Nifty trades above 21,500 level; strong market breadth

The domestic equity barometers traded strong in early trade as bourses witnessed significant buying in key index pivotals. The Nifty managed traded above the 21,500 mark. Metal, auto and IT pack led the gains while pharma and healthcare shares lagged behind.

At 09:32 IST, the barometer index, the S&P BSE Sensex, was up 327.72 points or 0.46% to 71,664.52. The Nifty 50 index advanced 92.65 points or 0.43% to 21,534.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.62% and the S&P BSE Small-Cap index gained 0.68%.

The market breadth was strong. On the BSE, 2,313 shares rose and 680 shares fell. A total of 99 shares were unchanged.

Stocks in Spotlight:

SJVN added 2.92%. 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 gained 2.06%. 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 6.59%. The company received the letter of award for orders worth Rs 899 crore from the Uttarakhand government for development projects.

Kansai Nerolac Paints surged 4.78%. 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:

Asian stocks rose broadly 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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