Key benchmark indices continued to hover with modest gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, advanced 278.99 points or 0.84% at 33,525.69. The Nifty 50 index rose 93.45 points or 0.91% at 10,345.55.
Key indices started the session on a firm footing after the exit polls predicting a clear win for the BJP in the assembly elections for Gujarat and Himachal Pradesh lifted investor spirits. Indices hovered with modest gains so far.
The Sensex surged 375.25 points, or 1.12%, at the day's high of 33,621.96 in early trade, its highest level since 29 November 2017. The index rose 209.32 points, or 0.62%, at the day's low of 33,456.02 in morning trade. The Nifty advanced 121 points, or 1.18%, at the day's high of 10,373.10 in early trade, its highest level since 29 November 2017. The index rose 80.10 points, or 0.78%, at the day's low of 10,332.20 in morning trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 1%. The S&P BSE Small-Cap index advanced 1.33%. Both the indices outperformed the Sensex.
Overseas, Asian stocks edged lower after US markets closed in the red. US stocks closed lower yesterday, 14 December 2017, as two GOP Senators raised some concerns about the tax bill.
The European Central Bank (ECB) has hiked its growth forecasts, but admitted that inflation still won't be on target by 2020. In its final meeting of 2017 held yesterday, 14 December 2017, the eurozone's central bank voted to leave interest rates on hold - and repeated its commitment to running an asset-purchase stimulus programme until at least next September.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,727 shares rose and 718 shares declined. A total of 127 shares were unchanged.
Metal and mining stocks advanced on higher base metals prices in global commodities market. JSW Steel (up 3.44%), Hindalco Industries (up 2.22%), Jindal Steel & Power (up 2.35%), Hindustan Zinc (up 1.81%), National Aluminium Company (up 1.76%), Tata Steel (up 1.24%), Steel Authority of India (up 1.22%), NMDC (up 1.21%) and Hindustan Copper (up 0.88%) gained.
Vedanta jumped 4.58% after the company said it proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating to Rs 500 crore. In this regard, the company is holding a meeting of its duly constituted committee of the board on 19 December 2017. The announcement was made after market hours yesterday, 14 December 2017.
Gas utility stocks gained. Gujarat Gas (up 1.37%), Indraprastha Gas (up 1.17%), Petronet LNG (up 0.9%), Gujarat State Petronet (up 0.59%) and GAIL (India) (up 0.31%) nudged higher.
Shares of hospital chain operator Shalby were trading at Rs 246.30 on BSE, a discount of 0.68% from the issue price of Rs 248 on its debut on the stock exchanges today, 15 December 2017. The stock listed at Rs 237 on BSE, a discount of 4.43% from the issue price. The stock had hit a high of Rs 254.65 and a low of Rs 236.20 so far during the day.
On the macro front, in a boost to Narendra Modi led NDA government at the centre, a host of exit polls predicted a clear victory for the Bharatiya Janata Party (BJP) in the recently concluded assembly elections for Gujarat and Himachal Pradesh. Exit polls predicted that the BJP will retain Gujarat while wresting power from the Congress in Himachal Pradesh. Counting of votes for these two states is scheduled on Monday, 18 December 2017.
The winter session of the Parliament began today, 15 December 2017. This session will have a total of 14 working days. The session concludes on 5 January 2018. The government has a slew of important Bills on its agenda in this session. The Financial Resolution and Deposit Insurance Bill, 2017 is slated to come up in this session of Parliament. This Bill aims to limit the impact of the failure of financial institutions like banks and NBFCs. It has also been cleared by the standing committee.
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