Broader market rallies

Key market barometers further extended gains in mid-afternoon trade. The Nifty held firmly above the 12,250 level. Good manufacturing PMI data for December boosted investors sentiment.

At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 289.71 points or 0.71% at 41,597.77. The Nifty 50 index was up 86.15 points or 0.71% at 12,268.65.

In the broader market, the S&P BSE Mid-Cap index was up 1.05% while the S&P BSE Small-Cap index was up 1.37%.

The market breadth was titled in the favour of buyers. On the BSE, 1688 shares rose and 737 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.

Stocks in Spotlight:

Steel Strips Wheels rose 0.57% to Rs 769.50. The company said total wheel rim sales rose 6% to 11.94 lakh units in December 2019 over December 2018. The company expect the momentum to continue based on good exports and Mehsana alloy wheel segment contribution.

Clariant Chemicals India surged 4.06% to Rs 397. The company said it concluded the sale of its additives business to Clariant India, a related party, on a going concern basis, for a consideration of Rs 16.84 crore.

Jindal Steel & Power (JSPL) surged 4.39% to Rs 173.60. The company reported 22% rise in steel & related products production to 1.61 million tonnes in Q3 FY20, compared to 1.32 million tonnes in the corresponding period last year.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.505% at 14:19 IST compared with 6.501% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.3450, compared with its previous closing low of 71.2250.

In the commodities market, Brent crude for March 2020 settlement was up 40 cents at $66.40 a barrel. The contract fell 67 cents or 1% to settle at $66 a barrel during the trading session ended on Tuesday, 31 December 2019.

MCX Gold futures for 5 February 2019 settlement advanced 0.19% to Rs 39,142.

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