Benchmark indices extend gains

A bout of volatility was witnessed as key benchmark indices extended gains after a sudden surge in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 157.71 points or 0.63% at 25,193.76. The 50-unit Nifty 50 index was currently up 43.35 points or 0.57% at 7,655.85. Index heavyweights Reliance Industries (RIL) and HDFC led gains for the two key benchmark indices. The Sensex rose 223.01 points or 0.89% at the day's high of 25,259.06 in mid-afternoon trade. The barometer index fell 1.91 points at the day's low of 25,034.14 in mid-morning trade. The Nifty rose 65.10 points or 0.85% at the day's high of 7,677.60 in mid-afternoon trade. The index fell 2.50 points or 0.03% at the day's low of 7,610 in mid-morning trade.

In overseas stock markets, European and Asian markets edged lower after a decline in US stocks overnight. US stocks edged lower in a choppy trading session yesterday, 9 December 2015, as weak oil prices continued to feed global growth worries.

Closer home, the broad market depicted strength. There were almost two gainers against every loser on BSE. 1,650 shares rose and 864 shares declined. A total of 186 shares were unchanged. The BSE Mid-Cap index was currently up 0.43%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.77%, outperforming the Sensex.

FMCG shares edged higher. Tata Global Beverages (up 2.39%), Colgate Palmolive (India) (up 0.72%), GlaxoSmithkline Consumer Healthcare (up 0.52%), Bajaj Corp (up 0.59%), Marico (up 0.58%), Nestle India (up 0.54%), Godrej Consumer Products (up 0.32%) and Hindustan Unilever (up 0.83%) gained. Emami (down 1.67%), Dabur India (down 0.52%), Britannia Industries (down 0.09%), Jyothy Laboratories (down 0.39%) and Procter & Gamble Hygiene and Healthcare (down 0.19%) declined.

Index heavyweight and housing finance major HDFC was up 2.3% at Rs 1,182. The stock hit high of Rs 1,182.35 and low of Rs 1,154.60 so far during the trading session.

Oil stocks witnessed across the board gains. Among state-run oil marketing companies (PSU OMCs), BPCL (up 1.61%), HPCL (up 1.59%) and Indian Oil Corporation (up 0.76%) edged higher.

Among oil exploration and production (E&P) stocks, Cairn India (up 0.67%), ONGC (up 1.61%) and Reliance Industries (up 3.17%) edged higher. Oil India (down 2.12%) edged lower.

In the global commodities markets, Brent for January settlement was currently up 47 cents at $40.58 a barrel. The contract had declined 15 cents or 0.37% to settle at $40.11 a barrel during the previous trading session.

Inox Wind rose 0.45% after the company announced that its wholly owned subsidiary Inox Wind Infrastructure Services has acquired 100% equity shares of Sarayu Wind Power (Tallimadugula) in Andhra Pradesh with effect from 9 December 2015. Following the acquisition, Sarayu Wind Power (Tallimadugula) has become step down subsidiary of Inox Wind. The company made announcement during market hours today, 10 December 2015.

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