Metal and mining stocks shine

Key benchmark indices held onto gains and hovered near intraday highs in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 128.08 points or 0.5% to 25,935.18. The Nifty 50 index was currently up 43.45 points or 0.55% at 7,951.70. Gains in index heavyweights ITC and Infosys boosted sentiment on domestic bourses.

After a positive start, key indices build onto gains as trading for the day progressed. The Sensex rose 147.71 points or 0.57% at the day's high of 25,954.81 in mid-morning trade. The index fell 3.91 points or 0.02% at the day's low of 25,803.19 at the onset of the session. The Nifty rose 49.60 points or 0.63% at the day's high of 7,957.85 in mid-morning trade. The index declined 4.55 points or 0.06% at the day's low of 7,903.70 at the onset of the session.

In side indices, the BSE Mid-Cap index was currently up 0.94%. The BSE Small-Cap index was currently up 0.73%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,386 shares rose and 865 shares fell. A total of 155 shares were unchanged.

Index heavyweight and software major Infosys advanced 0.76% to Rs 990.45. The stock hit high of Rs 994.60 and low of Rs 982.25 so far during the day.

Index heavyweight and cigarette major ITC gained 1.89% to Rs 229.30. The stock hit a high of Rs 229.50 and low of Rs 224.45 so far during the day.

FMCG stocks saw mixed trend. Dabur India (up 2.65%), Britannia Industries (up 1.14%), GlaxoSmithkline Consumer Healthcare (up 0.53%), Godrej Consumer Products (up 0.81%), Marico (up 1.98%), Nestle India (up 0.5%) and Tata Global Beverages (up 2.35%) rose.

Colgate-Palmolive (India) (down 1.34%), Hindustan Unilever (down 0.1%), Procter & Gamble Hygiene and Health Care (down 0.49%), Jyothy Laboratories (down 0.76%) and Bajaj Corp (down 0.97%) fell.

Metal and mining stocks gained on renewed buying. JSW Steel (up 1.63%), Tata Steel (up 1.29%), Steel Authority of India (Sail) (up 0.73%), National Aluminium Company (up 3.38%), Vedanta (up 0.77%), Jindal Steel & Power (up 2.07%), Hindalco Industries (up 0.92%), NMDC (up 1.43%), Hindustan Copper (up 0.03%) edged higher. Hindustan Zinc (down 0.3%) fell.

Copper edged lower in the global commodities market. High Grade Copper for March 2017 delivery was currently off 0.08% at $2.477 per pound on the COMEX.

Cipla rose 1.26% to Rs 560.85 on media reports that a foreign brokerage has maintained a buy call on the stock with a target price of Rs 660.

Bharat Financial Inclusion rose 5.58% to Rs 507.25 on bargain hunting after a recent slide. Shares of Bharat Financial Inclusion fell 27.15% in seven trading sessions to settle at Rs 480.45 yesterday, 26 December 2016, from its close of Rs 659.55 on 15 December 2016.

Overseas, Asian stocks were trading with slim gains, in thin trade and with little to guide them as most major markets were closed yesterday, 26 December 2016 for Christmas holidays. Markets in Australia, New Zealand and Hong Kong remain shut today, 27 December 2016 while those in the US and the UK will resume trading after the Christmas break.

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