Key benchmark indices drifted higher in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 58.09 points or 0.22% at 26,452.10. The Nifty 50 index was currently up 16.55 points or 0.2% at 8,158.70.
Overseas, most Asian stocks edged higher reflecting upbeat US growth news. 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 breadth indicating the overall health of the market was strong. On BSE, 1,031 shares rose and 302 shares declined. A total of 56 shares were unchanged. The BSE Mid-Cap index was currently up 0.6%. The BSE Small-Cap index was currently up 0.84%. Both these indices outperformed the Sensex.
Lupin gained 1.45% after the company announced that its US subsidiary Lupin Pharmaceuticals Inc (LPI) has received final approval for its Armodafinil tablets 50mg, 150mg, 200mg and 250mg from the United States Food and Drug Administration (USFDA) to market a generic version of Cephalon, Inc's Nuvigil tablets.
LPI shall commence promoting the product in the US shortly. Lupin's Armodafinil tablets are the AB rated generic equivalents of Cephalon, Inc's Nuvigil tablets. Armodafinil tablets are indicated to improve wakefulness in adult patients with excessive sleepiness associated with obstructive sleep apnea (OSA), narcolepsy or shift work disorder (SWD). Nuvigil tablets had annual US sales of $515.6 million as per IMS MAT September 2016 data. The announcement was made after market hours yesterday, 29 November 2016.
Tata Power Company fell 0.26%. The company reported consolidated net profit of Rs 336.24 crore in Q2 September 2016, compared with net loss of Rs 95.87 crore in Q2 September 2015. Total income declined 3.5% to Rs 7311.82 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 29 November 2016.
Oil India shed 0.26%. Oil India said that the board of directors of the company in a meeting held on 28 November 2016, accorded approval for voluntary winding up of its wholly owned subsidiary-Oil India International in accordance with the provisions of the applicable laws. 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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