A bout of volatility was witnessed as key benchmark indices extended gains after trimming gains in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 160.72 points or 0.62% at 25,999.43. The 50-unit Nifty 50 Nifty was currently up 48.75 points or 0.62% at 7,909.80. The Sensex was currently trading below the psychological 26,000 level after briefly surpassing that level in afternoon trade. The barometer index hit 3-1/2-week high when it rose 168.03 points or 0.65% at the day's high of 26,006.74 in afternoon trade. The Sensex rose 18.15 points or 0.07% at the day's low of 25,856.86 at the onset of the trading session. The Nifty hit its highest level in almost four weeks when it rose 52.85 points or 0.67% at the day's high of 7,913.90 in afternoon trade. The index rose 1.95 points or 0.02% at the day's low of 7,863, at the onset of the trading session.
In overseas stock markets, Chinese stocks edged lower after the nation's top anti corruption agency yesterday, 27 December 2015, detained the chairman of state-run China Telecom Corp. in the latest of moves against executives at the country's top state-owned companies. Other Asian markets witnessed a mixed trend. US stocks closed slightly lower in a truncated trading session on Thursday, 24 December 2015, as investors remained on the sidelines ahead of a long weekend.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,563 shares rose and 953 shares fell. A total of 234 shares were unchanged. The BSE Mid-Cap index was currently up 0.29%. The BSE Small-Cap index was currently up 0.51%. Both these indices underperformed the Sensex.
Steel stocks led decline in metal and mining stocks as copper prices declined in global commodities markets. Tata Steel (down 3.42%), JSW Steel (down 2.85%), Jindal Steel & Power (down 2.22%) and Steel Authority of India (down 1.23%) declined. Among other metal stocks, National Aluminium Company (down 0.73%), Hindustan Zinc (down 0.64%), Vedanta (down 0.92%) and Hindalco Industries (down 0.47%) declined. NMDC (up 0.33%) edged higher.
High Grade Copper for March 2016 delivery was currently down 1.77% at $2.0865 per pound on the COMEX.
Cement stocks were mixed. Shree Cement (up 0.61%) and Ambuja Cements (up 0.22%) edged higher. ACC (down 0.54%) and UltraTech Cement (down 0.33%) declined.
Grasim Industries was off 0.2% at Rs 3,711. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Adani Ports and Special Economic Zone (APSEZ) was up 0.77% at Rs 260.50. The stock hit a high of Rs 262.50 and a low of Rs 257.10 so far during the day. APSEZ during market hours today, 28 December 2015, announced that its board of directors at a meeting held today, 28 December 2015, accepted the resignation of Sudipta Bhattacharya as Chief Executive Officer (CEO) and whole-time director of the company with effect from close of business hours on 31 December 2015. The board has decided to appoint Karan Adani, Executive Director (non-board position) as new CEO of the company with effect from 1 January 2016. Adani has been deeply involved in managing the company's various port operations since 2009 and now looks after the strategic development of all the Adani ports in India, APSEZ said in a statement. Sudipta Bhattacharya is taking on a new role and moving to the United States of America to take over a group position as the CEO-North America, APSEZ said.
Lanco Infratech surged 7.18% at Rs 6.42 after the company said that a meeting of its board of directors will be held on 30 December 2015, inter alia, to consider the proposal for issuance of compulsory convertible debentures (CCDs) through preferential issue, not exceeding 35 crore CCDs of Rs 10 each and seek shareholders' approval for the same. The announcement was made on Friday, 25 December 2015. The stock market was closed on that day on account of Christmas.
Lyka Labs rose 2.3% at Rs 128.90 ahead of its board of directors meeting today, 28 December 2015, to consider raising funds by issuing securities. The announcement was made after market hours on Thursday, 24 December 2015. The stock market was shut on Friday, 25 December 2015, on account of Christmas.
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