Amid a divergent trend among various index constituents, key benchmark indices alternately swung between positive and negative zone near the flat line in morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 32.83 points or 0.14% at 24,094.87. The Nifty 50 index was up 9.50 points or 0.13% at 7,318.80.
The Sensex jumped 289.79 points or 1.2% at the day's high of 24,351.83 at the onset of the trading session, its highest level since 19 January 2016. The barometer index fell 49.46 points or 0.2% at the day's low of 24,012.58 in mid-morning trade. The Nifty rose 89.40 points or 1.22% at the day's high of 7,398.70 at the onset of the trading session. The index fell 11.65 points or 0.15% at the day's low of 7,297.65 in mid-morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,347 shares gained and 786 shares fell. A total of 127 shares were unchanged. The BSE Mid-Cap index was currently up 0.44%. The BSE Small-Cap index was currently up 0.81%. Both these indices outperformed the Sensex.
In overseas stock markets, modest early gains in Asian markets were wiped out as bearish sentiment took hold in late afternoon trading led by losses in Japan, Hong Kong and mainland China. In Hong Kong, the Hang Seng index was currently off 1.61%. In mainland China, Shanghai Composite was currently off 1.18%. In Japan, the Nikkei 225 Average was currently off 1.04%. US stocks ended a wild session sharply lower yesterday, 20 January 2016, but trimmed heavier losses scored earlier in the session as a modest bounce off session lows by crude-oil prices provided some relief.
Auto stocks declined. Tata Motors (down 2.46%), Maruti Suzuki India (down 1.32%), Mahindra & Mahindra (M&M) (down 0.85%), Bajaj Auto (down 0.13%), and TVS Motor Company (down 0.91%) fell. Hero MotoCorp (up 1.71%), Ashok Leyland (up 0.56%) and Eicher Motors (up 1.6%) rose.
Cement stocks gained. Ambuja Cements (up 2.14%), ACC (up 0.36%), UltraTech Cement (up 2.72%) gained. Shree Cement fell 2.13%.
Grasim Industries was up 0.8% at Rs 3,492.65. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Gati slumped 5.71% after consolidated net profit fell 33% to Rs 7.67 crore on 1.2% decline in net sales to Rs 415.51 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 20 January 2016.
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