Key equity indices continued to trade near record levels in mid-afternoon trade. The undertone of the market remained bullish amid positive cues from other Asian shares.
At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 322.25 points or 0.79% at 41,260.97. The Nifty 50 index was up 84.8 points or 0.7% at 12,138.75.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.63%.
The market breadth was positive. On the BSE, 1304 shares rose and 1075 shares fell. A total of 181 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.
Buzzing Index:
Paper stocks were buzzing after media houses reported that the government is expected to take measures that will benefit the paper industry in its upcoming Union Budget.
Emami Paper Mills (up 9.97%), International Paper APPM (up 7.55%), JK Paper (up 4.78%) and West Coast Paper Mills (up 4.54%) jumped.
Stocks in Spotlight:
Quick Heal Technologies gained 1.88% to Rs 127.40 after the company entered into a strategic partnership with Big C Mobiles to increase mobile security adoption in Andhra Pradesh and Telangana. The partnership will enable Quick Heal to tap into Big C's vast retail presence of over 225+ mobile stores in Andhra Pradesh & Telangana and increase the adoption of next-generation mobile security solutions in the region.
Federal-Mogul Goetze (India) advanced 19.38% to Rs 661.10 after the Supreme Court dismissed market regulator Sebi's appeal of upholding the open offer price at 608.46. "The order disposes off the appeal, upholding the valuation of the shares of Federal-Mogul Goetze (India) (FMGIL) at Rs 608.46, as directed by the Securities Exchange Board of India (Sebi) vide its communication dated 4 July 2019, to the merchant banker. The order grants the partial relief to the acquirer that it will be required to deposit in the escrow account only such amount as is required under regulation," Federal-Mogul Goetze (India) said in a regulatory filing after market hours yesterday, 16 December 2019.
NBCC (India) surged 2.16% to Rs 35.55 after it signed Memorandum of Understanding (MoU) with Odisha Thermal Power Corporation (OTPCL), Bhubaneswar for civil construction and various developmental works of thermal power plant. The total estimated cost of the project is approximately Rs 200 crore.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.765% at 14:11 IST compared with 6.794% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.89, compared with its close of 71.00 during the previous trading session.
In the commodities market, Brent crude for February 2020 settlement was up 10 cents at $65.44 a barrel. The contract rose 0.18%, to settle at $ 65.34 a barrel during the previous trading session.
MCX Gold futures for 5 February 2019 settlement rose 0.107% to Rs 37,896.
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