Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 183.33 points or 0.76% at 24,371.70. The 50-unit Nifty 50 index was currently up 54.10 points or 0.74% at 7,405.10. Gains in Asian stocks underpinned sentiment on the domestic bourses. The Sensex rose 219.73 points or 0.9% at the day's high of 24,408.10 in mid-morning trade. The barometer index rose 58.86 points or 0.24% at the day's low of 24,247.23 in early trade. The Nifty rose 67.50 points or 0.91% at the day's high of 7,418.50 in mid-morning trade. The index rose 13.15 points or 0.17% at the day's low of 7,364.15 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,194 shares gained and 954 shares fell. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently up 0.55%. The BSE Small-Cap index was currently up 0.67%. Both these indices underperformed the Sensex.
In overseas stock markets, Chinese stocks led gains in Asian stocks after Chinese GDP figures were mostly in line with expectations. In mainland China, the Shanghai Composite index was currently up 2.37%. In Hong Kong, the Hang Seng index was currently up 1.46%. China's economy grew 6.8% in the fourth quarter from a year earlier, easing from 6.9% in the third quarter. It is the weakest pace of expansion since the first quarter of 2009, when growth tumbled to 6.2%. China's economic growth rate slowed to a 25-year low of 6.9% in 2015, down from 2014's growth of 7.3%.
Metal and mining stocks rose after China's economy grew in line with expectations in 2015. Vedanta (up 1.96%), JSW Steel (up 0.75%), Steel Authority of India (Sail) (up 0.6%), National Aluminium Company (up 3.62%), Jindal Steel & Power (up 0.91%), Hindalco Industries (up 1.83%) and Hindustan Copper (up 0.2%) edged higher. Hindustan Zinc (down 0.22%) and NMDC (down 0.83%) fell.
China is the world's largest consumer of steel, copper and aluminum.
Tata Steel fell 1.25%. Tata Steel after market hours yesterday, 18 January 2016, announced that its indirect subsidiary Tata Steel UK has announced cost-saving proposals to improve the competitiveness of its UK business. The plans would lead to the loss of 1,050 jobs - 750 jobs at its Port Talbot-based Strip Products UK business, 200 jobs in support functions and a further 100 jobs at steel mills in Trostre, Corby and Hartlepool, Tata Steel said. The proposed changes follow continued fall in the European steel price caused by a flood of cheap imports, particularly from China, the company said.
Power generation stocks gained on renewed buying. Tata Power Company (up 3.57%), CESC (up 3.95%), NTPC (up 1.97%), Torrent Power (up 4.65%), Reliance Power (up 2.06%), NHPC (up 1.31%), Jaiprakash Power Ventures (up 1.94%), Reliance Infrastructure (up 0.33%), Adani Power (up 1.52%) and JSW Energy (up 3.14%) gained.
Shares of state-run coal-mining giant Coal India were off 1.69% at Rs 306.20. The stock hit a high of Rs 312.50 and a low of Rs 302.20 so far during the day.
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