Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 72.25 points or 0.27% at 26,388.59. The Nifty 50 index was currently up 25.30 points or 0.31% at 8,139.60. The Sensex, and the Nifty, both, hit their highest level in 1-1/2 weeks.
The Sensex rose 89.38 points, or 0.34% at the day's high of 26,405.72 in early afternoon trade, its highest level since 17 November 2016. The index fell 133.12 points, or 0.51% at the day's low of 26,183.22 at onset of day's trading session. The Nifty rose 31.60 points, or 0.39% at the day's high of 8,145.90 in early afternoon trade, its highest level since 17 November 2016. The index fell 47.80 points, or 0.59% at the day's low of 8,066.50 at onset of day's trading session.
In overseas stock markets, most Asian stocks were trading higher as oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016 to discuss production cuts to shore up prices, but Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,590 shares rose and 666 shares declined. A total of 142 shares were unchanged. The BSE Mid-Cap index was currently up 0.87%. The BSE Small-Cap index was currently up 0.97%. Both these indices outperformed the Sensex.
Pharma shares gained. Cadila Healthcare (up 0.96%), Dr Reddy's Laboratories (up 0.06%), Sun Pharmaceutical Industries (up 0.63%), Alkem Laboratories (up 1.42%), GlaxoSmithKline Pharmaceuticals (up 1.15%), and Wockhardt (up 1.75%) gained.
Glenmark Pharmaceuticals (down 0.18%), Lupin (down 0.93%), Aurobindo Pharma (down 0.48%) fell.
Cipla rose 1.53% on media reports that the company is in discussions to sell Cipla Vet, its animal health division. Several Indian buyers have submitted bids for Cipla Vet, reports added. Cipla Vet is a leading veterinary pharmaceutical exporter with a presence in over 100 countries. Cipla's move to sell its veterinary business comes in the backdrop of its overall plan to rationalize its markets and portfolio and exit non-core, low-profit businesses, reports suggested.
Strides Shasun rose 0.94% after the company said its UK-based wholly-owned subsidiary Strides Arcolab International will acquire PediaCare brand from Sweden's Moberg Pharma for $5 million plus inventory value at closing. PediaCare is an established paediatric cough, cold and allergy brand with annual sales of approximately $6 million. PediaCare will form an important part of Strides expanding consumer health care portfolio and brings with it expertise in the paediatric segment as well as a strong brand name with global potential. The announcement was made after market hours on Friday, 25 November 2016.
Aurobindo Pharma fell 0.43%. Aurobindo Pharma's French subsidiary Arrow Generiques SAS (Arrow Generiques) will acquire the right, title and interest in products calcium and calcium vitamin D3, including the use of the OROCAL trademark. Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France, and focus on maximizing their potential. Arrow Generiques and Teva intend to ensure continuity of the supply of the products to the market. This acquisition will enable Arrow Generiques to continue to increase its branded products portfolio and leverage its position as a key player in the drug market. Arrow Generiques is a pharmaceutical company with focus on selling generics on the retail and hospital markets in France since 2002. The announcement was made after market hours on Friday, 25 November 2016.
Auto stocks rose. Tata Motors (up 0.86%), Maruti Suzuki India (up 0.6%), Eicher Motors (up 0.79%) and Ashok Leyland (up 1.1%) gained. Bajaj Auto (up 1.45%), Hero MotoCorp (up 2.3%) and rose. Mahindra & Mahindra (M&M) (down 0.09%) and TVS Motor Company (down 0.79%) fell.
Suzlon Energy rose 1.66% after the company said it won an order for a 50.40 megawatt wind power project from a leading business house. The project consists of 24 units of S95 90m tubular tower with rated capacity of 2.1 MW. Located in the district of Anantapur, Andhra Pradesh, the project is scheduled for completion in March 2017. This order win takes the total current year order portfolio with the business house to 84 MW out of which 33.60 MW was announced earlier as a part of order wins from SMEs.The announcement was made during trading hours today, 28 November 2016.
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