Key benchmark indices firms up after hitting fresh intraday low in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 49.52 points or 0.19% at 26,442.28. The Nifty 50 index was up 21 points or 0.26% at 8,164.15. Gains in other Asian shares boosted investors sentiment. The Sensex rose 77.17 points, or 0.29% at the day's high of 26,469.93 in early trade. The index rose 16.01 points, or 0.06% at the day's low of 26,408.77 in mid-morning trade. The Nifty rose 27.55 points, or 0.34% at the day's high of 8,170.70 in early trade. The index rose 6.75 points, or 0.08% at the day's low of 8,149.90 in mid-morning trade. Overseas, most Asian shares were trading higher as investors covered short positions and looked to the upcoming policy meeting of the European Central Bank for comfort after a referendum defeat tipped Italy into political turmoil. US stocks rose yesterday, 6 December 2016, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row. Back home, the market breadth, indicating the overall health of the market, was strong. On BSE, 1,363 shares rose and 778 shares fell. A total of 130 shares were unchanged. The BSE Mid-Cap index and the BSE Small-Cap index were currently up 0.34% respectively. Both these indices outperformed the Sensex. IT stocks were mixed. HCL Technologies (down 1.27%), Persistent Systems (down 1.04%), TCS (down 0.89%), Tech Mahindra (down 0.34%), Wipro (down 0.22%) and MphasiS (down 0.19%), edged lower. Hexaware Technologies (up 0.05%), Infosys (up 0.13%), Oracle Financial Services Software (up 0.27%) and MindTree (up 1.45%), edged higher. Most cement shares rose. UltraTech Cement (up 1.09%), Ambuja Cements (up 0.90%) and ACC (up 0.36%), edged higher. Grasim Industries was down 0.25%. Grasim has exposure to cement sector through its holding in UltraTech Cement. Ess Dee Aluminium was locked at 5% upper circuit at Rs 44.35 after the company said SSG Capital has agreed to participate in the revival of the company. Ess Dee Aluminium is suffering from severe financial stress due to liquidity constraints which in turn have resulted in to the company's manufacturing plant being virtually non-operational with negligible production. The company has been looking at various options for revival and has been in active discussion with existing and prospective lenders. In this context, he funds managed/advised by SSG Capital Management and their associates (the prospective investor) have agreed to participate in the revival of the company. The agreement is subject to the consent from the company's bankers/lenders to facilitate a re-working of company's capital structure to long term sustainable levels. The company is hopeful of recommencing the production early in the new calendar year. The announcement was made after market hours yesterday, 6 December 2016. KEI Industries rose 1.2% after the company announced that new production line of extra high voltage cables at Chopanki plant would be operational by the end of December 2016. KEI Industries had earlier announced capex/expansion at Chopanki plant in Rajasthan.The company gave an update after market hours yesterday, 6 December 2016. On macro front, a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) will conclude today, 7 December 2016. It will be interesting to watch RBI's monetary policy stance this time in a scenario of government's recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October. Powered by Capital Market - Live News |