Broad market depicts strength

After registering decent gains in early trade on the back of higher Asian stocks, the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index trimmed gains in morning trade. At 10:15 IST, the Sensex was up 113.39 points or 0.47% at 24,336.71. The gains for the Nifty were higher in percentage terms than those for the Sensex. The Nifty was currently up 41.70 points or 0.57% at 7,403.50.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,316 shares rose and 504 shares fell. A total of 74 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.45%. Both these indices underperformed the Sensex.

In overseas stock markets, Asian stocks edged higher as weaker-than-expected US service-sector data pushed the US dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities. US stocks staged a late-day rally yesterday, 3 February 2016, as sharp rebound in oil prices lifted beaten-down energy shares and financials rebounded from initial sharp slide.

Telecom stocks gained. Bharti Airtel (up 1.07%), Idea Cellular (up 0.29%), Reliance Communications (up 0.62%), Tata Teleservices (Maharashtra) (up 3.21%) and Mahanagar Telephone Nigam (up 0.84%) edged higher.

Cement stocks rose. Shree Cement (up 4.63%), Ambuja Cements (up 1.64%), ACC (up 1.11%) and UltraTech Cement (up 0.61%) gained.

Grasim Industries was up 0.49%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

NMDC rose 1.28% at Rs 78.85. The company in its latest price review has kept prices of lump ore unchanged at Rs 1,800 per tonne. The state-run iron ore miner also kept the prices of iron ore fines unchanged at Rs 1,560 per tonne. The prices are excluding royalty, taxes, DMF, duties, levies etc. The announcement was made after market hours yesterday, 3 February 2016.

Hikal rose 2.19% at Rs 149.50 after net profit rose 32.44% to Rs 12.41 crore on 6.82% growth in net total income from operations to Rs 240.40 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 3 February 2016.

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