The market continued to trade near day's high amid strong buying support. The Nifty firmly held above 12,300 mark.
At 11:31 IST, the S&P BSE Sensex, surged 279.89 points or 0.67% at 41,879.70. The Nifty 50 index gained 71.8 points or 0.59% at 12,328.60.
Buying was broad based. The S&P BSE Mid-Cap index was up 0.65% while the S&P BSE Small-Cap index was up 0.74%.
The market breadth was strong. On the BSE, 1420 shares rose and 702 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 34 stocks advanced while 16 declined.
Insurance companies were in focus after Insurance Regulatory and Development Authority of India (IRDAI) released business data for December 2019. HDFC Life Insurance (up 0.78%), ICICI Prudential Life Insurance (up 0.56%), Max Financial Services (up 0.22%) and SBI Life Insurance (up 0.14%) edged higher.
HDFC Life Insurance's first year premium's rose 5.83% to Rs 1503.95 crore on month on month basis. ICICI Prudential Life Insurance first year premium surged 16.13% to Rs 1112.32 crore in December 2019 as against Rs 957.81 crore in December 2018. SBI Life Insurance's first year premium rose 18.97% to Rs 2071.41 crore in December 2019. Max Life Insurance's total first year premium jumped 22.11% to Rs 637.14 crore on month on month basis.
State owned Insurance giant LIC reported a 53.4% jump to Rs 16,861.98 crore in December 2019 over December 2018.
Stocks in Spotlight:
Edelweiss Financial Services soared 6.18% to Rs 112.55 after chairman Rashesh Shah clarified that the company has no links or transactions with Capstone Forex and all allegations regarding the violation of FEMA guidelines are false. As per the company's filing, Rashesh Shah said that he was unable to meet the Directorate of Enforcement (ED) in person. The company, however, sent a senior authorised representative to attend the ED with the requisite information.
Media reports suggested that Sanjay Nathalal Shah, a chartered accountant and an independent director of Edelweiss Group had been accussed of having connections with Capstone Forex. Shah further clarified that he has no association with the Edelweiss Group. Rashesh Shah has debunked the media's claims as "false allegations, conjecture and innuendo." Edelweiss Financial said it will take necessary legal actions against the concerned media group, in order to protect and reinforce the reputation of Edelweiss. The statement was released on Sunday, 12 January 2020.
Tata Steel gained 0.81% to Rs 490.5. Tata Steel Netherlands Holdings B.V. (TSNHBV), a 100% subsidiary of Tata Steel, has executed agreements for the refinancing of its bank debt. TSNBHV has raised term loan facilities of EUR 1.75 billion from 19 banks. This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of March 2019, enabling the standalone European business to have a more robust balance sheet while it is also putting in significant efforts at restructuring and improving its operating performance.
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