Key benchmark indices reversed initial decline in volatile early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 24.69 points or 0.09% to 26,254.91. The Nifty 50 index was currently up 13.55 points or 0.17% at 8,048.40.
The market may remain volatile during the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2016 series to January 2017 series. The near month December 2016 derivatives contracts expire today, 29 December 2016.
In side indices, the BSE Mid-Cap index was currently up 0.58%. The BSE Small-Cap index was currently up 0.5%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 816 shares rose and 329 shares fell. A total of 44 shares were unchanged.
Overseas, Asian stocks were trading on a mixed note. Trading has been thin across the globe during the last week of the year. US stocks fell yesterday, 28 December 2016 as shares financials and materials declined. In economic news, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5% to 107.3 in November from 110 in October, data released by National Association of Realtors showed yesterday, 28 December 2016.
Back home, Axis Bank (up 0.83%), Lupin (up 0.75%) and TCS (up 0.66%) were the major gainers from the Sensex pack.
Reliance Industries (RIL) rose 0.31% after the company announced the successful commissioning of the first phase of Para-xylene (PX) plant at Jamnagar, Gujarat. The announcement was made after market hours yesterday, 28 December 2016.
The plant with capacity of 2.2 million metric tonnes per annum (MMTPA) is built with state-of-theart crystallization technology from BP which is highly energy efficient and environment friendly. With the commissioning of this plant, RIL's PX capacity will more than double from 2 MMTPA to 4.2 MMTPA. On commissioning of entire PX capacity, RIL will be the world's second largest PX producer with 9% of global PX capacity and 11% share of global production.
The new PX capacity will add value to the output from refineries and improve the profitability of the Jamnagar complex. PX is the building block for the entire polyester chain. The new capacity will complete the integration within RIL's polyester value chain, leading to improved margins and also strengthen its position in polyester industry globally.
Mukesh D. Ambani, Chairman and Managing Director, RIL, said the commissioning of the new PX plant marks beginning of the culmination of a series of projects including the refinery off-gas cracker, ethane import project and petcoke gasification. These projects are part of the largest contemporary investment, in excess of Rs 1 lakh crore, in Refining and Petrochemicals sector anywhere in the world. RIL's projects are on schedule and at an advanced stage of mechanical completion. The new PX capacity takes RIL a step closer to being among the top 10 petrochemical players globally, Ambani said.
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