Firmness persists

Key benchmark indices held firm at higher level in morning trade amid encouraging global cues. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 221.15 points or 0.81% at 27,508.81. The 50-unit CNX Nifty was up 58.30 points or 0.71% at 8,310.

The BSE Sensex and the CNX Nifty, both, hit their highest level in more than nine weeks. The S&P BSE Sensex rose 267.40 points, or 0.98% at the day's high of 27,555.06, its highest level since 20 August 2015. The CNX Nifty rose 76.40 points, or 0.93% at the day's high of 8,328.10, its highest level since 20 August 2015.

There were more than two gainers against every loser on BSE. 1,366 shares rose and 584 shares fell. A total of 67 shares were unchanged. The BSE Mid-Cap index was up 0.50%. The BSE Small-Cap index was up 0.51%. Both these indices underperformed the Sensex.

In overseas markets, Asia extended a global stocks rally today, 23 October 2015, after the European Central Bank (ECB) signalled its readiness to inject more stimulus, helping the dollar scale a fresh two-month peak against the euro. US stocks ended sharply higher yesterday, 22 October 2015, rallying on economic data, better-than-expected earnings and dovish comments from ECB President Mario Draghi. Draghi indicated the central bank could move next month to expand stimulus measures in the face of sluggish global growth that is exacerbating worries about persistently low inflation in the eurozone.

Metal shares were in demand. Tata Steel (up 2.37%), Jindal Steel & Power (up 2.17%), Bhushan Steel (up 1.74%), Steel Authority of India (up 1.71%), Vedanta (up 1.52%), NMDC (up 1.24%), Hindalco Industries (up 1.17%), National Aluminium Company (up 0.99%), Hindustan Copper (up 0.85%) and JSW Steel (up 0.40%), edged higher. Hindustan Zinc was down 3.42%.

FMCG stocks edged higher. Colgate Palmolive (India) (up 1.31%), Hindustan Unilever (up 0.84%), Procter & Gamble Hygiene & Health Care (up 0.71%), Godrej Consumer Products (up 0.68%), Marico (up 0.64%), Nestle India (up 0.61%), Britannia Industries (up 0.46%), Dabur India (up 0.39%), GlaxoSmithKline Consumer Healthcare (up 0.13%) and Bajaj Corp (up 0.09%), edged higher.

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