Key benchmark indices edged higher in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 89.69 points or 0.36% at 25,125.74. The 50-unit Nifty 50 index was currently up 28.30 points or 0.37% at 7,640.80.
In overseas stock markets, Chinese stocks bucked a downward trend in Asian markets after news broke that Beijing will finally introduce much-need IPO reforms. In mainland China, the Shanghai Composite index was currently up 0.14%. US stocks edged lower for a third-straight session yesterday, 9 December 2015, as earlier gains evaporated amid further slide in crude oil prices.
Closer home, the broad market depicted strength. There were more than three gainers against every loser on BSE. 886 shares rose and 273 shares declined. A total of 48 shares were unchanged. The BSE Mid-Cap index was currently up 0.31%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.66%, outperforming the Sensex.
Telecom stocks edged higher. Bharti Airtel (up 0.14%), Idea Cellular (up 0.82%), Reliance Communications (up 0.79%) and Mahanagar Telephone Nigam (up 1.75%) edged higher. Tata Teleservices (Maharashtra) (down 0.13%) edged lower.
Tata Motors rose 0.41% at Rs 395.55 after reporting 8% increase in global wholesales at 90,695 units in November 2015 over November 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in fell 4% to 29,066 units in November 2015 over November 2014. Global wholesales of all passenger vehicles in rose 15% at 61,629 units in November 2015 over November 2014. The announcement was made after market hours yesterday, 9 December 2015.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.27% at Rs 760.85 after the company announced that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke, as well as glioblastoma, a lethal brain cancer. The announcement was made before market hours today, 10 December 2015. Scientists at Weizmann Institute have developed a recombinant enzyme currently undergoing animal studies for indications of brain stroke and glioblastoma. Further studies of this enzyme will be conducted at IDIS. Sun Pharma will have the exclusive option to conduct further development of the enzyme after completion of the preclinical studies. Sun Pharma will have commercial rights to this product globally. Moreover, this enzyme may potentially be indicated for uses beyond these two brain diseases, Sun Pharma said. Sun Pharma will have the right to develop these additional indications.
Infosys rose 0.82% at Rs 1,037.15 after the company announced that it has made an investment of $4 million in CloudEndure, a startup that provides cloud migration and cloud-based disaster recovery (DR) software. The announcement was made after market hours yesterday, 9 December 2015.
Meanwhile, Minister of State for Finance Jayant Sinha reportedly said yesterday, 9 December 2015, that meeting 1 April 2016 deadline for goods and services tax (GST) rollout seems to be challenging amid ongoing political turbulence. The constitutional amendment bill on GST is stuck in the Rajya Sabha due to stiff opposition by the Congress party and might be delayed further because of the tough stance taken by the main opposition party over the National Herald case issue, reports suggest. The constitutional amendment bill for the implementation of GST, which subsumes all indirect taxes to create a unified market across the country, has been cleared by the Lok Sabha and is awaiting legislative passage in the Rajya Sabha. A constitutional amendment bill requires a majority of two thirds in the house for its passage. The BJP-led NDA has a comfortable majority in Lok Sabha, but lags in numbers in the Rajya Sabha. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country.
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