Key benchmark indices hit fresh intraday high in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 88.61 points or 0.28% at 31,922.60. The Nifty 50 index was up 25.40 points or 0.25% at 10,010.20.
The Nifty crossed the psychologically important 10,000 mark in morning trade. The Sensex rose 114.14 points, or 0.36% at the day's high of 31,948.13 in morning trade. The index fell 20.32 points, or 0.06% at the day's low of 31,813.67 in early trade. The Nifty rose 40.60 points, or 0.41% at the day's high of 10,025.40 in morning trade. The index fell 7.70 points, or 0.08% at the day's low of 9,977.10 in early trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,455 shares rose and 612 shares fell. A total of 70 shares were unchanged.
Metal shares were in demand. Hindalco Industries (up 3.07%), Jindal Steel & Power (up 2.54%), Bhushan Steel (up 1.98%), Hindustan Zinc (up 1.76%), National Aluminium Company (up 1.65%), Vedanta (up 1.32%), Hindustan Copper (up 0.96%), JSW Steel (up 0.92%) and Steel Authority of India (up 0.55%), edged higher. NMDC was down 0.25%.
Tata Steel was up 1.29%. The company announced expiry of share purchase agreement with Aryan Mining and Trading Corpn (AMTC) and companies in the Moorgate Industries Group to acquire 100% of Brahmani River Pellets. In the absence of clear approvals, shares could not in company's opinion be transferred with a clear title. The announcement was made after market hours yesterday, 11 October 2017.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.05% at $3.094 per pound on the COMEX.
Most IT shares rose. Hexaware Technologies (up 2.03%), MindTree (up 1.69%), Tech Mahindra (up 1.35%), Oracle Financial Services Software (up 1.19%), HCL Technologies (up 0.91%), Wipro (up 0.57%), and Infosys (up 0.19%), edged higher. MphasiS (down 0.22%) and Persistent Systems (down 0.22%), edged lower.
IT major TCS was up 0.88%. The company will unveil Q2 results today, 12 October 2017.
Drug major Sun Pharmaceutical Industries gained 2.4% after the company said that the US drug regulator cleared its Dadra facility based on responses to its inspection conducted in April this year. The announcement was made after market hours yesterday, 11 October 2017.
Sun Pharmaceutical Industries said that the inspection conducted by United States Food & Drug Administration (USFDA) at the company's Dadra facility in April this year is closed. The company received a communication from the USFDA releasing a copy of the Establishment Inspection Report (EIR) in respect of the inspection based upon responses to the observation letter. EIR is issued to the entity when the USFDA concludes that an inspection is closed under Title 21 Section 20.64 (d) (3) of Code of Federal Regulation.
On 21 April 2017, the company had clarified on the USFDA inspection at the company's Dadra facility wherein it had indicated that the company was then in the process of responding to the Form-483 observation letter issued by the USFDA post the inspection completed on 13 April 2017. The company at that time had further stated that if there are any material developments related to this inspection, the company will promptly inform the stock exchanges.
Overseas, Asian equities were trading higher after US stocks hit record highs, while the dollar extended losses following the latest minutes from the US Federal Reserve.
US equities settled higher on Wednesday as gains in the utilities, technology and oil & gas sectors boosted shares. The Dow Jones Industrial Average gained 0.18% to hit a new all time high, while the S&P 500 index added 0.18%, and the NASDAQ Composite index climbed 0.25%.
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