Market extends gains

Key benchmark indices extended initial gains triggered by firm Asian stocks. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 310.36 points or 1.3% at 24,272.57. The Nifty 50 index was up 94.30 points or 1.3% at 7,371.10. The Sensex was currently trading above the psychological 24,000 mark after a gap-up opening saw the Sensex regaining that mark.

The Sensex jumped 337.97 points or 1.41% at the day's high of 24,300.18 in morning trade. The barometer index rose 157.83 points or 0.65% at the day's low of 24,120.04 in early trade. The Nifty rose 101.55 points or 1.39% at the day's high of 7,378.35 in morning trade. The index rose 50.80 points or 0.69% at the day's low of 7,327.60 in morning trade.

The broad market depicted strength. There were more than five gainers against every loser on BSE. 1,637 shares gained and 321 shares fell. A total of 86 shares were unchanged. The BSE Mid-Cap index was currently up 1.34%. The BSE Small-Cap index was currently up 1.55%. Both these indices outperformed the Sensex.

In overseas markets, Asian stocks rose as investors put their hopes on more stimulus from the European Central Bank (ECB). In Japan, the Nikkei 225 Average was currently up 4.07%. In Hong Kong, the Hang Seng index was currently up 1.41%. US stocks edged higher yesterday, 21 January 2016, after hints of more stimulus from ECB President Mario Draghi and as oil prices bounced back.

ECB President Mario Draghi yesterday, 21 January 2016, signaled in a news conference that the governing council may provide more stimulus at its next meeting in March, noting that the outlook for inflation had weakened significantly. The ECB left its key interest rates unchanged after a monetary policy review.

Metal and mining stocks gained on renewed buying. Vedanta (up 2.08%), JSW Steel (up 0.7%), Tata Steel (up 2.03%), Steel Authority of India (Sail) (up 2.53%), National Aluminium Company (up 1.03%), Hindustan Zinc (up 2.37%), Jindal Steel & Power (up 2.39%), Hindalco Industries (up 2.34%), NMDC (up 2.8%), Hindustan Copper (up 1.02%) edged higher.

Power generation stocks gained. NTPC (up 3.31%), Torrent Power (up 2.01%), Reliance Power (up 1.75%), Tata Power Company (up 0.98%), CESC (up 1.07%), NHPC (up 0.79%), Jaiprakash Power Ventures (up 2.3%), Adani Power (up 2.82%) and JSW Energy (up 1.43%) gained. Reliance Infrastructure shed 0.07%.

State-run coal-mining giant Coal India was up 2.32% at Rs 295. The stock hit a high of Rs 295.60 and a low of Rs 289.30 so far during the day.

Index heavyweight and engineering and construction major L&T advanced 2.41% to Rs 1,128.65. The stock hit high of Rs 1,133.90 and low of Rs 1,110.30 so far during the day. The company has won a contract worth Rs 1213 crore from the Dedicated Freight Corridor Corporation of India. The freight corridor project has been secured by a consortium of L&T and Sojitz Corp., Japan.

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