Strong market breadth

Key benchmark indices opened higher tracking positive leads from the US market. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 71.50 points or 0.29% at 24,844.47. The Nifty 50 index was up 6.10 points or 0.08% at 7,542.90.

The broad market depicted strength. There were almost four gainers against every loser on BSE. 873 shares rose and 212 shares fell. A total of 33 shares were unchanged. The BSE Mid-Cap index was currently up 0.62%. The BSE Small-Cap index was currently up 0.72%. Both these indices outperformed the Sensex.

In overseas market, Asian shares were trading on a mixed note. China shares hovered near bear-market territory, extending an early-year selloff. China's Shanghai Composite was down 1.54%. US stocks rallied sharply yesterday, 14 January 2016, as a rebound in oil prices allowed the main indexes to claw back much of the steep fall seen in the previous session.

Metal shares edged higher. Vedanta (up 1.26%), National Aluminium Company (up 1.23%), Steel Authority of India (up 0.90%), Tata Steel (up 0.88%), Hindalco Industries (up 0.80%), Jindal Steel & Power (up 0.55%), JSW Steel (up 0.51%), Bhushan Steel (up 0.25%) and Hindustan Zinc (up 0.11%), edged higher.

NMDC was up 1.09%. The company in its latest price review has kept prices of lump ore unchanged at Rs 1,800 per tonne. The state-run iron ore miner also kept the prices of iron ore fines unchanged at Rs 1,560 per tonne. The prices are excluding royalty, taxes, DMF, duties, levies etc. The announcement was made after market hours yesterday, 14 January 2016.

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