Key benchmarks continue moving higher

Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 121.67 points or 0.40% at 30,871.70. The Nifty 50 index was up 32.25 points, or 0.34%, at 9,542.

The Sensex and the Nifty, both, hit their record high levels in mid-morning trade. The Sensex rose 183.18 points, or 0.60% at the day's high of 30,933.21 in mid-morning trade, its record high level. The index fell 4.46 points, or 0.01% at the day's low of 30,745.57 in early trade. The Nifty rose 52.35 points, or 0.55% at the day's high of 9,562.10 in mid-morning trade, its record high level. The index fell 14.35 points, or 0.15% at the day's low of 9,495.40 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 1.02%. The BSE Small-Cap index was up 1.24%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,655 shares rose and 625 shares fell. A total of 114 shares were unchanged.

Telecom stocks were in demand. Bharti Airtel (up 2.84%), Tata Teleservices (Maharashtra) (up 1.63%), Reliance Communications (up 0.96%), MTNL (up 0.89%) and Idea Cellular (up 0.69%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was up 0.08% to Rs 373.65.

IT shares were mixed. MphasiS (up 1.40%), Wipro (up 1.04%), Hexaware Technologies (up 0.89%), Infosys (up 0.80%) and HCL Technologies (up 0.12%), edged higher. Oracle Financial Services Software (down 0.37%), Persistent Systems (down 0.38%), TCS (down 0.61%), MindTree (down 0.74%) and Tech Mahindra (down 0.77%), edged lower.

Glenmark Pharmaceuticals rose 1.23% after the company said that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets, 5 mg, 20 mg and 40 mg, of Daiichi Sankyo, Inc. The announcement was made before market hours today, 26 May 2017.

Glenmark's Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals in its manufacturing facility located in Goa, India. According to IMS Health sales data for the 12 month period ended March 2017, the Benicar Tablets, 5 mg, 20 mg and 40 mg market achieved annual sales of approximately $950 million in US.

Meanwhile, the company issued clarification after market hours yesterday, 25 May 2017 with regards to S&P global rating that the agency has reaffirmed its credit rating as 'BB' as part of their annual review cycle. In addition, they have affirmed 'BB' issue rating on the senior unsecured notes issued last year. However, they have changed the outlook from 'stable' to 'negative', based on their internally defined criteria.

Manappuram Finance gained 4.51% after consolidated net profit spurted 53.5% to Rs 200.58 crore on 38.1% increase in total income to Rs 905.50 crore in Q4 March 2017 over Q4 March 2016. The result was announced after the market yesterday, 25 May 2017.

Overseas, Asian shares were mixed as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.

Brent for July 2017 settlement was down 26 cents at $51.20 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.

Opec decided yesterday, 25 May 2017, in Austria to extend cuts in oil output by nine months to March 2018, delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

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