Key benchmark indices held firm in mid-morning trade. At 11:31 IST, the barometer index, the S&P BSE Sensex, was up 96.13 points or 0.36% at 26,490.14. The Nifty 50 index was currently up 36.40 points or 0.45% at 8,178.55.
Overseas, most Asian stocks were trading higher ahead of key global events set to take place this week, including a meeting today, 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 closed higher yesterday, 29 November 2016 with the Nasdaq touching a record, but the market failed to make much headway as oil futures slumped ahead of a key meeting of major crude producers. Organization of the Petroleum Exporting Countries (OPEC) are set to meet in Vienna, Austria today, 30 November 2016 and marketmen are awaiting decision regarding an oil production cut. In September, OPEC had outlined a deal to cut output by approximately 1 million barrels per day. In economic news, the second read on US third-quarter GDP came in at an annualized rate of 3.2%, above a previous reading of 2.9%. The Consumer Confidence Index hit 107.1 in November, up from 98.6 in October.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,530 shares rose and 660 shares declined. A total of 147 shares were unchanged. The BSE Mid-Cap index was currently up 0.55%. The BSE Small-Cap index was currently up 1.05%. Both these indices outperformed the Sensex.
Capital goods stocks edged higher. L&T (up 2.52%), ABB India (up 0.42%), Bharat Heavy Electricals (Bhel) (up 0.7%), BEML (up 0.77%), Bharat Electronics (up 2.15%), Crompton Greaves (up 2.37%), Siemens (up 0.67%) and Punj Lloyd (up 1.75%) rose.
UCO Bank rose 1.34% to Rs 34.05 after the bank said it has allotted 7.17 crore equity shares to Life Insurance Corporation of India at an issue price of Rs 37.74 per equity. The shares issued to Life Insurance Corporation of India (LIC) will be under lock-in for a period of one year from the date of trading from the stock exchanges. LIC owned 11.88% stake in UCO Bank end September 2016. The announcement was made after market hours yesterday, 29 November 2016.
Vivimed Labs jumped 10.36% after the company said its FDF manufacturing facility in Alathur, near Chennai has a favourable outcome post its United States Food and Drug Administration inspection. The audit was conducted during the last week of November and concluded on 28 November 2016. Furthermore, Vivimed obtained abbreviated new drug application (ANDA) approval for Metronidazole and same is commercialised. During November 2016, the company acquired ANDA of Zolpidem and the file transfer has successfully been completed. It is expected to be commercialised by Q4 March 2017. The announcement was made after market hours yesterday, 29 November 2016.
Among macro economic data, India's gross domestic product (GDP) for the quarter ended September 2016 (Q2) is slated to be released today, 30 November 2016. India's GDP growth rate slowed to 7.1% in Q1 June 2016 from 7.9% expansion in Q4 March 2016. Also India's infrastructure output for October 2016 will be released today, 30 November 2016. Infrastructure output in India went up 5% year-on-year in September, following a 3.2% growth in August.
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