Key indices wipe off early gains

Key benchmark indices further pared gains and were trading near the flat line in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 7.41 points or 0.03% at 25,767.51. The Nifty 50 index was up 2.85 points or 0.04% at 7,809.45.

The BSE Sensex rose 156.91 points, or 0.61% at the day's high of 25,917.01 in the morning trade, its highest level since 11 November 2015. The Nifty 50 index rose 43.55 points, or 0.56% at the day's high of 7,850.15 in the morning trade, its highest level since 10 November 2015.

The market breadth indicating the overall health of the market was positive. On BSE, 1,316 shares rose and 889 shares fell. A total of 141 shares were unchanged. The BSE Mid-Cap index was up 0.10%. The BSE Small-Cap index was up 0.48%. Both these indices outperformed the Sensex.

In overseas markets, Asian markets rose today, 17 November 2015, as a weakening yen lifted Japanese shares and higher oil prices boosted the energy sector. US stocks rose overnight, shrugging off concerns the market would be affected by the weekend terrorist attacks in Paris.

Most pharmaceutical shares edged higher. Cadila Healthcare (up 3.88%), Piramal Enterprises (up 3.81%), Strides Arcolab (up 3.32%), Cipla (up 1.56%), Sun Pharmaceutical Industries (up 1.49%), IPCA Laboratories (up 1.20%), Lupin (up 1.09%), Glenmark Pharmaceuticals (up 0.67%), Wockhardt (up 0.64%) and Aurobindo Pharma (up 0.34%), edged higher. Divi's Laboratories (down 0.35%), GlaxoSmithKline Pharmaceuticals (down 0.89%) and Dr. Reddy's Laboratories (down 1.73%), edged lower.

Most FMCG shares rose. Tata Global Beverages (up 3.83%), Britannia Industries (up 1.34%), Godrej Consumer Products (up 1.08%), Marico (up 1.06%), Jyothy Laboratories (up 0.96%), Procter & Gamble Hygiene & Health Care (up 0.52%), GlaxoSmithKline Consumer Healthcare (up 0.24%) and Hindustan Unilever (up 0.19%), edged higher. Dabur India (down 0.06%), Colgate Palmolive (India) (down 0.37%) and Bajaj Corp (down 0.48%), edged lower.

Nestle India was down 0.05% to Rs 5,980.70. The company issued clarification before market hours today, 17 November 2015, with respect to news reports that FSSAI is moving the Supreme Court against Nestle India and others. It has been brought to company's attention that the Supreme Court website has posted that the Food Safety and Standards Authority of India (FSSAI) has filed a case against Nestle India and Others. The company has not been served a notice about this and are not yet aware of its content. However, the company would like to reiterate that Nestle India is confident of the quality and safety of MAGGI Noodles and so we will defend ourselves vigorously.

It said in full compliance with the orders of the Bombay High Court on 13 August 2015, Nestle India re-launched MAGGI Noodles on Dhanteras day, 9 November 2015. The efforts to restart and bring MAGGI Noodles back to the market involved many thousands of people working across factories, suppliers, agencies, distributors, and numerous small and large business entities. These entities and individuals had been adversely impacted during the last over 5 months that Maggi was not being produced. The return of MAGGI Noodles, already available in over 100 towns and sold by about 100,000 small and large shopkeepers, has delighted consumers. Nestle India, reiterated that quality and food safety are non-negotiable and that MAGGI Noodles has always been safe for consumption.

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