Key benchmark indices extended initial gains in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 202.69 points or 0.82% at 24,884.72. The gains for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty 50 index was up 67.75 points or 0.90% at 7,578.05.
The Sensex rose 227.19 points, or 0.92% at the day's high of 24,909.22 in morning trade, its highest level since 11 January 2016. The index rose 122.61 points, or 0.50% at the day's low of 24,804.64 at the onset of trading session. The Nifty 50 index rose 75.65 points, or 1.01% at the day's high of 7,585.95 in morning trade. The index rose 40.90 points, or 0.54% at the day's low of 7,551.20 at the onset of trading session.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,572 shares rose and 501 shares fell. A total of 138 shares were unchanged. The BSE Mid-Cap index was currently up 0.89%. The BSE Small-Cap index was currently up 0.82%. Both these indices outperformed the Sensex.
In overseas markets, most Asian shares were trading higher after Chinese data trade data beat expectations, offering a rare shaft of light for the global economy. China reported that its exports rose 2.3% in yuan-denominated terms in December, from a year earlier while imports dipped 4%. US stocks ended higher yesterday, 12 January 2016, led by gains in technology and health care stocks.
Telecom shares were in demand. Tata Teleservices (Maharashtra) (up 2.07%), Reliance Communications (up 2.06%), MTNL (up 1.15%) and Idea Cellular (up 0.92%), edged higher.
Telecom major Bharti Airtel was up 1.92% at Rs 321.20 after the company announced during trading hours today, 13 January 2016, that Orange and Bharti Airtel International (Netherlands) BV (Airtel) have signed an agreement leading to Orange's acquisition of Airtel's operations in Burkina Faso and Sierra Leone. Orange will acquire 100% of the two companies' share capital. The consolidated revenue of the two companies is around 275 million euros. These acquisitions will be implemented in partnership with Orange's subsidiaries in the Ce d'Ivoire and Senegal.
The outlay for Orange for these transactions will be based on the financials of Airtel's two subsidiaries for the year ended March 31, 2016 and will represent the equivalent of 7.9 times Airtel's EBITDA in these two countries at this time. The completion of these transactions remains subject to approval by the competent authorities. These acquisitions provide a clear illustration of Orange's international development strategy, which places a priority on accelerating growth in high-potential, emerging markets where the Group is not already present, the company said in a statement.
Orange is one of the world's leading telecommunications operators. Present in 28 countries, the Group has a total customer base of 263 million customers worldwide at 30 September 2015, including 200 million mobile customers and 18 million fixed broadband customers.
Most realty shares edged higher. Sobha (up 3.37%), DLF (up 2.92%), Anant Raj (up 2.34%), Housing Development and Infrastructure (HDIL) (up 1.96%), D B Realty (up 1.87%), Peninsula Land (up 1.83%), Indiabulls Real Estate (up 1.82%), Unitech (up 1.44%), Oberoi Realty (up 1.37%), Parsvnath Developers (up 1.24%), Phoenix Mills (up 0.95%), Mahindra Lifespace Developers (up 0.80%) and Prestige Estates Projects (up 0.63%), edged higher. Sunteck Realty was down 0.24%
Among economic news, India's Index of Industrial Production (IIP) declined 3.2% in November 2015 over a year ago, driven by high base effect with the output rising 5.2% in November 2014. Also, with the festive season holidays for the month led to lesser number of working days in November this year compared with November last year. The government disclosed the data after market hours yesterday, 12 January 2016.
The all-India general consumer price index (CPI) inflation inched up to 5.61% in December 2015 (new base 2012=100), while recording rise for fifth straight month. the CPI inflation had stood at 5.41% in November 2015. The corresponding provisional inflation rate for rural area was 6.32% and urban area 4.73% in December 2015 as against 5.95% and 4.71% in November 2015. The core CPI inflation rose to 4.5% in December 2015 from 4.2% in November 2015. The cumulative CPI inflation eased to 4.2% in April-December 2015 compared with 6% in April-December 2014. The government disclosed the data after market hours yesterday, 12 January 2016.
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