Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 111.88 points or 0.42% at 26,460.98. The Nifty 50 index was up 34.60 points or 0.43% at 8,163.35.
Chief minister of Tamil Nadu, J Jayalalithaa, died yesterday, 5 December 2016, after undergoing treatment at Apollo Hospitals in Chennai. She was 68.
The market breadth, indicating the overall health of the market, was strong. On BSE, 750 shares rose and 190 shares fell. A total of 29 shares were unchanged. The BSE Mid-Cap index was currently up 0.51%. The BSE Small-Cap index was currently up 0.50%. Both these indices outperformed the Sensex.
Overseas, Asian shares were trading higher as investors judged the selloff after Italy's referendum was overdone, with robust US economic data also helping sentiment. In US, the Dow Jones Industrial Average finished at a record yesterday, 5 December 2016, as solid economic data offset concerns about Europe's stability in the wake of a rejection of Italy's vote on Sunday, 4 December 2016, to reform existing constitutional rules. The broader stock market rose after a survey showed that the services side of the economy grew at its fastest pace in November in a year. The Institute of Supply Management nonmanufacturing index climbed to 57.2 last month. Any reading over 50 indicates economic expansion.
Tata Power Company was up 2.25%. The company announced that its strategic engineering division, Tata Power SED won a prestigious order from Ministry of Defence for supply of Command post and launcher of Pinaka multi rocket launcher system of one regiment to Indian Army. The announcement was made after market hours yesterday, 5 December 2016.
Lupin was up 0.42%. The company announced that Lupin Somerset also known as Novel Laboratories, Inc received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets, USP, 5mg/325mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (FDA) to market a generic equivalent of Allergan Sales LLC's Norco Tablets 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg. The company shall launch the product shortly. It is indicated for the relief of moderate to moderately severe pain. It has US sales of $849.50 million as per IMS MAT September 2016. The announcement was made after market hours yesterday, 5 December 2016.
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