Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex was up 60.50 points or 0.23% at 26,022.04. The 50-unit Nifty 50 index was currently up 22.90 points or 0.29% at 7,919.15. The Sensex was currently trading above the psychological 26,000 mark. The index had alternately moved above and below that psychological level in intraday trade.
The Sensex rose 69.27 points or 0.26% at the day's high of 26,029.30 in mid-afternoon trade. The index lost 18.12 points or 0.06% at the day's low of 25,941.91 in early trade. The Nifty rose 27.35 points or 0.34% at the day's high of 7,923.60 in mid-afternoon trade. The Nifty dropped 5.10 points or 0.06% at the day's low of 7,891.15 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,441 shares rose and 1,100 shares fell. A total of 268 shares were unchanged. The BSE Mid-Cap index was currently down 0.21%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.47%, outperforming the Sensex.
PSU OMCs edged higher after a fall in crude oil prices in the previous session. BPCL (up 0.07%), HPCL (up 0.53%), and Indian Oil Corporation (up 0.12%) edged higher. Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent crude oil futures edged higher after a sharp decline overnight. Brent for February settlement was up 15 cents at $36.61 a barrel. The contract had fallen $1.33 a barrel or 3.52% to settle at $36.46 a barrel during the previous trading session.
A regular fuel price review by the PSU OMCs is due at the month end. PSU OMCs review fuel prices twice a month based on the trend in international oil market and currency movement. The first review takes place during the middle of the month and the last review at the month-end. PSU OMCs also review jet fuel prices on the last day of the month.
Shares of oil explorations firms were mixed. ONGC (up 0.02%) and Cairn India (up 0.11%) gained. Oil India shed 1.37%. Reliance Industries (RIL) was flat.
Shares of public sector banks declined. Punjab National Bank (down 1.44%), Bank of Baroda (down 0.1%), State Bank of India (SBI) (down 0.13%), Union Bank of India (down 0.6%), Canara Bank (down 0.51%), and Bank of India (down 0.04%) edged lower.
Shares of private sector banks were mixed. HDFC Bank (up 0.68%), ICICI Bank (up 0.02%), Kotak Mahindra Bank (up 0.86%), and IndusInd Bank (up 0.33%) edged higher. Axis Bank (down 1%) and Yes Bank (down 0.43%) declined.
In overseas markets, European stocks edged lower in early trade. Asian stocks were mixed. US stocks ended lower yesterday, 30 December 2015, as a drop in oil resumed, dragging down energy company shares.
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