Key indices erase a lion's portion of initial gains

A bout of volatility was witnessed as key benchmark indices erased a lion portion of initial gains triggered by firm global stocks. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 22.42 points or 0.09% at 25,516.79. The 50 unit Nifty 50 index was currently up 8.80 points or 0.11% at 7,759.70. The Sensex and the Nifty pared gains after both these indices hit their highest level in more than a week. The Sensex rose 164.95 points, or 0.64% at the day's high of 25,659.32 at the onset of trading session, its highest level since 7 December 2015. The Nifty rose 49.25 points or 0.63% at the day's high of 7,800.15 at the onset of trading session, its highest level since 7 December 2015.

The broad market depicted strength. There were over three gainers against every loser on BSE. 1,444 shares rose and 476 shares rose. A total of 120 shares were unchanged. The BSE Mid-Cap index was currently up 0.63%. The BSE Small-Cap index was currently up 0.9%. Both these indices outperformed the Sensex.

Pharmaceutical shares were in demand. Glenmark Pharmaceuticals (up 1.42%), Sun Pharmaceutical Industries (up 1.38%), Dr Reddy's Laboratories (up 1.22%), Aurobindo Pharma (up 1.01%), Piramal Enterprises (up 0.81%), Cipla (up 0.51%), Lupin (up 0.41%), Divi's Laboratories (up 0.39%), GlaxoSmithKline Pharmaceuticals (up 0.37%), Strides Shasun (up 0.34%), IPCA Laboratories (up 0.30%), Wockhardt (up 0.27%) and Cadila Healthcare (up 0.24%) edged higher.

Metal shares rose. NMDC (up 2.59%), Tata Steel (up 2.45%), Steel Authority of India (up 2.21%), JSW Steel (up 1.85%), Hindalco Industries (up 1.65%), Vedanta (up 1.55%), Hindustan Copper (up 1.46%), Bhushan Steel (up 1.01%), National Aluminium Company (up 1.01%) and Jindal Steel & Power (up 0.06%), edged higher. Hindustan Zinc was down 0.54%.

Anuh Pharma surged 5.8% after the company received World Health Organization prequalification for the product Sulfadoxine. The company made the announcement after market hours yesterday, 16 December 2015.

Thomas Cook (India) rose 0.77% after the company along with its wholly owned subsidiary, Travel Corporation (India), formally completed the process of acquisition of 100% stake of Kuoni Travel (India) from Kuoni Group. The company made the announcement before market hours today, 17 December 2015.

DFM Foods rose 1.23% after the company announced that the brownfield expansion of capacity at the company's Greater Noida facility has been completed and commissioned. The announcement was made after market hours yesterday, 16 December 2015. DFM Foods said that with the current expansion, the total capacity of the company has increased from 20,308 metric tonne (MT) per annum to 25,308 MT per annum.

In overseas stock markets, Asian stocks edged higher after the US Federal Reserve emphasized a gradual path for future interest rate hikes after raising the benchmark rate by 25 basis points to 0.25%-to-0.50% at the conclusion of its two-day monetary policy meeting yesterday, 16 December 2015. US stocks rallied yesterday, 16 December 2015, in the aftermath of the Fed's widely expected decision to raise the benchmark interest rate by 25 basis points. The Fed policy makers voted unanimously to raise the target range of its fed-funds rate, which had been stuck at zero for seven years.

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