Key benchmark indices trimmed gains after hitting fresh intraday highs in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 110.72 points or 0.42% at 26,503.48. The Nifty 50 index was currently up 38 points or 0.47% at 8,181.15.
The Sensex rose 148.07 points or 0.56% at the day's high of 26,540.83 in mid-afternoon trade, its highest level since 1 December 2016. The barometer index rose 16.01 points or 0.06% at the day's low of 26,408.77 in morning trade. The Nifty rose 47.30 points or 0.58% at the day's high of 8,190.45 in mid-afternoon trade, its highest level since 1 December 2016. The index rose 6.75 points or 0.08% at the day's low of 8,149.90 in morning trade.
Overseas, European stocks opened higher today, 7 December 2016, as investors shifted their focus to an upcoming meeting of the European Central Bank (ECB), where they expect further monetary stimulus to be announced. Most Asian shares edged higher as investors covered short positions and looked to the upcoming policy meeting of the European Central Bank (ECB) for comfort after a referendum defeat tipped Italy into political turmoil. US stocks registered modest gains yesterday, 6 December 2016, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row.
Back home, the market breadth, indicating the overall health of the market, was positive. On BSE, 1,406 shares rose and 1,093 shares fell. A total of 165 shares were unchanged. The BSE Mid-Cap index was currently up 0.33%. The BSE Small-Cap index was currently up 0.30%. Both these indices underperformed the Sensex.
Most pharmaceutical shares edged lower. Sun Pharmaceutical Industries (down 5.41%), Cadila Healthcare (down 1.66%), Alkem Laboratories (down 1.08%), Wockhardt (down 0.96%), Aurobindo Pharma (down 0.95%), GlaxoSmithKline Pharmaceuticals (down 0.72%), Strides Shasun (down 0.68%), Divi's Laboratories (down 0.5%), Glenmark Pharmaceuticals (down 0.31%) and Cipla (down 0.17%), edged lower. IPCA Laboratories (up 0.16%), Dr Reddy's Laboratories (up 0.22%) and Piramal Enterprises (up 1.86%), edged higher.
Lupin was down 0.75%. The company announced after market hours yesterday, 6 December 2016, that its US subsidiary, Lupin Pharmaceuticals, Inc. received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Inc's Topicort Ointment, 0.25%. It is indicated for the relief of the inflammatory and pruritic manifestations off corticosteroid responsive dermatoses. Topicort had annual US sales of $14.4 million as per IMS MAT September 2016 data.
Realty shares were mixed ahead of the outcome of a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) today, 7 December 2016. Unitech (up 3.62%), Prestige Estates Projects (up 3.23%), Sobha (up 2.94%), Oberoi Realty (up 1.99%), Mahindra Lifespace Developers (up 1.04%), Godrej Properties (up 0.40%), Housing Development and Infrastructure (HDIL) (up 0.24%), Sunteck Realty (up 0.23%) and Omaxe (up 0.06%), edged higher. DLF (down 0.17%), Anant Raj (down 0.23%), Parsvnath Developers (down 0.23%), D B Realty (down 0.24%), Indiabulls Real Estate (down 0.72%) and Phoenix Mills (down 2.51%), edged lower.
It will be interesting to watch RBI's monetary policy stance this time in a scenario of government's recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October.
Ashoka Buildcon rose 2.73% after the company announced that it has received letters of intent for five projects from North and South Bihar Power Distribution Co. in Bihar. The total cost of these power distribution projects is Rs 949.88 crore. The announcement was made during market hours today, 7 December 2016.
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