Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade, with the barometer index, the S&P BSE Sensex, and 50-unit Nifty 50 index, both, hitting their highest level in almost three weeks. At 14:18 IST, the Sensex was up 277.97 points or 1.09% at 25,868.62. The Nifty was currently up 81.85 points or 1.05% at 7,867.95. The Sensex jumped 284.62 points or 1.11% at the day's high of 25,875.27 in mid-afternoon trade, its highest level since 3 December 2015. The Nifty gained 82.30 points or 1.05% at the day's high of 7,868.40 in mid-afternoon trade, its highest level since 3 December 2015.
The market breadth indicating the overall health of the market was strong. On BSE, 1,614 shares rose and 944 shares fell. A total of 229 shares were unchanged. The BSE Mid-Cap index was currently up 0.35%. The BSE Small-Cap index was currently up 0.64%. Both these indices underperformed the Sensex.
Overseas cues were positive. Mining stocks led gains for European stocks as copper prices rose in global commodities markets. Asian stocks edged higher as global commodity prices stabilized. US stocks shrugged off soft economic data yesterday, 22 December 2015, scoring gains across the board to finish higher for a second straight session.
Index heavyweight and housing finance major HDFC advanced 1.01% to Rs 1,238.40. The stock hit high of Rs 1,241 and low of Rs 1,229 so far during the day.
Metal and mining stocks were in demand as copper prices rose in global commodity markets. Vedanta (up 3.83%), JSW Steel (up 1.08%), Steel Authority of India (Sail) (up 2.21%), Hindustan Zinc (up 2.08%), Jindal Steel & Power (up 2.09%), Hindalco Industries (up 5.35%), NMDC (up 1.29%), Hindustan Copper (up 0.97%) edged higher. National Aluminium Company fell 1.21%.
High Grade Copper for March 2016 delivery was currently up 0.5% at $2.1195 per pound on the COMEX.
Tata Steel gained 2.9% after the company announced that Tata Steel UK (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), has signed a Letter of Intent with Greybull Capital to start exclusive negotiations for the potential sale of its Long Products Europe business. The memorandum covers several UK-based assets including TSUK's Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge which are currently being mothballed. The announcement was made after market hours yesterday, 22 December 2015.
FMCG stocks edged higher on renewed buying. Hindustan Unilever (up 1.29%), Marico (up 1.42%), Nestle India (up 0.48%), Tata Global Beverages (up 0.25%), GlaxoSmithkline Consumer Healthcare (up 0.14%), Dabur India (up 0.16%), Procter & Gamble Hygiene and Health Care (up 0.26%) Bajaj Corp (up 1.23%) rose. Godrej Consumer Products (down 1.96%), Colgate-Palmolive (India) (down 0.05%), Britannia Industries (down 0.13%) and Jyothy Laboratories (down 2.8%) declined.
Suven Life Sciences rose 4.19% after the company secured a total of seven product patents in ARIPO, Europe, Hong Kong, Japan, Macau and South Korea. Suven Life Sciences said that these patents are valid until 2031. The granted claims of the patent include the class of selective H3 ligands discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders. The company made the announcement during market hours today, 23 December 2015.
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