Key benchmark indices were trading with steady gains in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 173.12 points or 0.66% at 26,523.29. The Nifty 50 index was currently up 51.35 points or 0.63% at 8,178.25. Gains were led by index heavyweights HDFC and Reliance Industries (RIL). Earlier, both the Sensex and the Nifty hit their highest levels in almost two weeks in mid-morning trade.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,677 shares rose and 662 shares declined. A total of 155 shares were unchanged. The BSE Mid-Cap index was currently up 0.82%. The BSE Small-Cap index was currently up 1.15%. Both these indices outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) rose 1.29% to Rs 999.20. The stock hit high of Rs 1,002.70 and low of Rs 987.10 so far during the day.
Index heavyweight and housing finance major HDFC advanced 1.74% to Rs 1,269. The stock hit high of Rs 1,284.30 and low of Rs 1,244 so far during the day.
Pharma shares rose. Dr Reddy's Laboratories (up 0.5%), Lupin (up 0.63%), Alkem Laboratories (up 0.38%), Aurobindo Pharma (up 1.04%) and Wockhardt (up 2.55%) rose. Cadila Healthcare (down 0.39%), Cipla (down 0.32 %), Glenmark Pharmaceuticals (down 0.79%), GlaxoSmithKline Pharmaceuticals (down 1.24%) fell.
Sun Pharmaceutical Industries (Sun Pharma) slipped 0.53% after the company announced the launch of BromSite (bromfenac ophthalmic solution) 0.075% in the US market. A nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, BromSite will be marketed by Sun Ophthalmics, the company's branded ophthalmic business solution. BromSite is the first branded product launched by the company in the US, following its focus on specialty business. The announcement was made after market hours yesterday, 28 November 2016.
Cement stocks rose. Ambuja Cements (up 1.08%), ACC (up 0.89%), UltraTech Cement (up 1.2%) and Shree Cement (up 2.5%) gained.
Grasim Industries was up 1.16% at Rs 849.50. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Cox & Kings fell 2.04% after consolidated net profit fell 76.63% to Rs 27.32 crore on 11.70% increase in net sales to Rs 2557.84 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.
Bharat Financial Inclusion rose 7.66% to Rs 732.70 on reports that a foreign brokerage has maintained overweight rating on the stock for a target price of Rs 1,125 for its strong collection progress. The foreign brokerage reportedly said that Bharat Financial Inclusion has collected 89% of its overall dues over the period from 11 November to 25 November 2016.
Overseas, Asian stocks were trading mixed ahead of key global events set to take place this week, including a meeting tomorrow, 30 November 2016 between the world's largest oil producers and the release of the US nonfarm payroll report on Friday, 2 December 2016. US stocks declined yesterday, 28 November 2016 for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.
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