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Mid-Session: Markets trade firm; GAIL (India) jumps nearly 5% Analysis for Dec 23, 2015

By Religare
|

Tracking positive global cues, Indian equities continued to trade firm in the noon session on Wednesday. Markets saw buying mainly in the metal, power, oil & gas and healthcare sector stocks as India's current account deficit (CAD) narrowed to USD 8.2 billion in September quarter of 2015 against USD 10.9 billion in the year-ago quarter. At 12:11 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 25838.28, up by 247.63 points or 0.97 per cent while the NSE Nifty was at 7857.95, up by 71.85 points or 0.92 per cent.

 

Meanwhile, market sentiments remained boosted on growing optimism that the world"s biggest economy will handle policy tightening which began this month, bolstered the lure for risky assets.

The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 355.30,+4.95%), Bharat Heavy Electricals Ltd. (Rs. 172.20,+3.64%), Sun Pharmaceutical Industries Ltd. (Rs. 786.50,+2.92%), Tata Steel Ltd. (Rs. 264.40,+2.80%), Bharti Airtel Ltd. (Rs. 329.45,+1.93%), among others.

Major show spoilers were Asian Paints Ltd. (Rs. 876.20,-0.40%), Mahindra & Mahindra Ltd. (Rs. 1255.90,-0.21%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2633 shares traded, 1649 advanced while 780 shares declined and 204 remained unchanged.

On the global front, Asian markets were trading in the green on growing confidence in the US and Chinese economies. The US economy grew by a revised 2 per cent annualized pace in the September 2015 quarter with consumer spending, the backbone of the world"s biggest economy, that accounts for about 70 per cent of US GDP growing by 3 per cent.

Story first published: Wednesday, December 23, 2015, 12:48 [IST]
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