Shares extend gains; Nifty above 12,225 mark

The benchmark indices further extended gains and hit fresh intraday high in afternoon trade. The Nifty held firmly above 12,200 level. Positive global cues boosted sentiment in domestic shares.

At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 345.20 points or 0.84% at 41,508.96. The Nifty 50 index was up 99.10 points or 0.82% at 12,225.65.

The S&P BSE Midcap index rose 0.68% while the BSE Small Cap index advanced 0.65%. Both the indices lagged the benchmarks.

The market breadth was positive. On the BSE, 1389 shares rose and 938 shares fell. A total of 158 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.

Stocks in Spotlight:

ONGC rose 0.31% to Rs 128.45. The state-run company has reportedly received environment clearance (EC) for carrying out onshore exploration, development and production of oil and gas in 100 locations in non-forest area of Assam, that would entail an investment of Rs 3,500 crore.

Adani Ports & Special Economic Zone (APSEZ) was trading 0.41% higher at Rs 365. The company after market hours yesterday announced that Life Insurance Corporation of India increased stake in the company from 9.81% to 11.82% between 8 December 2019 and 23 December 2019.

Economy:

The Reserve Bank of India (RBI) on Thursday said it will buy Rs 10,000 crore worth of the current benchmark 10-year bond on 30 December 2019 while selling four bonds maturing in 2020 for an equivalent amount. Earlier this week, RBI had conducted a similar open market operation (OMO) and purchased securities worth Rs 10,000 crore and sold securities worth Rs 6,825 crore.

Foreign Markets:

European markets opened higher while stocks in Asia were mostly higher as investor optimism was boosted by hopes that US-China trade deal would soon be signed.

In US, stocks powered higher again on Thursday, helped by reports of record year-end retail sales. Traders returned from their Christmas and Boxing Day break to digest reports from Beijing that it was in close contact with Washington about an initial trade agreement, shortly after US President Donald Trump reportedly talked about signing ceremony for the recently struck Phase 1 trade deal.

On economic front, the number of people filing for US unemployment benefits slid for a second straight week.

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