A bout of volatility was witnessed as key benchmark indices recovered from lower level after erasing a lion's portion of intraday gains in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 137.17 points or 0.57% at 24,360.49. The 50-unit Nifty 50 index was currently up 43.85 points or 0.6% at 7,405.65. The Sensex rose 226.10 points or 0.93% at the day's high of 24,449.42 in early trade, its highest level since 2 February 2016. The barometer index rose 55.89 points or 0.23% at the day's low of 24,279.21 in morning trade. The Nifty rose 70.10 points or 0.95% at the day's high of 7,431.90 in early trade, its highest level since 2 February 2016. The index rose 20.75 points or 0.28% at the day's low of 7,382.55 in morning trade.
In overseas stock markets, Asian stocks edged higher as weaker-than-expected US service-sector data pushed the US dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities. US stocks staged a late-day rally yesterday, 3 February 2016, as sharp rebound in oil prices lifted beaten-down energy shares and financials rebounded from initial sharp slide.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,272 shares rose and 873 shares fell. A total of 87 shares were unchanged. The BSE Mid-Cap index was currently up 0.26%. The BSE Small-Cap index was currently up 0.27%. Both these indices underperformed the Sensex.
Capital goods stocks edged higher. Crompton Greaves (up 4.47%), L&T (up 2.76%), Thermax (up 2.32%), ABB India (up 5.48%), Praj Industries (up 1.73%), Bharat Electronics (up 0.65%), Siemens (up 0.44%), Bharat Heavy Electricals (up 0.55%) and Havells India (up 0.82%) gained. Alstom T&D India (down 1.24%), BEML (down 1.55%) and Suzlon Energy (down 2.68%) declined.
Metal and mining stocks edged higher as copper prices rose in global commodities markets. Vedanta (up 4.95%), Hindalco Industries (up 3.45%), Jindal Steel & Power (up 2.34%), Hindustan Zinc (up 1.55%), JSW Steel (up 0.9%), Hindustan Copper (up 0.83%) and National Aluminium Company (up 1.04%) gained. Steel Authority of India (down 0.26%) declined.
High Grade Copper for March 2016 delivery was currently up 0.79% at $2.1115 per pound on the COMEX.
Tata Steel fell 1.18% at Rs 221.35. The stock hit a high of Rs 225 and a low of Rs 219.15 so far during the day. The company is scheduled to unveil Q3 December 2015 results today, 4 February 2016.
NMDC rose 2.44% at Rs 79.75. The company in its latest price review has kept prices of lump ore unchanged at Rs 1,800 per tonne. The state-run iron ore miner also kept the prices of iron ore fines unchanged at Rs 1,560 per tonne. The prices are excluding royalty, taxes, DMF, duties, levies etc. The announcement was made after market hours yesterday, 3 February 2016.
Godrej Consumer Products (GCPL) rose 1.25% at Rs 1,249.30 after the company announced that its subsidiary has entered into an agreement with Canon Chemicals, for the acquisition of a majority equity stake in its business in Kenya. Canon Chemicals is a Kenya based company engaged in manufacturing and distributing products in the personal and home care categories. Its major brand is Valon, a petroleum jelly. In 2015, the annualised revenue of the business was Kenyan Shilling (KSh) 1,146 million. This acquisition helps GCPL in further building its presence in the sub-Saharan Africa market, the company said. The announcement was made before market hours today, 4 February 2016.
JBM Auto rose 3.16% at Rs 146.90 after the company said it has developed 100% electric bus named "Ecolife" in partnership with renowned European bus manufacturer, Solaris Bus and Coach, S.A (Solaris). The bus will be unveiled at Auto Expo 2016 at Greater Noida today, 4 February 2016. The announcement was made during trading hours today, 4 February 2016.
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