Gains in global stocks triggered by a recovery in battered global commodity prices aided gains for Indian stocks. The barometer index, the S&P BSE Sensex, gained 250.63 points or 0.98% at 25,841.28, as per the provisional closing data. The 50-unit Nifty 50 index rose 79.85 points or 1.03% at 7,865.95, as per the provisional closing data. The Sensex and the Nifty remained in positive zone throughout the trading session after opening with an upward gap.
The Sensex hit its highest level in almost three weeks when it jumped 284.62 points or 1.11% at the day's high of 25,875.27 in mid-afternoon trade. The barometer index rose 99.05 points or 0.38% at the day's low of 25,689.70 at the onset of the trading session. The Nifty also hit its highest level in almost three weeks when it jumped 85.35 points or 1.09% at the day's high of 7,871.45 in mid-afternoon trade. The index rose 40 points or 0.51% at the day's low of 7,826.10 at the onset of the trading session.
The market breadth indicating the overall health of the market was positive. On BSE, 1,509 shares rose and 1,153 shares fell. A total of 256 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.3%. The BSE Small-Cap index was provisionally up 0.43%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2306 crore, lower than turnover of Rs 2685.05 crore registered during the previous trading session.
Overseas cues were positive. Mining stocks led gains for European equities as copper prices rose in global commodities markets. Asian stocks edged higher as global commodity prices stabilized. US stocks shrugged off soft economic data yesterday, 22 December 2015, scoring gains across the board to finish higher for a second straight session.
Closer home, metal and mining stocks were in demand as copper prices rose in global commodity markets. Vedanta (up 4.01%), JSW Steel (up 1.38%), Steel Authority of India (Sail) (up 1.89%), Hindustan Zinc (up 1.73%), Jindal Steel & Power (up 1.6%), Hindalco Industries (up 5.91%), NMDC (up 1.57%), edged higher. National Aluminium Company (down 3.03%) and Hindustan Copper (down 0.26%) fell.
High Grade Copper for March 2016 delivery was currently up 0.59% at $2.1215 per pound on the COMEX.
Tata Steel gained 2.68% after the company announced that Tata Steel UK (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), has signed a Letter of Intent with Greybull Capital to start exclusive negotiations for the potential sale of its Long Products Europe business. The memorandum covers several UK-based assets including TSUK's Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge which are currently being mothballed. The announcement was made after market hours yesterday, 22 December 2015.
Engineering and construction major L&T rose 0.87% after the company's construction division won orders worth Rs 1178 crore across various businesses in December 2015. Meanwhile, L&T announced after market hours yesterday, 22 December 2015, that its Smart World & Communications business vertical is leading the way to make Jaipur India's first Smart City by creating a host of smart solutions like Wi-Fi hotspots, citizen interactive information kiosks, surveillance cameras, environmental sensors, parking information systems and remote kiosks with facility management services at select locations in the city. L&T has received the mandate from Jaipur Development Authority (JDA), which is leading the initiative to equip Jaipur with world-class digital facilities targeted primarily at the heavy tourist traffic that the city attracts. The Jaipur Smart City project has been planned in two phases with Phase 1 aimed at transforming six major locations into smart zones in the next month and a half and the remaining locations to be completed in a total of 120 days along with an Operations & Maintenance contract for 5 years. In Phase 1, L&T is completing the work at six locations, including the famous Ajmer Fort.
Kalpataru Power Transmission rose 3.39% after the company announced that it has secured new orders of approximately Rs 1395 crore. The company made the announcement during market hours today, 23 December 2015. Commenting on new orders, Kamal Jain, Director of Finance & CFO Kalpataru Power Transmission said that the domestic order inflows of over Rs 2100 crore till date in the year ending 31 March 2016 (FY 2016) is very strong. It is almost double compared to the same period of previous year. He added that the company expects this momentum to continue for atleast 1 to 2 years considering government's push for the sector in which it operates.
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