Nifty hovers at 9000; breadth strong
At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 881.52 points or 2.95% at 30,775.48. The Nifty 50 index was up 255.20 points or 2.92% at 9003.95.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 3.39% while the S&P BSE Small-Cap index was up 3.16%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1534 shares rose and 290 shares fell. A total of 103 shares were unchanged. In Nifty 50 index, 48 stocks advanced while 2 stocks declined.
Buzzing Index:
Shares of private diagnostic labs corrected after the Supreme Court on Wednesday directed the government to issue directions to approved testing laboratories for conducting COVID-19 tests free of cost. Thyrocare Technologies (down 4.36%), Metropolis Healthcare (down 1.51%) and Dr. Lal PathLabs (down 0.08%) declined.
SC reportedly suggested that the Centre should create a mechanism wherein private laboratories did not charge exorbitant fees from public and government should reimburse the fees charged by labs.
Stocks in Spotlight:
Astron Paper & Board Mill jumped 9.69% to Rs 30 after the company received permission from Gujarat Government to commence operations of Unit-2 located at Bhuj. The company said it has partially started production with a bare minimum strength of men power in lines with the guidelines issued by Ministry of Health and Family Welfare.
Larsen & Toubro (L&T) rose 1.70% to Rs 821.35 after L&T Construction bagged 'major' contracts for its power transmission & distribution business in India and abroad. As per L&T's project classification, the valuation of the contracts won lies between Rs 5,000 to Rs 7,000 crore.
Pharma major Cipla jumped 13.55% after the company received final approval for generic version of Proventil HFA Inhalation Aerosol (Albuterol Sulfate Inhalation Aerosol 90mcg (base)/actuation). Cipla's Albuterol Sulfate inhalation aerosol is the first AB-rated generic therapeutic equivalent version of Merck Sharp & Dohme Corp's Proventil HFA Inhalation Aerosol. It is used for treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms. Cipla's Albuterol Sulfate inhalation aerosol is the first AB-rated generic therapeutic equivalent version of Merck Sharp & Dohme Corp's Proventil HFA Inhalation Aerosol. It is used for treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
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