A range bound movement was witnessed as key benchmark indices hovered in green in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 42.86 points or 0.17% at 25,645.96. The Nifty 50 index was up 11.80 points or 0.15% at 7,859.05. The Sensex rose 152.33 points, or 0.59% at the day's high of 25,755.43 in morning trade. The index fell 73.51 points, or 0.29% at the day's low of 25,529.59 in early trade, its lowest level since 13 April 2016. The Nifty rose 41.80 points, or 0.53% at the day's high of 7,889.05 in morning trade. The index fell 25.45 points, or 0.32% at the day's low of 7,821.80 in early trade, its lowest level since 13 April 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,179 shares rose and 825 shares fell. A total of 152 shares were unchanged. The BSE Mid-Cap index was currently up 0.14%. The BSE Small-Cap index was currently up 0.16%. Both these indices underperformed the Sensex.
In overseas stock markets, Asian equities edged lower in the wake of the Japanese central bank's decision against expanding monetary stimulus. Losses for US stocks overnight also weighed on Asian markets. After the conclusion of a two-day monetary policy, the Bank of Japan (BOJ) yesterday, 28 April 2016, voted to keep its current level of asset purchases unchanged and rates on hold while announcing a 300 billion ($2.69 billion) lending program to support banks in the region hit by this month's Kyushu earthquake. Speculation was rise that the Japanese the central bank would announce a further easing of the monetary policy to stimulate Japan's economy. US stocks ended lower yesterday, 28 April 2016, under the combined weight of disappointing data and weak corporate earnings. US gross domestic product grew only 0.5% in the first quarter, its slowest pace of growth in two years.
Most pharmaceutical shares edged higher. Cipla (up 1.61%), Piramal Enterprises (up 1.51%), Glenmark Pharmaceuticals (up 1.17%), Wockhardt (up 0.68%), Sun Pharmaceutical Industries (up 0.5%), Alkem Laboratories (up 0.46%), Aurobindo Pharma (up 0.31%), Dr Reddy's Laboratories (up 0.28%), Divi's Laboratories (up 0.19%) and IPCA Laboratories (up 0.18%), edged higher. Strides Shasun (down 0.12%), GlaxoSmithKline Pharmaceuticals (down 0.37%) and Cadila Healthcare (down 0.41%), edged lower.
Drug maker Lupin rose 1.88% to Rs 1,606.85 after the company announced that it has re-introduced Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage. Shares of Lupin had risen 0.44% to settle at Rs 1,577.15 yesterday, 28 April 2016. Methergine is the only FDA-approved oral uterotonic and is a preferred oral agent in the management of PPH, according to guidelines issued by the American Congress of Obstetricians and Gynecologists (ACOG).
FMCG shares were mixed. Marico (up 2.43%), Britannia Industries (up 1.45%), Tata Global Beverages (up 0.25%), Godrej Consumer Products (up 0.13%) and Hindustan Unilever (up 0.10%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.25%), Colgate Palmolive (India) (down 0.27%), Bajaj Corp (down 0.3%), Jyothy Laboratories (down 0.33%), GlaxoSmithKline Consumer Healthcare (down 1.31%) and Nestle India (down 1.84%), edged lower.
Dabur India gained 2.45% to Rs 276 after the company said that its board of directors approved setting up a manufacturing plant at Tezpur, Assam. Dabur India said that in order to meet the growing demand for products of the company, the board of the directors of the company in its meeting held yesterday, 28 April 2016, approved a capital expenditure of Rs 250 crore for setting up a manufacturing plant at Tezpur, Assam. The expenditure shall be financed through internal accruals. The plant is likely to commence the operations in the calendar year 2017.
Dabur India's consolidated net profit rose 16.6% to Rs 331.93 crore on 10.9% rise in net sales to Rs 2157.31 crore in Q4 March 2016 over Q4 March 2015. The stock had dropped 1.05% to Rs 269.40 yesterday, 28 April 2016. The company announced the results during market hours yesterday, 28 April 2016.
Meanwhile, according to reports, a foreign brokerage has maintained its buy rating on Dabur India stock in the wake of the company's impressive Q4 March 2016 earnings. The brokerage reportedly said that Dabur India stock will continue to outperform going forward. The brokerage expects Dabur to beat estimates going ahead on volumes and margins front.
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