Key indices extend gains

Oil and pharma sector stocks along with index heavyweight ITC led gains for key benchmark indices. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 80.55 points or 0.33% at 24,572.94. The 50-unit Nifty 50 index was currently up 25.35 points or 0.34% at 7,463.10. The Sensex and the Nifty extended gains in mid-afternoon trade.

The Sensex rose 85.84 points or 0.35% at the day's high of 24,578.23 in mid-afternoon trade. The barometer index fell 91.87 points or 0.37% at the day's low of 24,400.52 in early trade, its lowest level since 22 January 2016. The Nifty rose 26.30 points or 0.35% at the day's high of 7,464.05 in mid-afternoon trade. The index shed 28.15 points or 0.37% at the day's low of 7,409.60 in early trade, its lowest level since 22 January 2016.

The market breadth indicating the overall health of the market was negative. On BSE, 1,216 shares fell and 1,191 shares rose. A total of 178 shares were unchanged. The BSE Mid-Cap index was currently up 0.09%. The BSE Small-Cap index was currently up 0.25%. Both these indices underperformed the Sensex.

In overseas stocks markets, European stocks reversed initial losses as crude oil prices moved higher. Asian stocks edged higher after China's central bank People's Bank of China announced a large injection of cash into the financial system to pre-empt a holiday-induced funding squeeze and offset rapid capital outflows. But, Chinese stocks fell on continued concerns about China's slowing economy. In mainland China, the Shanghai Composite ended 2.92% lower with losses accelerating late in the session.

US stocks fell yesterday, 27 January 2016, after the Federal Reserve left the door open to a March rate increase despite acknowledging that US economic growth slowed since its last meeting in December 2015. The Fed held US interest rates unchanged as expected and said it is closely monitoring global economic and financial developments. The stance of the monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation, the Fed said in a statement.

Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 2.49%), Ashok Leyland (up 1.02%), Bajaj Auto (up 0.02%), Hero MotoCorp (up 0.68%) and TVS Motor Company (up 1.41%) gained. Eicher Motors (down 1.13%) and Tata Motors (down 0.46%) declined.

Maruti Suzuki India shed 0.6% ahead of its Q3 results today, 28 January 2016.

Metal & mining stocks were mixed. Hindustan Copper (up 0.3%), Hindustan Zinc (up 5.83%), and National Aluminum Company (up 1.01%) gained. Jindal Steel & Power (down 1.74%), JSW Steel (down 1.7%), Bhushan Steel (down 2.69%), NMDC (down 1.43%), Hindalco Industries (down 0.91%), Tata Steel (down 0.89%), an Steel Authority of India (Sail) (down 0.11%) declined.

Vedanta rose 1.57% ahead of its Q3 results today, 28 January 2016.

Just Dial slumped 8.25% after net profit fell 16.02% to Rs 26.99 crore on 14.58% increase in total income to Rs 180.90 crore in Q3 December 2015 over Q3 December 2014. The result was announced during trading hours today, 28 January 2016.

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