Key benchmark indices hovered in positive terrain in early afternoon trade albeit with small gains. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 42.69 points or 0.16% at 26,002.72. The 50-unit Nifty 50 index was up 15.15 points or 0.19% at 7,912.65. The Sensex was currently trading slightly above the psychological 26,000 mark after alternately moving above and below that mark so far during the trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,350 shares rose and 1,033 shares fell. A total of 219 shares were unchanged. The BSE Mid-Cap index was currently up 0.01%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.37%, outperforming the Sensex.
Shares of power generation and power distribution companies gained. NHPC (up 1%), NTPC (up 0.38%), Tata Power Company (up 1.4%), Adani Power (up 1.43%), Power Grid Corporation of India (up 0.01%), Reliance Infrastructure (up 0.14%) and Reliance Power (up 0.81%) gained. Torrent Power declined 0.61%.
Telecom stocks also gained. Bharti Airtel (up 0.53%), Tata Teleservices (Maharashtra) (up 0.61%) and Idea Cellular (up 0.43%) gained. Reliance Communications declined 0.68%.
Welspun Enterprises rose 4.5% after the company said that it has been awarded with package I of the Delhi-Meerut Expressway project to be developed through the hybrid annuity model (HAM) from National Highways Authority of India (NHAI). The new order was announced before market hours today, 31 December 2015. Under HAM, the company will develop package I of the Delhi-Meerut Expressway at a bid cost of Rs 841.50 crore, and operate it for a period of 15 years. During construction, 40% of the bid project cost will be funded by NHAI, with the balance 60% to be arranged by the company. During the operation period, NHAI will pay the company this 60% in semi-annual payments, along with interest thereon. NHAI will also pay the company annualised operations and maintenance cost at Rs 3.95 crore (adjusted for inflation) for the maintenance of the project road during this period. Construction of the project is to be completed in 2.5 years after appointed date. The project is to be maintained for 15 years after construction, after which it will be transferred to NHAI, Welspun Enterprises said in a statement.
In overseas markets, 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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