Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 220.03 points or 0.84% at 26,570.20. The Nifty 50 index was currently up 65.50 points or 0.81% at 8,192.40. Investors continued to bargain hunt stocks, which were beaten down recently due to Indian government's demonetization drive to curb black money and on capital outflows on rising possibility of imminent hike in interest rates in the US.
Earlier, after opening higher, key indices extended gains and hit their highest levels in almost two weeks. The Sensex rose 236.90 points, or 0.89% at the day's high of 26,587.07 in afternoon trade, its highest level since 16 November 2016. The index rose 7.39 points, or 0.03% at the day's low of 26,357.26 at onset of day's trading session. The Nifty rose 70.45 points, or 0.86% at the day's high of 8,197.35 in afternoon trade, its highest level since 16 November 2016. The index rose 1.80 points, or 0.02% at the day's low of 8,128.70 at onset of day's trading session.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,722 shares rose and 706 shares declined. A total of 158 shares were unchanged. The BSE Mid-Cap index was currently up 0.96%. The BSE Small-Cap index was currently up 1.24%. Both these indices outperformed the Sensex.
IT stocks advanced as recent selling pressure on rupee against the dollar continued to support the counters. Tech Mahindra (up 0.16%), HCL Technologies (up 0.64%), TCS (up 0.07%), Infosys (up 0.09%), and Wipro (up 0.82%) edged higher. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Meanwhile, the rupee was trading slightly higher against the dollar today, 29 November 2016. Rupee had hit a record intraday low last week. The partially convertible rupee was hovering at 68.66, compared with its close of 68.7625 during the previous trading session.
Shares of power generation and power distribution companies also gained. Torrent Power (up 0.03%), NHPC (up 0.9%), Tata Power Company (up 0.14%), Adani Power (up 1.84%), Power Grid Corporation of India (up 0.13%), Reliance Infrastructure (up 1.22%) and Reliance Power (up 1.85%) gained. NTPC declined 0.43%.
Shares of state run coal mining major Coal India rose 2.02%.
Pfizer rose 0.78% after the company said it undertook a comprehensive review of its respiratory offerings to better cover a broader range of indications through an expanded product portfolio. As a result of this review, the company will launch additional products while it may also discontinue the manufacture of certain SKUs where needed.
Pfizer will be launching a series of products as line extensions under the Corex brand name, starting with the first launch in December 2016 and subsequent launches over the next year.
The company has also decided to discontinue the manufacturing of the current Corex Cough Syrup formulation (Codeine Phosphate 10mg + Chlorpheniramine Maleate 4mg).
Pfizer said it stands by the safety and efficacy of its current Corex Cough Syrup formulation that has been duly approved by Central and state regulators. As with this formulation, all additional line extensions will be introduced with all due regulatory approvals in place, it added. The announcement was made after market hours yesterday, 28 November 2016.
The company remains committed to providing a more comprehensive set of solutions in respiratory indications, while ensuring minimal impact towards patients resulting from the discontinuation of manufacturing of the current Corex Cough Syrup formulation, Pfizer said. Corex Cough Syrup recorded sales of Rs 244.48 crore for the financial year ended 31 March 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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