Sensex, Nifty rise in early trade

Key indices were trading higher on selective buying in index stocks. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 124.40 points or 0.30% at 41,378.14. The Nifty 50 index was up 39.55 points or 0.33% at 12,208.00.

The S&P BSE Mid-Cap index was up 0.27%. The S&P BSE Small-Cap index was up 0.31%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 376 shares rose and 89 shares fell. A total of 25 shares were unchanged.

Among stocks, Yes Bank rose 0.75%. Yes Bank said CARE downgraded the rating on infrastructure bonds to A/Negative {from A+ (Credit Watch with Developing implications) and Negative outlook assigned}. The outlook for the ratings is Negative considering the uncertainty related to equity raising, which is critical for the bank to maintain adequate capital buffers over the minimum regulatory requirement as well as fund future growth of the bank.

Adani Green Energy jumped 4.98%. Adani Green Energy (AGEL) said its step down subsidiary, Adani Renewable Energy (GJ), has commissioned its 75 MW Wind Power Project having Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL) at Rs 2.85/kWh for a period of 25 years. Commercial sale of power from the Project to MSEDCL is expected to commence w.e.f. 1 January 2020.

Bajaj Electricals was up 2.28%. Bajaj Electricals said a meeting of the Board is scheduled to be held on 6 January 2020 to consider, among others, the proposal for raising of funds by issue of equity shares, convertible securities or any other securities, including, through a rights issue, preferential issue and/or qualified institutions placement.

Sterling and Wilson Solar gained 1.16%. Sterling and Wilson Solar said the promoters have enabled repayment of Rs 1,000 crore. The outstanding loan from the date of listing has fallen from Rs 2,563 crore to Rs 1,644 crore.

Skipper rose 0.88%. Skipper said CARE downgraded long term rating on the company's bank facilities to BBB+ with a stable outlook, from A with a negative outlook. The revision in the ratings is on account of deterioration in the financial performance of the company in FY19 and H1 FY20 on account of weak operational performance.

PTC India advanced 0.53%. PTC India announced its selection as aggregator for Pilot Scheme - II issued by Ministry of Power for resolution of stressed thermal assets. The scheme is for procurement and supply of 2500 MW power on medium term basis for three year's period.

Overseas Asian markets are closed on account of the New Year holiday.

In US, stocks finished Tuesday trade with modest gains on low volumes ahead of the New Year holiday on Wednesday.

On economic front, the October Case-Shiller home price index showed home prices rising by 3.3% in 20 major metropolitan areas across the US, up from a 3.2% rise in September.

The Conference Board's index of consumer confidence fell slightly to 126.5 in December, from a revised reading of 126.8 in November.

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