After registering decent gains in early trade on the back of a recovery in Asian stocks, Indian stocks pared gains in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 109.38 points or 0.44% at 24,961.21. The gains for the 50-unit Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently up 22.35 points or 0.3% at 7,590.65. The Sensex failed to retain the psychological 25,000 level which it had reclaimed in early trade.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,556 shares rose and 458 shares declined. A total of 107 shares were unchanged. The BSE Mid-Cap index was currently up 0.63%. The BSE Small-Cap index was currently up 0.88%. Both these indices outperformed the Sensex.
In overseas stock markets, Chinese stocks led gains in Asian markets after China Securities Regulator removed its four-day-old circuit-breaker system that was blamed for triggering a rout in Chinese stocks this week. In mainland China, the Shanghai Composite index was currently up 2.39%. China's central bank meanwhile guided the yuan stronger against the dollar, further helping to calm the markets somewhat. Chinese markets were suspended from trading on Monday, 4 January 2016, and Thursday, 7 January 2016, after they fell by the 7% limit allowed in the new circuit-breaker system ushered in this year.
Trading in US stock index futures pointed to a recovery in US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 146.50 points at the opening bell today, 8 January 2016. US stocks tumbled yesterday, 7 January 2016, as persistent worries about the health of the Chinese economy and a continued slide in commodity prices sent investors for cover.
Closer home, oil stocks edged higher. Among oil exploration & production (E&P) companies, Cairn India (up 1.01%), Oil India (up 0.7%) and Reliance Industries (up 1.39%) gained. ONGC (down 0.31%) edged lower.
Among the state-run oil marketing companies, HPCL (up 1.53%), BPCL (up 1.25%) and Indian Oil Corporation (up 0.89%) edged higher.
In the global commodities markets, Brent for February settlement was currently up 56 cents at $34.31 a barrel. The contract had lost 48 cents or 1.4% to settle at $33.75 a barrel during the previous trading session.
Metal and mining stocks edged higher on bargain hunting after recent steep slide. Steel Authority of India (up 1.61%), Tata Steel (up 1.22%), Vedanta (up 1.23%), Jindal Steel & Power (up 1.43%), Hindustan Zinc (up 0.86%), JSW Steel (up 0.77%), Hindalco Industries (up 0.52%), NMDC (up 0.57%) and National Aluminium Company (up 1.61%) gained.
Bharati Shipyard rose 1.27% at Rs 35.95 after the company said it has allotted 26.47 lakh convertible warrants at Rs 22 each on preferential basis to Edelweiss Finance & Investments. Bharati Shipyard said it has received 25% amount towards the issue price i.e. Rs 5.50 per warrant, totaling to Rs 1.45 crore from Edelweiss Finance & Investments. The announcement was made after market hours yesterday, 7 January 2016.
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