Nifty tops 12,000; pharma stocks extend gains

Key indices extended early gains and hit an intraday high in morning trade. The S&P BSE Sensex hit a record high level of 40768.83. Shares of index heavyweight Reliance Industries hit an all time high of Rs 1,571.85. The Nifty crossed its crucial 12,000 mark.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 291.37 points or 0.69% at 40,749.04. The Nifty 50 index was up 81.1 points or 0.68% at 12,021.20.

The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.24%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1009 shares rose and 792 shares fell. A total of 109 shares were unchanged.

Buzzing Index:

The Nifty Pharma index extended its winning streak for fourth session in a row. The index was up 1.05% at 7,934.15. It has risen 4.51% in four session.

Glenmark Pharmaceuticals (up 2.43%), Dr Reddy's Laboratories (up 1.67%), Sun Pharmaceuticals (up 1.62%), Aurobindo Pharma (up 1.28%), Divi's Laboratories (up 0.84%), Cipla (up 0.69%), Lupin (up 0.68%), GlaxoSmithKline Pharmaceuticals (up 0.58%) and Cadila Healthcare (up 0.29%) were top gainers in pharma segment.

Stocks in Spotlight:

Shree Cement rose 1.59% to Rs 20,341 after the company announced the commencement of the qualified institutions placement (QIP) of equity shares from 19 November 2019. The company's qualified institutions placement committee approved and set the floor price for QIP at Rs 19,806.46 per equity share based on the pricing formula as per SEBI norms. The said decisions were taken at the company's board meeting held on 19 November 2019.

IRCTC announced that it has signed a Concession Agreement with Karnataka State Tourism Development Corporation for taking over the operations, marketing and day to day maintenance of Golden Chariot Train. The announcement was made after market hours yesterday.

IRCTC was trading 0.43% higher at Rs 906.1.

JSW Energy announced that credit rating agency, Brickwork Ratings, has reaffirmed BWR A1+ on company's commercial paper issue.

Shares of JSW Energy were trading 0.21% lower at Rs 71.8.

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