Key benchmark indices edged higher in early trade as a further slide in crude oil prices supported gains on the bourses as India imports 80% of its crude oil requirements. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 74.14 points or 0.28% at 26,108.27. The gains for the 50-unit Nifty 50 index were lower in percentage terms compared with the gain in the Sensex. The 50-unit Nifty 50 index was up 9.80 points or 0.12% at 7,934.95. Realty and auto stocks led gains on the bourses in early trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 964 shares rose and 345 shares fell. A total of 80 shares were unchanged. The BSE Mid-Cap index was currently up 0.36%. The BSE Small-Cap index was currently up 0.31%. Both these indices outperformed the Sensex.
In overseas markets, most Asian stocks edged higher in volatile trade. US stocks rebounded from session lows but finished lower yesterday, 28 December 2015, weighed down by a drop in energy stocks and oil prices.
In the global commodities markets, Brent crude oil futures edged higher after declining in previous session. Brent for February settlement was up 5 cents at $36.67 a barrel. The contract had fallen $1.27 a barrel or 3.37% to settle at $36.62 a barrel during the previous trading session. India imports about 80% of its crude requirements and a decline in crude prices eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
NTPC (up 2.19%), HDFC (up 0.96%) and Sun Pharmaceutical Industries (up 0.92%) were the major gainers from the Sensex pack.
Jindal Steel & Power (JSPL) rose 0.72% after the company announced that its board of directors through a circular resolution passed on 28 December 2015, approved giving of the right in terms of RBI circular on the strategic debt restructuring scheme dated 8 June 2015, to the lenders of Jindal Power (JPL) for its 1,200 megawatts (MW) (2X600 MW) thermal power project situated at Raigarh district in Chhattisgarh (Phase III project) for conversion of its loan into equity share capital of JPL in the event of default. JPL is a power subsidiary of JSPL. The company made the announcement after market hours yesterday, 28 December 2015.
Lupin gained 0.51% after the company announced that it has received final approval from the United States Food and Drug Administration (USFDA) for its Fyavolv Tablets, a generic version of Warner Chilcott's Femhrt Tablets. The company made the announcement after market hours yesterday, 28 December 2015. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly, Lupin said in a statement. Lupin's Fyavolv Tablets are indicated for the treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. Femhrt had annual sales of $39.9 million in the United States as per IMS MAT September 2015 data.
Infosys rose 0.06% after the company announced the launch of its solar PV power plant of 6.6 megawatts (MW) capacity at its Pocharam campus in the state of Telangana. The company made the announcement after market hours yesterday, 28 December 2015. With this launch, combined with the existing 0.6 MW capacity rooftop solar plant, the Infosys campus in Pocharam will be one of the first corporate campuses in India that will be run completely by renewable energy. The plant, with a total capacity of 7.2 MW, has been successfully synchronized with the grid and is expected to generate 12 million kWh per annum. This initiative is expected to reduce the company's CO2 emissions by 9,200 tons. Currently, the company has installed 12 MW solar power plants (onsite) across its campuses and another 3 MW is expected to be completed within the next two months.
The Infosys IT SEZ at Pocharam is a 450-acre campus. The Phase-1 of this campus has a built-up area of 30 lakh sq. ft. with 16,000 seats. The construction of Phase-2 of the campus is underway and it has a planned capacity of 25,000 employees. An area has been reserved to construct Phase-3.
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