Market gains in early trade

Key benchmark indices edged higher in early trade as bargain hunting emerged after sell off in the previous session. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 29.40 points or 0.12% at 24,854.44. The Nifty 50 index was up 9.70 points or 0.13% at 7,573.55.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 958 shares fell and 247 shares rose. A total of 52 shares were unchanged. The BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index was up 0.50%. Both these indices outperformed the Sensex.

In the overseas market, most Asian stocks were trading lower as investors worried over the extent of China's economic slowdown and its impact on emerging markets. US stocks eked out small gains yesterday, 11 January 2016, after dipping in and out of negative territory as a deepening rout in oil prices hit the energy sector on the heels of the worst weekly start ever to a new year.

Tata Motors as down 0.04% The company announced after market hours yesterday, 11 January 2016, that Tata Motors Group global wholesales including Jaguar Land Rover (JLR) rose 7% at 91,762 units in December 2015 over December 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 6% at 32,475 units in December 2015 over December 2014. Global wholesales of all passenger vehicles rose 8% at 59,287 units in December 2015 over December 2014. Global wholesales of Tata Motors' passenger vehicles declined 32% at 8,371 units in December 2015 over December 2014.

Housing Development Finance Corporation (HDFC) was down 0.11% The company announced after market hours yesterday, 11 January 2016, that HDFC Standard Life Insurance Company, a material subsidiary of the company, on 10 January 2016, incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC) called the HDFC International Life and Re Company (HILRCL) with an initial capital outlay of $12.33 million. Further, HILRCL will operate in DIFC, and shall shortly commence its business operations, subject to completion of further regulatory formalities for obtaining the final license from the Dubai Financial Services Authority. HILRCL would be in the business of offering reinsurance capacity to ceding insurers and may also foray into directly underwriting insurance contracts, subject to receipt of necessary approvals. It would initially offer reinsurance capacity in the UAE and subsequently expand to other jurisdictions, using either of the aforesaid business models.

Indian Bank was up 0.71% The bank announced after market hours yesterday, 11 January 2016, that pursuant to the bank's strategic plan discussed by its board on 26 October 2015, the bank is proposing to seek the approval of its board in the ensuing board Meeting to be held on 19 January 2016 to permit the bank to raise Basel III compliant Tier II bonds for Rs 1100 crore in one or more tranches in the current or subsequent years based on the requirement.

Most metal shares edged higher. Steel Authority of India (up 0.97%), Tata Steel (up 0.71%), Hindustan Zinc (up 0.68%), Bhushan Steel (up 0.48%), JSW Steel (up 0.29%), Hindalco Industries (up 0.26%), Jindal Steel & Power (up 0.24%) and NMDC (up 0.23%), edged higher. Hindustan Copper (down 1.06%), Vedanta (down 1.12%) and National Aluminium Company (down 2.03%), edged lower.

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