Pharma, telecom stocks edge higher

A bout of volatility was witnessed as key benchmark indices trimmed gains after extending gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 115.04 points or 0.45% at 25,725.57. The Nifty 50 index was up 28.35 points or 0.37% at 7,790.60.

The Sensex rose 154.33 points or 0.6% at the day's high of 25,764.86 in afternoon trade. The Nifty rose 41.70 points or 0.53% at the day's high of 7,803.95 in afternoon trade. The Sensex fell 159.11 points or 0.62% at the day's low of 25,451.42 in the morning trade, its lowest level since 29 September 2015. The Nifty fell 48.10 points or 0.61% at the day's low of 7,714.15 in the morning trade, its lowest level since 29 September 2015.

Meanwhile, latest data released by the government showed that the annual rate of inflation, based on monthly wholesale price index (WPI) stood at minus 3.81% for the month of October 2015 as compared to minus 4.54% for the previous month and 1.66% during the corresponding month of the previous year.

In overseas stock markets, Asian markets declined today, 16 November 2015, after terror attacks in Paris unnerved investors and data showed Japan entered a recession for the second time in two years. Selling hit Wall Street for a third straight day on Friday, 13 November 2015, amid a selloff in retail stocks, capping the worst week for the major averages since August.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,247 shares rose and 1,176 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was up 0.3%. Both these indices underperformed the Sensex.

Pharma stocks edged higher. Glenmark Pharmaceuticals (up 2.49%), Dr Reddy's Laboratories (up 2.53%), Strides Arcolab (up 2.52%), Lupin (up 1.77%), Ipca Laboratories (up 1.14%), Wockhardt (up 0.71%) and Cipla (up 1.1%) gained. GlaxoSmithkline Pharmaceuticals (down 0.96%), Divi's Laboratories (down 0.45%) and Sun Pharmaceutical Industries (down 0.16%) edged lower.

Telecom stocks gained. Mahanagar Telephone Nigam (up 5.7%), Bharti Airtel (up 1.02%), Tata Teleservices (Maharashtra) (up 0.61%) and Idea Cellular (up 0.96%) edged higher. Reliance Communications (down 0.3%) edged lower.

Tata Power was off 1.54% at Rs 67.25. The stock hit a high of Rs 68.60 and a low of Rs 67 so far during the day. The company announced during market hours today, 16 November 2015 that its consolidated power generation rose 6.5% to 11,663 million units in Q2 September 2015 over Q2 September 2014. Together with all its subsidiaries, the company achieved generation sales of 11,376 million units of power from all its power plants during Q2 September 2015, Tata Power said.

GMR Infrastructure advanced 9.6% at Rs 13.02 after the company reported consolidated net loss of Rs 398.67 crore in Q2 September 2015, lower than net loss of Rs 609.86 crore in Q2 September 2014. Total income rose 14.4% to Rs 3184.11 crore in Q2 September 2015 over Q2 September 2014. The result was announced on Saturday, 14 November 2015.

Inox Wind gained 1.92% at Rs 366.50 after the company announced commissioning of its 800 MW blade facility at its integrated manufacturing unit at Barwani district in Madhya Pradesh. The company made announcement during market hours today, 16 November 2015.

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