Broader market outperforms; auto shares record across the board buying

The domestic equity barometers continued to trade with significant gains in mid-morning trade. The Nifty hovered near the 21,450 mark. Auto shares witnessed strong buying demand as they extended their bull run for third day in a row.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 256.68 points or 0.36% to 71,363.64. The Nifty 50 index added 98.05 points or 0.46% to 21,448.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.82% and the S&P BSE Small-Cap index rose 0.34%.

The market breadth remained strong. On the BSE, 2,328 shares rose, and 1,393 shares fell. A total of 166 shares were unchanged.

Buzzing Index:

Hero MotoCorp (up 2.99%), TVS Motor Company (up 1.83%), Bharat Forge (up 1.77%), Mahindra & Mahindra (up 1.71%) and Tube Investments of India (up 1.42%) were the top gainers.

Among the other gainers were Bajaj Auto (up 1.22%), Ashok Leyland (up 1.16%), Eicher Motors (up 1.06%), Samvardhana Motherson International (up 0.79%) and Balkrishna Industries (up 0.74%).

Stocks in Spotlight:

Thermax fell 1.58%. The company stated that it has received NCLT`s approval for demerger of its wholly-owned units, Thermax Cooling Solutions and Thermax Instrumentation.

Adani Green Energy added 1.44%. The company has completed power purchase agreement with the Solar Energy Corp of India to supply 1,799 MW of solar power. This concludes the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI.

RITES surged 4.25%. The company signed an MoU with the Northeastern Electric Power Corp. for consultancy work.

Global Markets:

Asian stocks are subdued Tuesday amid thin trading volumes. Several markets including Australia, New Zealand and Hong Kong were shut on account of Boxing Day.

US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year.

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