Sensex hits intraday high above 29,000

Extending strong gains from the previous session, the key benchmark indices drifted higher in early trade with the barometer index the S&P BSE Sensex hitting intraday high above the psychological 29,000 mark. At 9:21 IST, the Sensex was up 85.56 points or 0.3% at 29,063.58. The Nifty 50 index was currently up 17.95 points or 0.2% at 8,960.95.

In overseas stock markets, Asian stocks were trading on a mixed note. US stocks closed higher yesterday, 6 September 2016 as the odds of a September rate hike were lowered. Data released yesterday, 6 September 2016 showed the US Institute for Supply Management (ISM) non-manufacturing purchasers manager index (PMI) index fell to 51.4 in August from 55.5 in July. While levels above 50 still indicate expansion, it was the lowest reading since February 2010.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 886 shares rose and 290 shares declined. A total of 50 shares were unchanged. The BSE Mid-Cap index was currently up 0.34%. The BSE Small-Cap index was currently up 0.5%. Both these indices outperformed the Sensex.

TCS rose 0.04% after the company announced that it has unveiled new unemployment insurance system for the State of Mississippi. The announcement was made after market hours yesterday, 6 September 2016. TCS announced that the Mississippi, Rhode Island and Maine (MRM) Consortium has gone live with the TCS developed Unemployment Insurance (UI) Application for Benefits. Mississippi began implementation of the UI solution prior to the formation of the consortium, while the states of Maine and Rhode Island plan to adopt the solution in the near future. Mississippi's Unemployment Insurance program helps unemployed individuals throughout the state by providing monetary benefits to those who have involuntarily lost their jobs, while they look for new employment opportunities.

TCS has been helping several US states to modernize their systems that support unemployment insurance programs. TCS developed solution is a robust and highly scalable platform with the ability to easily control multiple functional requirements, such as support for online claims processing, adjudication, appeals and extensive tracking of all claims and payments.

Tata Motors shed 0.27%. The company in a press release issued yesterday, 6 September 2016 said it has received orders for supply of over 5,000 buses from 25 state/city transport undertakings across the country. This represents a healthy growth of over 80% plus compared to last year in the order book position of the company, Tata Motors said. Ravi Pisharody, Executive Director, Commercial Vehicle Business Unit, Tata Motors said that the company plans to execute these orders in the current financial year (FY 2017). The orders will definitely enable the company to further strengthen its leadership position in the commercial vehicles (CV) passenger space, Pisharody added.

Lupin rose 0.88% after the company announced at the fag end of the trading session yesterday, 6 September 2016 that it has received tentative approval for its Silodosin Capsules, 4 mg and 8 mg from the United States Food and Drug Administration (FDA) to market a generic version of Allergan Sales, LLC's Rapaflo Capsules, 4 mg and 8 mg. Lupin's Silodosin Capsules, 4 mg and 8 mg are the AB rated generic equivalent of Allergan Sales, LLC's Rapaflo Capsules, 4 mg and 8 mg. It is indicated for the treatment of the signs and symptoms of benign prostatic hyperplasia. Rapaflo had US annual sales of $228.7 million as per IMS MAT June 2016 data.

Grasim Industries shed 0.29% to Rs 4,694 after the stock turned ex-dividend today, 7 September 2016, for dividend of Rs 22.50 per share for FY 2016.

Tata Power Company slipped 0.89% to Rs 77.70 after the stock turned ex-dividend today, 7 September 2016, for dividend of Rs 1.30 per share for the year ended 31 March 2016 (FY 2016).

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