Key benchmark indices edged higher in early trade after witnessing a sharp slide in previous trading session. At 9:18 IST, the barometer index, the S&P BSE Sensex was up 214.47 points or 0.86% at 25,066.30. The gains for the 50-unit Nifty 50 index were lower than Sensex's gains in percentage terms. The Nifty was currently up 46.55 points or 0.62% at 7,614.85. The Sensex reclaimed the psychological 25,000 level after closing below that mark yesterday, 7 January 2016.
In overseas markets, Asian markets were mixed. In mainland China, the Shanghai Composite index was currently up 2.2% after a rout in previous trading session. US stocks closed sharply lower yesterday, 7 January 2016 as lower oil prices and a rout in Chinese stocks renewed concerns about global economic growth.
Closer home, the broad market depicted strength. There were more than six gainers against every loser on BSE. 1,064 shares rose and 176 shares declined. A total of 55 shares were unchanged. The BSE Mid-Cap index was currently up 1.17%. The BSE Small-Cap index was currently up 1.12%. Both these indices outperformed the Sensex.
Cement stocks edged higher. UltraTech Cement (up 0.46%), ACC (up 0.34%), Ambuja Cements (up 0.33%) and Shree Cement (up 0.32%) gained.
Grasim Industries was up 0.34%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
L&T rose 0.58% at Rs 1,213.35 after the company announced after market hours yesterday, 7 January 2016, that L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of L&T, in consortium with McDermott has bagged an offshore contract from ONGC valued at Rs 2450 crore for the development of ONGC's Vashista and S1 deepwater fields situated off the East Coast of India. LTHE's share in the consortium is Rs 640 crore.
HDFC rose 0.42% at Rs 1,184.80 after the company announced after market hours yesterday, 7 January 2016 that its wholly owned subsidiary HDFC Capital Advisors has been appointed as an investment manager for the HDFC Capital Affordable Real Estate Fund-1 (HCARE-1). HCARE-1 is a Sebi registered Alternative Investment Fund (AIF) and has been sponsored by HDFC. HDFC said that the fund has received an aggregate commitment for an amount of Rs 2700 crore from various investors. One of the key objectives of HCARE-1 is to primarily make medium to long term investments towards development of mass housing where the residential units would be priced in a manner so as to cater to the residential demand of the urban middle-income households. HDFC said that the targeted fund size is approximately Rs 5000 crore and the first close will be Rs 2700 crore. The tenure of the fund will be 12 years and it will invest in the long-term equity of mid income housing, HDFC said.
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