Metal and mining stocks gain

A bout of volatility was witnessed as key benchmark indices pared gains after extending intraday gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 98.20 points or 0.4% at 24,584.15. The 50-unit Nifty 50 index was currently up 25.90 points or 0.35% at 7,462.05. Gains in Asian stocks aided upmove on the domestic bourses.

The Sensex rose 159.75 points or 0.65% at the day's high of 24,645.70 in early trade. The barometer index fell 21.62 points or 0.08% at the day's low of 24,464.33 in morning trade. The Nifty rose 41.75 points or 0.56% at the day's high of 7,477.90 in afternoon trade. The index shed 16.45 points or 0.22% at the day's low of 7,419.70 in morning trade, its lowest level since 22 January 2016.

The market breadth indicating the overall health of the market was strong. On BSE, 1,411 shares gained and 928 shares fell. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently up 0.61%. The BSE Small-Cap index was currently up 0.73%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks edged higher after better-than-expected corporate earnings triggered rally in US stocks overnight. In mainland China, the Shanghai Composite index staged a strong intraday rebound. The index ended with losses of 0.52%. US stocks ended sharply higher yesterday, 26 January 2016, as energy stocks soared amid a rebound in oil prices.

Meanwhile, the Federal Open Market Committee (FOMC) is widely expected to keep US interest rates unchanged after the conclusion of a two-day monetary policy meeting today, 27 January 2016. Investors are awaiting the Fed's policy statement for the US central bank's comments on global risk factors such as falling oil prices and economic slowdown in China.

Metal and mining stocks gained. Vedanta (up 1.63%), JSW Steel (up 1.01%), Tata Steel (up 1.04%), Steel Authority of India (Sail) (up 1.49%), National Aluminium Company (up 1.01%), Hindustan Zinc (up 1.59%), Jindal Steel & Power (up 1.76%), Hindalco Industries (up 0.14%), NMDC (up 0.31%) and Hindustan Copper (up 1.76%) edged higher.

Cement stocks were mixed. Ambuja Cements (down 1.14%), ACC (down 0.28%) and Shree Cement (down 0.89%) fell. UltraTech Cement rose 0.69%.

Grasim Industries was up 0.43% at Rs 3,454. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Hindustan Media Ventures rose 3.4% after net profit rose 28.2% to Rs 46.90 crore on 12.8% growth in revenue to Rs 251.60 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Monday, 25 January 2016.

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