Market in recovery mode

Key benchmark indices extended intraday recovery in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 21.38 points or 0.08% at 26,209.28. The Nifty 50 index was down 5.60 points or 0.07% at 8,081.20. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,271 shares rose and 927 shares fell. A total of 109 shares were unchanged. The BSE Mid-Cap index was currently up 0.26%. The BSE Small-Cap index was currently up 0.19%. Both these indices outperformed the Sensex.

Most cement shares edged higher. Ambuja Cements (up 0.42%), UltraTech Cement (up 0.28%) and ACC (up 0.11%), edged higher.

Grasim Industries was down 2.11%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Pharmaceutical shares were mixed. Lupin (up 2.30%), Cadila Healthcare (up 1.52%), Strides Shasun (up 1.52%), GlaxoSmithKline Pharmaceuticals (up 1.28%), Alkem Laboratories (up 1.11%), Aurobindo Pharma (up 0.95%), Cipla (up 0.93%), Divi's Laboratories (up 0.85%), Piramal Enterprises (up 0.78%) and Wockhardt (up 0.28%), edged higher. Sun Pharmaceutical Industries (down 0.1%), Glenmark Pharmaceuticals (down 0.28%) and IPCA Laboratories (down 0.84%), edged lower.

Dr Reddys Laboratories was up 0.01% to Rs 3,180. The company announced during trading hours today, 5 December 2016, that it has launched Nystatinand Triamcinolone Acetonide Cream, USP, in the United States market, approved by the US Food & Drug Administration (USFDA). Nystatin and Triamcinolone Acetonide Cream, USP is the generic equivanent of Nystatin and Triamcinolone Acetonide Cream, USP 100,000 units/g 0.1% manufactured by Taro Pharmacueticals USA Inc. The generic had US sales of approximately $119 million MAT for the most recent twelve months ended in October 2016 according to IMS Health. Dr Reddy's Nystatin and Triamcinolone Acetonide Cream, USP is available in tube sizes of 15g, 30g and 60g.

Kolte-Patil Developers surged 13.26% after consolidated net profit jumped 54% to Rs 19.30 crore on 25% rise in revenue to Rs 226 crore in Q2 September 2016 over Q2 September 2015. Kolte-Patil Developers' earnings per share (EPS) rose to 2.55 in Q2 September 2016 from Rs 2.41 in Q1 June 2016 and Rs 1.65 in Q2 September 2015. The company recorded new sales bookings of 0.57 million square feet (msf) in Q2 September 2016 as compared to 0.66 msf in Q1 June 2016 and 0.46 msf in Q2 September 2015. The value of area sold stood at Rs 329 crore in Q2 September 2016 as compared to Rs 370 crore in Q1 June 2016 and Rs 282 crore in Q2 September 2015. Collections stood at Rs 234 crore in Q2 September 2016 as compared to Rs 229 crore in Q1 June 2016 and Rs 223 crore in Q2 September 2015. The announcement was made on Saturday, 3 December 2016.

Supreme Infrastructure India lost 3.43% after the company reported net loss of Rs 43.39 crore in Q2 September 2016 compared to net profit of Rs 1.11 crore in Q2 September 2015. Net sales fell 41.8% to Rs 194.04 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Saturday, 3 December 2016.

KEC International was up 1.3% after the company said it has secured new orders of Rs 840 crore. Of the total new orders of Rs 840 crore, the company's transmission & distribution business secured orders worth Rs 723 crore and cables business received orders of Rs 117 crore. The announcement was made after market hours on Friday, 2 December 2016.

Overseas, most Asian stocks edged lower as investors feared the no vote in Italy's referendum on Sunday, 4 December 2016, could hurt the country's banking system and lead to global contagion. Italy's prime minister resigned following a heavy referendum defeat.

US stocks struggled for direction on Friday, 2 December 2016, with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times.

The uncertainty was underlined by the November jobs report, which showed 178,000 jobs added in the month, fewer than had been expected, while the count over the prior two months was reduced. However, the jobless rate fell sharply to a nine-year low of 4.6%.

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