Key indices were trading higher on buying in select index stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 101.35 points or 0.24% at 41,676.49. The Nifty 50 index was up 29.60 points or 0.24% at 12,275.40.
The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.32%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 544 shares rose and 209 shares fell. A total of 56 shares were unchanged.
Among stocks, Adani Ports and Special Economic Zone rose 1.79%. Adani Ports and Special Economic Zone (APSEZ) said Adani Logistics (ALL), a wholly owned subsidiary of APSEZ, has acquired 6,72,54,119 equity shares representing 40.25% stake of Snowman Logistics (Snowman) from Gateway Distriparks (GDL) at a price of Rs 44 per equity share aggregating to Rs 295.92 crore. The acquisition gives ALL platform to double its capacity in next 5 years.
JSW Steel was up 0.54%. JSW Steel said that JSW Steel (Netherlands) B.V., a wholly owned subsidiary of the company, has entered into an agreement for selling 39%out of its 49% stake held in Geo Steel LLC, a Joint Venture (JV) based in Georgia, to its JV partner - Georgian Steel Group Holdings Limited. Post the completion of the aforesaid sale, JSW Steel (Netherlands) B.V. will continue to hold 10% stake in Geo Steel LLC.
Tata Global Beverages rose 0.19%. Tata Global Beverages said both the partners, PepsiCo India Holdings (PIH) and itself, have agreed to revise the Joint Venture Agreement (JVA) dated 28 October 2010 with respect to its Joint Venture company NourishCo (NCBL). The the date for reviewing various options for the business of NCBL is extended from 31 December 2019 to 30 June 2020. NCBL markets and distributes branded products like Tata Gluco Plus, Tata Water Plus and Himalayan, within the liquid beverage category.
Piramal Enterprises was up 0.70%. Piramal Enterprises approved the issue of secured, rated, unlisted, redeemable Non-Convertible Debentures aggregating up to Rs. 2,750 crores on private placement basis to be issued in one or more tranches from time to time.
PSP Projects jumped 5.08%. PSP Projects informed that the company has emerged as the L-1 Bidder for development and beautification of Shri Kashi Vishwanath Dham at Varanasi, Uttar Pradesh with bid value of Rs 339 crore (excluding taxes).
Overseas, most Asian markets were trading lower on Monday as investors consolidated gains after scaling 18-month highs last week.
In US, stocks drifted higher on Friday, setting up the major indexes for a strong end to the week.
Investor sentiment was buoyed by reports of strong holiday sales and a report on Chinese industrial production.
As per reports, China's industrial firms grew at the fastest pace in eight months in November. Industrial profits in November rose 5.4% from a year earlier to 593.9 billion yuan ($84.93 billion), compared with a 9.9% drop in October.
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