A rangebound movement was witnessed as key benchmark indices traded with substantial gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 435.43 points or 1.82% at 24,397.64. The gains for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty index was currently up 137.15 points or 1.88% at 7,413.95. The Sensex hovered above the psychological 24,000 mark after a gap-up opening took the barometer index above that mark. Gains in global stocks aided the rally on the domestic bourses. The broad market depicted strength.
The Sensex jumped 461.57 points or 1.92% at the day's high of 24,423.78 in early afternoon trade, its highest level since 19 January 2016. The barometer index rose 157.83 points or 0.65% at the day's low of 24,120.04 in early trade. The Nifty gained 144.60 points or 1.98% at the day's high of 7,421.40 in early afternoon trade, its highest level since 20 January 2016. The index rose 50.80 points or 0.69% at the day's low of 7,327.60 in morning trade.
The broad market depicted strength. There were more than four gainers against every loser on BSE. 1,969 shares gained and 460 shares fell. A total of 140 shares were unchanged. The BSE Mid-Cap index was currently up 1.96%. The BSE Small-Cap index was currently up 2.1%. Both these indices outperformed the Sensex.
In overseas stock markets, Japan and Hong Kong led gains in Asian stocks triggered by hints of more stimulus from European Central Bank (ECB) President Mario Draghi. In Japan, the Nikkei 225 Average closed 5.88% higher. In Hong Kong, the Hang Seng index was currently up 2.4%. US stock index futures pointed at further gains for US stocks. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 178 points at the opening bell today, 22 January 2016. US stocks edged higher yesterday, 21 January 2016, as oil prices bounced back.
Draghi yesterday, 21 January 2016, signaled at a news conference that the ECB governing council may provide more stimulus at its next meeting in March, noting that the outlook for inflation had weakened significantly. The ECB left its key interest rates unchanged after a monetary policy review.
IT stocks advanced. Tech Mahindra (up 0.08%), HCL Technologies (up 1.02%), TCS (up 1.28%), and Wipro (up 0.16%) edged higher. Infosys fell 0.15%.
Gas utility stocks surged. GAIL (India) (up 6.98%), Gujarat State Petronet (up 4.16%), Indraprastha Gas (up 2.88%) and Gujarat Gas Company (up 0.01%) gained.
Realty stocks rose. Sobha (up 1.13%), Indiabulls Real Estate (up 4.97%), Unitech (up 2.9%), Housing Development & Infrastructure (HDIL) (up 5.91%), and DLF (up 2.29%) edged higher.
Hindalco Industries was up 5.1% at Rs 71.80. Grasim Industries was up 0.7% at Rs 3,477.50. Hindalco today, 22 January 2016, announced that the company has received 7.5 lakh equity shares of Grasim in exchange for 1.2 crore equity shares held by the company in Aditya Birla Chemicals (India) (ABCIL). It may be recalled that ABCIL was merged with Grasim recently.
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