Market extends intraday gains

Key benchmark indices edged higher and hit fresh intraday high in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 99.92 points or 0.38% at 26,327.54. The Nifty 50 index was currently up 44.15 points or 0.55% at 8,124.10.

The Sensex rose 112.92 points or 0.43% at the day's high of 26,340.54 in afternoon trade. The barometer index lost 109.80 points or 0.41% at the day's low of 26,117.82 in early trade, its lowest level since 9 November 2016. The Nifty rose 44.15 points or 0.55% at the day's high of 8,124.10 in afternoon trade. The index lost 31.65 points or 0.39% at the day's low of 8,048.30 in early trade, its lowest level since 9 November 2016.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered modest gains yesterday, 17 November 2016, as investors parsed through economic data and Federal Reserve Chair Janet Yellen's testimony. Yellen has stressed the importance of central bank independence in her first public remarks after Donald Trump's election victory as new data showed the president-elect will inherit a strengthening economy. The Federal Reserve chair told a congressional hearing yesterday, 17 November 2016 that an increase in short-term interest rates could become appropriate relatively soon, raising expectations of a rise at the Fed's next meeting in December.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,396 shares rose and 985 shares declined. A total of 148 shares were unchanged. The BSE Mid-Cap index was currently up 0.79%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.37%, underperforming the Sensex.

Pharmaceutical shares were in demand. Strides Shasun (up 3.07%), Sun Pharmaceutical Industries (up 2.62%), Alkem Laboratories (up 2.06%), Piramal Enterprises (up 1.89%), Aurobindo Pharma (up 1.83%), IPCA Laboratories (up 1.75%), Cipla (up 1.71%), Divi's Laboratories (up 1.57%), Dr Reddy's Laboratories (up 1.43%), Cadila Healthcare (up 1.20%), Glenmark Pharmaceuticals (up 1.12%), Wockhardt (up 1.03%) and Lupin (up 0.85%), edged higher. GlaxoSmithKline Pharmaceuticals was down 0.01%.

FMCG shares were mixed. Godrej Consumer Products (up 1.57%), Tata Global Beverages (up 1.43%), Bajaj Corp (up 0.82%), Dabur India (up 0.45%), Colgate Palmolive (India) (up 0.26%), Jyothy Laboratories (up 0.10%) and Marico (up 0.10%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.36%), Hindustan Unilever (down 0.76%), Procter & Gamble Hygiene & Health Care (down 0.93%), Nestle India (down 0.94%) and Britannia Industries (down 1.37%), edged lower.

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