The market hit the day's high in morning trade, tracking firm global cues. Global shares rebounded after U.S. President Donald Trump's comments on the Iran conflict eased investor worries about further escalation of geopolitical risks in the Middle East. A plunge in crude oil prices and a sharp rebound in rupee also cheered domestic investors. Buying was broad based with metal shares at the fore.
At 10:31 IST, the barometer index, the S&P BSE Sensex, was surged 498.88 points or 1.22% higher at 41,316.62. The Nifty 50 index advanced 145.55 points or 1.21% at 12,170.80.
The media reported that first part of Union Budget session will held between 31 January 2020 and 11 February 2020.
The S&P BSE Mid-Cap index was up 1.32%. The S&P BSE Small-Cap index was up 1.43%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1523 shares rose and 368 shares fell. A total of 120 shares were unchanged. In Nifty 50 index, 45 stocks advanced while 5 stocks declined.
Economy:
The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Narendra Modi has given 'in principle' approval for strategic disinvestment of equity shareholding of MMTC (49.78%), NMDC (10.10%), MECON (0.68%) and Bharat Heavy Electricals (BHEL) (0.68%) and two Odisha State Government PSUs namely; Industrial Promotion and Investment Corporation of Odisha (IPICOL) (12.00%) and Odisha Mining Corporation (OMC) (20.47%) in Neelachal Ispat Nigam (NINL) to a strategic buyer, identified through a two-stage auction procedure.
The proposed strategic disinvestment of NINL would unlock resources to be used to finance the social sector/developmental programmes of the government benefiting the public. It is also expected that the successful strategic buyer may bring in new management / technology / investment for the growth of the company and may use innovative methods for the development of the business operations of the company, which may generate more employment opportunities.
Buzzing Index:
The Nifty Metal index was up 1.43% at 2,806.85 amid easing global tensions.
Steel Authority of India (up 2.77%), National Aluminium Company (up 2.02%), Hindustan Copper (up 1.95%), Hindalco Industries (up 1.54%), Tata Steel (up 1.52%), Jindal Steel & Power (up 1.2%), Hindustan Zinc (up 1.11%) and Vedanta (up 0.76%) advanced.
Stocks in Spotlight:
Emami Paper Mills (up 10%) and GTPL Hathway (up 2.69%) will announce their Q3 December 2019 results today.
Yes Bank (up 0.87%) is banned from trading in NSE's F&O segment after the security crossed 95% of market wide position limit. Yes Bank's board will meet on 10 January 2020 to consider fund raising.
Shares of the telecom major Bharti Airtel rose 2.63% to Rs 471. The telecom major launched qualified institutional placement to raise Rs 14,400 crore at an indicative floor price of Rs 452.09 per share. The company's fund-raising committee, at its absolute discretion, may offer a discount of not more than 5% on the floor price.
Alembic Pharmaceuticals rose 2.46% to Rs 565.60. The pharma company announced that Aleor Dermaceuticals (Aleor), a 60:40 Joint Venture between Alembic Pharmaceuticals and Orbicular Pharmaceutical Technologies, has completed United States Food and Drug Administration (USFDA) inspection at its formulation manufacturing facility located at Karakhadi, Gujarat, India.
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