Key indices continue to hover in positive zone

A bout of volatility was witnessed as key benchmark indices retained positive zone in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 116.60 points or 0.44% at 26,666.75. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 28.55 points or 0.35% at 8,077.55. All the twelve sectoral indices on BSE were in the green. Gains in Asian stocks underpinned sentiment on the domestic bourses.

The market breadth indicating the overall health of the market was strong. On BSE, 1,460 shares rose and 918 shares fell. A total of 98 shares were unchanged. The BSE Mid-Cap index was currently up 0.46%. The BSE Small-Cap index was currently up 0.6%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks edged higher as investors shook off concerns about Chinese growth. US stocks edged higher yesterday, 2 November 2015, as investors brushed off weak manufacturing data and focused instead on a spate of deals and earnings.

Realty stocks rose. Sobha (up 2.19%), Indiabulls Real Estate (up 0.72%), DLF (up 1.73%), Unitech (up 1.47%), Housing Development & Infrastructure (HDIL) (up 1.07%), Anant Raj (up 1.63%), and Phoenix Mills (up 0.95%) edged higher.

Oberoi Realty shed 4.69% after consolidated net profit rose 2.69% to Rs 72.44 crore on 6.05% growth in revenue to Rs 200.84 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015.

Pharma stocks rose. Cipla (up 0.43%), Dr Reddy's Laboratories (up 1%), Divi's Laboratories (up 2.1%), Glenmark Pharmaceuticals (up 0.03%) and Cadila Healthcare (up 2.29%) gained. Aurobindo Pharma (down 0.24%) and Wockhardt (down 1.31%) declined.

Sun Pharmaceutical Industries gained 1.1% after the company announced the successful completion of acquisition of InSite Vision Incorporated. The acquisition was completed by means of a short-form merger under Delaware law. Post the short-form merger, InSite has become an indirect wholly owned subsidiary of Sun Pharma.

Lupin dropped 0.77% to Rs 1,883.10. The stock was volatile. The stock hit high of Rs 1,910 and low of Rs 1,866.75 so far during the day. The company announced that it has received final approval for its Donepezil Hydrochloride Tablets, 23 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Eisai Inc.'s Aricept Tablets, 23mg. The announcement was made during market hours today, 3 November 2015. Lupin's US subsidiary Lupin Pharmaceuticals Inc. would commence promoting the product shortly in US.

Lupin's Donepezil Hydrochloride Tablets, 23 mg are the AB rated generic equivalent of Eisai Inc.'s Aricept Tablets, 23mg and is indicated for the treatment of dementia of the Alzheimer's type. Aricept had annual sales of $52.3 million in US as per the IMS MAT June 2015 data.

Ester Industries surged 6.85% after net profit jumped 336.3% to Rs 3.97 crore on 16.4% decline in net sales to Rs 199.90 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015.

Nilkamal spurted 12.9% after net profit rose 276.32% to Rs 25.74 crore on 5.13% rise in net sales to Rs 479.05 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015. Nilkamal's EBITDA (earnings before interest, taxes, depreciation and amortization) rose 71.92% to Rs 54.07 crore in Q2 September 2015 over Q2 September 2014.

On the macro front, the latest data showed that the index of eight core industries comprising nearly 38% of the weight of items included in the index of industrial production (IIP) rose 3.2% in September 2015 over September 2014. The data was announced after market hours yesterday, 2 November 2015.

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