Sensex scales record high in early trade

A divergent trend was seen in early trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with marginal losses. At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 25.36 points or 0.07% at 34,035.97. The Nifty 50 index was off 4.45 points or 0.04% at 10,527.05. The Sensex scaled record high in early trade.

Among secondary indices, the S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.35%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,012 shares rose and 401 shares fell. A total of 63 shares were unchanged.

Overseas, Asian markets were mixed in early trade, with most markets shrugging off overnight declines seen on Wall Street. Meanwhile, investors in the region await the release of industrial profit numbers out of China. US stocks closed lower in light volume trade yesterday, 26 December 2017 as shares of Apple tumbled, offsetting gains in energy stocks as oil prices hit their highest in more than two years.

Back home, Sun Pharmaceutical Industries (up 1.55%), ONGC (up 1.14%) and NTPC (up 0.98%) edged higher from the Sensex pack.

Reliance Communications (RCom) jumped 20.96% to Rs 25.80 after the company announced its exit from the Reserve Bank of India (RBI)'s Strategic Debt Restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders. Upon completion of all transactions as announced, the balance debt in RCom is expected to be approximately Rs 6000 crore only, representing reduction of over 85% of total debt. The announcement was made after market hours yesterday, 26 December 2017.

Jindal Steel & Power (JSPL) rose 1.32% to Rs 195.15 after the company said it has successfully completed a 250 ton basic oxygen furnace (BOF) marking the completion of its 6 million tones per annum (MTPA) integrated steel project at Angul, Odisha. With the completion of the new steel making facility, JSPL will utilize the full capacity of its 4 MTPA mega blast furnace, the largest in India. The BOF will also enable the company to achieve significantly higher cost effectiveness and efficiencies for steel making. The announcement was made after market hours yesterday, 26 December 2017.

The 250 ton basic oxygen furnace will produce 3 million tonnes of high-grade steel per annum. JSPL's Angul steel making complex is the largest and most modern integrated steel plant in the state of Odisha that has been established at an investment of Rs 33000 crore. The BOF is the last major installation at the 6 MTPA integrated steel plant, marking the completion of JSPL's expansion and capital expenditure program.

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