Key benchmark indices extended intraday gains and hit fresh intraday high in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex rose 285.02 points or 0.87% at 33,045.46. The Nifty 50 index advanced 82 points or 0.81% at 10,200.05. Metal shares were in demand.
Key indices started the session on a positive note buoyed by positive Asian markets. Later, indices traded firm till mid-morning trade. Key indices extended gains in early afternoon trade. Market sentiment was positive on bargain hunting after previous three sessions of slide.
The Sensex crossed the psychologically important 33,000 mark in early afternoon trade. The Sensex surged 318.66 points or 0.97% at the day's high of 33,079.10 in afternoon trade, its highest level since 14 November 2017. The index rose 69.38 points or 0.21% at the day's low of 32,829.82 in early trade. The Nifty advanced 93.60 points or 0.93% at the day's high of 10,211.65 in afternoon trade, its highest level since 14 November 2017. The index rose 21.15 points or 0.2% at the day's low of 10,139.20 in early trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.72%. The S&P BSE Small-Cap index advanced 0.85%. Both the indices underperformed the Sensex.
Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,577 shares rose and 945 shares declined. A total of 134 shares were unchanged.
Metal shares were in demand. Bhushan Steel (up 5.63%), Hindustan Copper (up 5.62%), Hindustan Zinc (up 1.82%), Jindal Steel & Power (up 0.90%), Vedanta (up 0.85%), National Aluminium Company (up 0.75%), Hindalco Industries (up 0.69%), NMDC Tata Steel (up 0.45%) and JSW Steel (up 0.27%), edged higher. Steel Authority of India was down 0.20%.
NMDC was up 0.53%. The company said that it has fixed price of lump iron ore at Rs 2,300 per ton and price of fine iron ore at Rs 2,060 per ton with effect from 3 November 2017. The prices were kept unchanged with respect to last month's prices. The announcement was made during market hours today, 16 November 2017.
Most pharmaceutical shares rose. Aurobindo Pharma (up 1.85%), Cadila Healthcare (up 1.06%), Dr Reddy's Laboratories (up 0.90%), IPCA Laboratories (up 0.85%), Wockhardt (up 0.69%), Piramal Enterprises (up 0.64%), Strides Shasun (up 0.31%), Lupin (up 0.22%), Divi's Laboratories (up 0.20%) and Glenmark Pharmaceuticals (up 0.05%), edged higher. Cipla (down 0.05%), Sun Pharmaceutical Industries (down 0.32%), Alkem Laboratories (down 0.6%) and GlaxoSmithKline Pharmaceuticals (down 0.95%), edged lower.
Suven Life Sciences advanced 3.62% after the company announced during market hours today, 16 November 2017, that it has secured product patents in Hong Kong, India and USA.
Suven Life Sciences announced the grant of one product patent from Hong Kong, two product patents from India and one product patent from USA corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2032, 2030 and 2034 respectively. The granted claims of the patents include the class of selective H3 and 5-HT6 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia.
Zuari Agro Chemicals jumped 5.4% after the company said that its board of directors will meet on 21 November 2017, to consider raising of funds by issue of equity shares and/or any other permissible securities convertible into equity shares through public issue and/or right issue and/or private placement including qualified institutional placement or through any other permissible mode or a combination thereof under applicable law, rules, regulations thereof and subject to such approvals as may be required. The board will also consider approving ancillary action for the above mentioned "fund raising, including obtaining shareholders' approval for the same through requisite mode. The announcement was made during market hours today, 16 November 2017.
On the macro front, the changes in the rates of Goods and Services Tax (GST) came into effect from 15 November 2017. A press release to this effect was issued by the government after market hours yesterday, 15 November 2017. In the 23rd meeting held on the 10 November 2017, the GST Council had recommended major relief in GST rates on certain goods. On 178 items, the GST rate has been brought down from 28% to 18%.
Overseas, Asian stocks were mixed. US stocks closed lower yesterday, 15 November 2017 as the current bull market showed signs of slowing down. The International Energy Agency (IEA) slashed its outlook for oil demand growth by 100,000 barrels per day for 2017 and 2018.
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