A sudden bout of buying momentum in late trade propelled key benchmark indices to their highest levels in three weeks. The barometer index, the S&P BSE Sensex, rose 348.23 points or 1.09% to 32,182.22, as per the provisional closing data. The Nifty 50 index rose 111.60 points or 1.12% to 10,096.40, as per the provisional closing data.
The Sensex provisionally ended above the the psychologically important 32,000 mark after breaching that level in mid-afternoon trade. The Nifty provisionally ended above the psychologically important 10,000 mark after breaching that level in morning trade.
The Sensex rose 375.04 points, or 1.18% at the day's high of 32,209.03 in late trade, its highest intraday level since 22 September 2017. The index fell 20.32 points, or 0.06% at the day's low of 31,813.67 in early trade. The Nifty rose 119.65 points, or 1.20% at the day's high of 10,104.45 in late trade, its highest intraday level since 21 September 2017. The index fell 7.70 points, or 0.08% at the day's low of 9,977.10 in early trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,694 shares rose and 980 shares fell. A total of 124 shares were unchanged.
The total turnover on BSE amounted to Rs 3608.98 crore, lower than turnover of Rs 4119.30 crore registered during the previous trading session.
Metal shares were in demand. Jindal Steel & Power (up 6.37%), Hindalco Industries (up 5.90%), National Aluminium Company (up 5.37%), Steel Authority of India (up 2.19%), Bhushan Steel (up 2.07%), Vedanta (up 1.93%), Hindustan Zinc (up 1.75%), Hindustan Copper (up 0.96%) and NMDC (up 0.08%), edged higher. JSW Steel was down 0.33%.
Tata Steel rose 1.50%. The company announced expiry of share purchase agreement with Aryan Mining and Trading Corpn (AMTC) and companies in the Moorgate Industries Group to acquire 100% of Brahmani River Pellets. In the absence of clear approvals, shares could not in company's opinion be transferred with a clear title. The announcement was made after market hours yesterday, 11 October 2017.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for December 2017 delivery was currently up 0.42% at $3.1085 per pound on the COMEX.
Drug major Sun Pharmaceutical Industries gained 2.32% after the company said that the US drug regulator cleared its Dadra facility based on responses to its inspection conducted in April this year. The announcement was made after market hours yesterday, 11 October 2017.
Sun Pharmaceutical Industries said that the inspection conducted by United States Food & Drug Administration (USFDA) at the company's Dadra facility in April this year is closed. The company received a communication from the USFDA releasing a copy of the Establishment Inspection Report (EIR) in respect of the inspection based upon responses to the observation letter. EIR is issued to the entity when the USFDA concludes that an inspection is closed under Title 21 Section 20.64 (d) (3) of Code of Federal Regulation.
On 21 April 2017, the company had clarified on the USFDA inspection at the company's Dadra facility wherein it had indicated that the company was then in the process of responding to the Form-483 observation letter issued by the USFDA post the inspection completed on 13 April 2017. The company at that time had further stated that if there are any material developments related to this inspection, the company will promptly inform the stock exchanges.
Cadila Healthcare gained 1.88% after the company said that it received final approval from the US drug regulator to market Desvenlafaxine Extended-Release Tablets, 50 mg and 100 mg. The announcement was made during market hours today, 12 October 2017.
Cadila Healthcare said that the drug is used to treat major depression and will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad, Gujarat.
IndusInd Bank gained 1.90% after net profit rose 24.96% to Rs 880.10 crore on 21.08% rise in total income to Rs 5395.52 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 12 October 2017.
Prakash Industries rose 4.83% after the company said it has secured additional coal linkages of 2.1 lakh tonnes per annum for the next 5 years in the recent auction. The announcement was made during market hours today, 12 October 2017.
Prakash Industries said it has secured additional coal linkages of 2.1 lakh tonnes per annum for the next 5 years in the recent coal linkage auction conducted by Coal India for sponge iron sector. The company is going to sign the fuel supply agreement (FSA) in the coming weeks and the supplies will commence from November 2017. With this additional linkage, the profitability will improve by over Rs 20 crore, taking total annual cost savings on total linkage quantity of 15.56 lakh tonnes per annum to over Rs 90 crore.
Overseas, most European shares were trading higher, with investors awaiting data and monitoring speeches from central bankers at the International Monetary Fund's (IMF) annual meeting in Washington D.C.
Asian equities ended higher, taking cues from fresh overnight records set by key US indexes as the earnings season kicks off. Meanwhile, the US Federal Reserve signaled its confidence that the US economy was strong enough to support further rate increases.
US equities settled higher on Wednesday as gains in the utilities, technology and oil & gas sectors boosted shares. The Dow Jones Industrial Average gained 0.18% to hit a new all time high, while the S&P 500 index added 0.18%, and the Nasdaq Composite index climbed 0.25%.
Minutes from the US Federal Reserve's policy-setting gathering in September indicated a desire to increase rates one additional time despite low inflation. Some Fed policy members expressed concerns about inflation running below its 2% annual target, while others worried that waiting for inflation to normalize policy could lead to an overheated market.
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