in continuation of the agreement of sale and purchase of a 15% stake in Rosneft's subsidiary Vankorneft and the shareholders agreement in regard of the enterprise management between the companies in September 2015. The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.
ONGC Videsh and Rosneft have also signed a Memorandum of Understanding (MoU) for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation.
Shares of power generation and power distribution companies were mixed. NTPC (up 2.55%), NHPC (up .1%), Adani Power (up 0.84%), and Reliance Power (up 0.37%) gained. Torrent Power (down 0.03%) and Power Grid Corporation of India (down 0.14%) declined.
Tata Power Company rose 2.41% 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.
Reliance Infrastructure dropped 0.21%. Reliance Defence, a wholly owned subsidiary of Reliance Infrastructure, and Russia's leading developer and manufacturer of air defence missile systems AlmazAntey, have decided to work jointly on the entire range of AD missile and radar systems that are required for Indian defence forces. Both the firms identified the air defence missile systems including the TOR-1M missile program, radars and automated control systems as areas of partnership under the 'Make in India' as well as offset policies of the Indian Ministry of Defence. The two firms also discussed the joint implementation of modernization, repair and deep overhauls of AlmazAntey systems already in service with the Indian armed forces. They also discussed R&D cooperation for developing new products in the defence sector.
Bank stocks gained. Among public sector banks, Punjab National Bank (up 0.46%), Bank of Baroda (up 0.82%), State Bank of India (SBI) (up 0.52%), Union Bank of India (up 1.29%), Canara Bank (up 0.56%), and Bank of India (up 0.43%) edged higher.
Among private sector banks, Axis Bank (up 0.14%), ICICI Bank (up 2.13%), Kotak Mahindra Bank (up 0.43%), Yes Bank (up 0.5%), and IndusInd Bank (up 0.47%) edged higher. HDFC Bank declined 0.52%.
Tube Investments of India jumped 11.8% after the company said that its board of directors approved the divestment of 4.18 crore equity shares held by the company in its general insurance subsidiary viz., Cholamandalam MS General Insurance Company, constituting 14% of the equity share capital of Cholamandalam MS General Insurance Company, to its joint venture partner Mitsui Sumitomo Insurance Company, Japan (MSI). The shares will be sold at a price of Rs 211 per equity share, aggregating to a total consideration of Rs 882.67 crore. On completion of the deal, Mitsui Sumitomo's stake in Cholamandalam MS General Insurance Company will increase to 40% from 26%. The announcement was made on Friday, 25 December 2015. Cholamandalam MS General Insurance Company is a general insurance company in India offering health insurance, car insurance, travel insurance, home & accident insurance policies for individuals and corporates.
Allcargo Logistics rose 4.87% after the company said it has fixed 31 December 2015 as record date for the purpose of 1:1 bonus issue of shares. The announcement was made after market hours on Thursday, 24 December 2015. The stock market was closed on Friday, 25 December 2015, on account of Christmas.
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