Sensex adds 306 pts; Hindalco jumps 3.48%

The headline equity indices traded with decent gains in afternoon trade. The Nifty traded above the 21,500 level. PSU Bank, metal and auto shares advanced while media, oil & gas and IT stocks declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 306.09 points or 0.43% to 71,642.89. The Nifty 50 index advanced 92.80 points or 0.43% to 21,534.15.

In the broader market, the S&P BSE Mid-Cap index added 0.22% and the S&P BSE Small-Cap index rose 0.01%.

The market breadth was positive. On the BSE, 1,882 shares rose and 1,854 shares fell. A total of 127 shares were unchanged.

Gainers & Losers:

Hindalco Industries (up 3.48%), Ultratech Cement (up 3.33%), Bajaj Auto (up 2.53%), Tata Motors (up 2.45%) and JSW Steel (up 1.98%) were major Nifty gainers.

Britannia Industries (down 1.24%), NTPC (down 1.18%), Tech Mahindra (down 0.98%), Adani Enterprises (down 0.82%) and Hero MotoCorp (down 0.63%) were major Nifty losers.

Stocks in Spotlight:

SJVN added 1.41%. The state-run power generation firm on Tuesday announced that it has secured a 100 MW solar power project worth Rs 550 crore from Gujarat Urja Vikas Nigam (GUVNL).

Aditya Birla Capital rose 1.38%. The company made investments of Rs 850 crore in Aditya Birla Finance via share subscription and of Rs 50 crore in Aditya Birla Capital Digital.

Vishnu Prakash R Punglia jumped 4.54%. The company received the letter of award for orders worth Rs 899 crore from the Uttarakhand government for development projects.

Kansai Nerolac Paints surged 4.51%. The company will sell a land parcel in Mumbai`s Lower Parel along with a building there for Rs 726 crore to Aethon Developers.

Global Markets:

Markets in Europe and Asia traded higher on Wednesday, tracking a rally from Wall Street as investors latched on to the year-end optimism driven by expectations that the Federal Reserve could begin cutting rates as early as next March.

The summary of opinions of the Bank of Japan�s December meeting showing that members of the central bank saw monetary policy remaining ultra-loose for the time being.

US stocks continued their positive momentum on Tuesday, with the Dow and broad-based S&P 500 both rising 0.4%, while the tech-rich Nasdaq Composite Index climbed 0.5%.

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