Pharma stocks edge higher

Key benchmark indices held firm in positive terrain in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 437.65 points or 1.69% at 26,401.62. The 50-unit CNX Nifty was up 130.55 points or 1.65% at 8,029.70. The Sensex was currently trading above the psychological 26,000 level after surpassing that level in early trade. The Nifty was currently trading above the psychological 8,000 level. Earlier, the Sensex hit its highest level in more than 2-1/2 weeks when it jumped 507.85 points at the day's high of 26,471.82 in intraday trade. The Nifty hit its highest level in three weeks when it rose 155.85 points at the day's high of 8,055 in intraday trade.

In overseas markets, European stocks edged lower. Asian markets outside Japan edged higher. US stocks closed lower yesterday, 17 September 2015, after the Federal Reserve cited concerns about global economic growth in its decision to hold off on raising interest rates. At the end of the two-day monetary policy meeting yesterday, 17 September 2015, the US central bank held rates steady amid concerns about the global economic growth, financial market volatility and sluggish inflation at home, but it left open the possibility of a modest policy tightening later this year.

Closer home, broad market depicted strength. There were more than two gainers against every loser. On BSE, 1,754 shares rose and 750 shares declined. A total of 99 shares were unchanged. The BSE Mid-Cap index was up 1.6%. The BSE Small-Cap index was up 1.42%. Both these indices underperformed the Sensex.

Pharma stocks gained. Lupin (up 1.98%), Divi's Laboratories (up 1.25%), Sun Pharmaceutical Industries (up 1.04%), Cipla (up 0.33%), Dr Reddy's Laboratories (up 0.29%) and GlaxoSmithkline Pharmaceuticals (up 0.27%) edged higher. Strides Arcolab (down 0.3%), Glenmark Pharmaceuticals (down 0.14%), Wockhardt (down 0.18%) and Ipca Laboratories (down 0.28%) edged lower.

FMCG shares were mostly lower. Colgate-Palmolive (India) (down 1.71%), Hindustan Unilever (down 1.38%), Godrej Consumer Products (down 0.86%), Jyothy Laboratories (down 0.96%), Britannia Industries (down 0.11%), GlaxoSmithkline Consumer Healthcare (down 0.39%), Procter & Gamble Hygiene and Health Care (down 0.83%) and Dabur India (down 0.02%) edged lower. Marico (up 0.06%), Nestle India (up 2%), Tata Global Beverages (up 1.3%) and Bajaj Corp (up 0.11%) edged higher.

ARSS Infrastructure Projects rose 1.4% at Rs 32.65 after the company said it has received an order worth Rs 148 crore from Odisha government. The announcement was made during trading hours today, 18 September 2015.

On the macro front, the Reserve Bank of India (RBI) has granted in-principle approval to 10 applicants to set up small finance banks under the "Guidelines for Licensing of Small Finance Banks in the private sector" (Guidelines) issued on 27 November 2014. The in-principle approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI.

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