Broad market depicts strength

Key benchmark indices trimmed gains after extending gains in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 105.72 points or 0.41% at 25,624.94. The Nifty 50 index was currently up 37.75 points or 0.49% at 7,799.70. The Sensex rose 165.51 points or 0.64% at the day's high of 25,684.73 in mid-morning trade. The barometer index fell 105.68 points or 0.41% at the day's low of 25,413.54 at the onset of the trading session, its lowest level since 16 December 2015. The Nifty rose 54.40 points or 0.7% at the day's high of 7,816.35 in mid-morning trade. The index fell 28.50 points or 0.36% at the day's low of 7,733.45 at the onset of the trading session, its lowest level since 16 December 2015.

In overseas equity markets, stocks in mainland China led gains in Asian stocks. US stocks fell sharply during the previous trading session on Friday, 18 December 2015, amid fears that collapsing oil prices might impact banks with exposure to highly-leveraged energy companies.

Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,615 shares rose and 639 shares fell. A total of 143 shares were unchanged. The BSE Mid-Cap index was currently up 0.56%. The BSE Small-Cap index was currently up 0.59%. Both these indices outperformed the Sensex.

Power generation stocks edged higher on renewed buying. Torrent Power (up 1.67%), Reliance Power (up 0.88%), Jaiprakash Power Ventures (up 2.11%), Adani Power (up 4.98%), JSW Energy (up 0.85%), Reliance Infrastructure (up 0.16%) and NTPC (up 0.33%) edged higher. Tata Power Company (down 0.46%) and CESC (down 0.89%) fell

Shares of state-run power transmission major Power Grid Corporation of India were up 2.55%.

NHPC rose 1.77% after the company said that its Sewa-II power generation unit which was under complete shutdown for annual maintenance of machines/MIVs resumed operations on 18 December 2015. The announcement was made during market hours today, 21 December 2015.

Among power finance companies, Rural Electrification Corporation (up 0.98%) and Power Finance Corporation (up 1.55%) rose.

PSU stocks advanced on renewed buying. ONGC (up 2.24%), Coal India (up 2.15%), Bharat Electronics (up 2.1%), GAIL (India) (up 0.66%), Neyveli Lignite Corporation (up 0.55%), State Trading Corporation of India (up 0.71%), Bharat Heavy Electricals (Bhel) (up 0.67%), Hindustan Copper (up 0.72%), MMTC (up 0.92%), ITI (up 1.69%) and HMT (up 1.1%) edged higher.

Jubilant Life Sciences rose 2.46% after the Reserve Bank of India (RBI) on Friday, 18 December 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 45% of the paid-up capital of the company under the Portfolio Investment Scheme (PIS). The RBI stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said. FIIs held 17.56% stake in Jubilant Life Sciences as per the shareholding pattern as on 30 September 2015.

MBL Infrastructures rose 1.67% after the company announced that it has secured a highway contract worth Rs 414.75 crore in Madhya Pradesh from the Ministry of Road Transport & Highways. The announcement was made after market hours on Friday, 18 December 2015. MBL Infrastructures said that it secured the order under National Highways Development Project (NHDP)-III programme through engineering, procurement & construction basis. The company said that the execution period of the project is 24 months from the appointed date.

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