Strong market breadth

Key benchmark indices were trading near the flat line after slipping into the red in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 5.96 points or 0.02% at 26,085.44. The 50-unit Nifty 50 index was up 2.05 points or 0.03% at 7,931.

The Sensex shed 14.76 points or 0.05% at the day's low of 26,064.72 in morning trade. The index gained 50.72 points or 0.19% at the day's high of 26,130.20 in early trade. The Nifty fell 4.60 points or 0.05% at the day's low of 7,924.35 in morning trade. The Nifty hit its highest level in four weeks when it rose 15.80 points or 0.19% at the day's high of 7,944.75 at the onset of the trading session, its highest level since 2 December 2015.

The market breadth indicating the overall health of the market was strong. On BSE, 1,290 shares rose and 721 shares fell. A total of 169 shares were unchanged. The BSE Mid-Cap index was currently up 0.48%. The BSE Small-Cap index was currently up 0.4%. Both these indices outperformed the Sensex.

In overseas markets, Asian stocks were mixed. US stocks climbed sharply higher yesterday, 29 December 2015, as a rebound in oil prices helped reinvigorate bullish sentiment.

Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.36%), Havells India (up 0.3%), ABB India (up 0.26%), Bharat Electronics (up 1.01%), L&T (up 0.3%), and Siemens (up 0.21%) gained.

Metal & mining stocks gained. JSW Steel (up 0.86%), Bhushan Steel (up 2.86%), Hindustan Copper (up 0.17%), Vedanta (up 0.92%), Hindalco Industries (up 1.19%), Hindustan Zinc (up 1.41%), Jindal Steel & Power (up 0.77%), Tata Steel (up 2.14%), Steel Authority of India (Sail) (up 1.15%), National Aluminum Company (up 0.87%) and NMDC (up 0.16%) gained.

Bosch fell 0.6% after the company announced that with a view to adjust production to meet the demand for products and to avoid unnecessary buildup of inventory, the company is suspending all manufacturing operations at its Bangalore plant and Bidadi plant for two days on 30 and 31 December 2015. There is no financial impact on account of the proposed suspension of operations, Bosch said. The company made the announcement after market hours yesterday, 29 December 2015.

Petron Engineering Construction rose 4.96% after the company said that it received letter of intent from JSW Cement (JSWCL) for civil and structural work for 2x1.2 million tonnes per annum (MTPA) GGBS grinding unit at JSWCL, Salboni, West Bengal for a total contract price of Rs 75 crore. The company made the announcement after market hours yesterday, 29 December 2015.

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