Market may extend gains

Key benchmark indices may extend previous session's gains as trading of Nifty 50 futures on the Singapore stock exchange indicated that the Nifty could gain 28.50 points at the opening bell. A further slide in crude oil prices may support bourses as India imports 80% of its oil requirements.

The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month December 2015 series to January 2016 series. The near month December 2015 derivatives contracts expire on Thursday, 31 December 2015.

In overseas markets, Asian stocks were mixed. US stocks rebounded from session lows but finished lower yesterday, 28 December 2015, weighed down by a drop in energy stocks and oil prices.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 302.62 crore on Monday, 28 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 987.82 crore on Monday, 28 December 2015, as per provisional data.

Among corporate news, Jindal Steel & Power (JSPL) announced after market hours yesterday, 28 December 2015 that its board of directors through a circular resolution passed on 28 December 2015, approved giving of the right in terms of RBI circular on the strategic debt restructuring scheme dated 8 June 2015, to the lenders of Jindal Power (JPL) for its 1,200 megawatts (MW) (2X600 MW) thermal power project situated at Raigarh district in Chhattisgarh (Phase III project) for conversion of its loan into equity share capital of JPL in the event of default. JPL is a power subsidiary of JSPL.

Lupin after market hours yesterday, 28 December 2015, announced that it has received final approval from the United States Food and Drug Administration (USFDA) for its Fyavolv Tablets, a generic version of Warner Chilcott's Femhrt Tablets. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly, Lupin said in a statement. Lupin's Fyavolv Tablets are indicated for the treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. Femhrt had annual sales of $39.9 million in the United States as per IMS MAT September 2015 data.

Infosys announced after market hours yesterday, 28 December 2015, the launch of its solar PV power plant of 6.6 megawatts (MW) capacity at its Pocharam campus in the state of Telangana. With this launch, combined with the existing 0.6 MW capacity rooftop solar plant, the Infosys campus in Pocharam will be one of the first corporate campuses in India that will be run completely by renewable energy. The plant, with a total capacity of 7.2 MW, has been successfully synchronized with the grid and is expected to generate 12 million kWh per annum. This initiative is expected to reduce the company's CO2 emissions by 9,200 tons. Currently, the company has installed 12 MW solar power plants (onsite) across its campuses and another 3 MW is expected to be completed within the next two months.

The Infosys IT SEZ at Pocharam is a 450-acre campus. The Phase-1 of this campus has a built-up area of 30 lakh sq. ft. with 16,000 seats. The construction of Phase-2 of the campus is underway and it has a planned capacity of 25,000 employees. An area has been reserved to construct Phase-3.

Stocks of pharmaceutical companies and private sector banks led gains as key benchmark indices edged higher on the first trading session of the week yesterday, 28 December 2015, with the barometer index, the S&P BSE Sensex, surpassing the psychologically important 26,000 level. The Sensex rose 195.42 points or 0.76% to settle at 26,034.13 on that day, its highest closing level since 2 December 2015.

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