Gas utility stocks edge higher

Key benchmark indices hovered in a narrow range near the flat line in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 22.20 points or 0.09% at 25,645.55. The 50-unit Nifty 50 index was currently up 9.50 points or 0.12% at 7,800.80. The broad market depicted strength. There were more than two gainers against every loser on BSE. 2,002 shares rose and 780 shares declined. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently up 0.62%. The BSE Small-Cap index was currently up 0.86%. Both these indices outperformed the Sensex.

In overseas markets, European stocks edged higher after China's central bank injected billions of dollars into its financial system, aiming to calm its stock market after a selloff that sparked a global market rout the prior day. Chinese stocks edged lower in choppy trade amid worries about how Chinese regulators would address the market volatility and potential selling by big shareholders. In mainland China, the Shanghai Composite index ended 0.26% lower. In Hong Kong, the Hang Seng index lost 0.65%. Concerns over the slowing Chinese economy and falling yuan triggered 7% decline in Chinese stocks yesterday, 4 January 2016, triggering a halt to trading and leading to a global selloff. US stocks closed sharply lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.

Pharma stocks were mixed. Aurobindo Pharma (up 2.02%), Dr Reddy's Laboratories (up 0.56%), Sun Pharmaceutical Industries (up 0.26%), Divi's Laboratories (up 0.03%) and Glenmark Pharmaceuticals (up 0.26%) edged higher. Cadila Healthcare (down 2.48%), Strides Shasun (down 0.86%), Ipca Laboratories (down 1.74%), GlaxoSmithkline Pharmaceuticals (down 0.19%), Cipla (down 0.31%) and Lupin (down 0.32%) edged lower.

Shares of gas production and distribution companies rose after the Supreme Court upheld temporary ban on sale of large diesel vehicles in New Delhi. Indraprastha Gas (up 2.58%) and Gujarat Gas (up 2.14%) edged higher.

Shares of state-run gas transmission major GAIL (India) rose 2.38% at Rs 368.45. The stock hit a high of Rs 369.90 and a low of Rs 362.15 so far during the day.

Shares of Mahindra & Mahindra (M&M) were up 0.14% at Rs 1,246. M&M along with Mercedes-Benz India and Toyota had reportedly moved Supreme Court to recall a part of the December 2015 order that banned registration of diesel vehicles with engine capacities over 2000cc in the national capital. It may be recalled that Supreme Court had imposed a ban on registration of new diesel sport utility vehicles (SUVs) and private cars in Delhi with an engine capacity of over 2000cc until 31 March 2016, to rein in the alarming pollution levels in the capital city. The Supreme Court had at that time ordered that taxis plying in Delhi will have to be converted into compressed natural gas (CNG) by 1 March 2016.

Kellton Tech Solutions was locked in 5% upper circuit at Rs 208.10 after the company's board of directors at its meeting held yesterday, 4 January 2016, approved allotment of 30 lakh equity shares pursuant to conversion of 30 lakh warrants to persons belonging to the promoter group and non-promoter group. The announcement was made after market hours yesterday, 4 January 2016.

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