A bout of volatility was witnessed as key benchmark indices trimmed gains after extending intraday gains in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 179.67 points or 0.74% at 24,518.10. The 50-unit Nifty 50 index was currently up 57.90 points or 0.78% at 7,461.90. The Sensex rose 267.57 points or 1.09% at the day's high of 24,606 in morning trade, its highest level since 2 February 2016. The barometer index rose 7.36 points or 0.03% at the day's low of 24,345.79 at the onset of the trading session. The Nifty rose 81 points or 1.09% at the day's high of 7,485 in morning trade, its highest level since 2 February 2016. The index rose 2.65 points or 0.03% at the day's low of 7,406.65 at the onset of the trading session.
In overseas stock markets, European stocks reversed initial gains. Asian stocks edged higher amid reduced expectations for further interest rate increases from the US Federal Reserve in this calendar year. But, Japanese stocks fell as the Japanese yen strengthened against the dollar. The Nikkei Stock Average ended 1.32% lower. US stocks registered modest gains yesterday, 4 February 2016, led by advances in the materials and industrials sectors.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,410 shares rose and 1,045 shares declined. A total of 139 shares were unchanged. The BSE Mid-Cap index was currently up 1.48%. The BSE Small-Cap index was currently up 0.75%. Both these indices outperformed the Sensex.
Pharma stocks edged higher on renewed buying. Cadila Healthcare (up 4.26%), Sun Pharmaceutical Industries (up 1.62%), Glenmark Pharmaceutical Industries (up 1.12%), Strides Shasun (up 2.03%), Cipla (up 2.84%), Divi's Laboratories (up 0.89%), GlaxoSmithkline Pharmaceuticals (up 1.18%), Dr Reddy's Laboratories (up 2.41%) and Wockhardt (up 0.25%) rose. Aurobindo Pharmaceuticals (down 0.76%), Ipca Laboratories (down 0.8%) and Alkem Laboratories (down 0.32%) declined.
Lupin rose 1.87% at Rs 1,683 ahead of its Q3 December 2015 results today, 5 February 2016.
Telecom stocks edged higher. Reliance Communications (up 3.54%), Idea Cellular (up 0.8%) and Bharti Airtel (up 0.97%) edged higher. Tata Teleservices (Maharashtra) (down 0.89%) edged lower. Mahanagar Telephone Nigam was unchanged at Rs 17.75.
Bosch fell 2.04% at Rs 16,631.70. The stock was volatile. The stock hit a high of Rs 17,646 and a low of Rs 16,590.10 so far during the day. The company's net profit rose 99.12% to Rs 220.77 crore on 12.7% growth in total income to Rs 2786.08 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours today, 5 February 2016.
Bosch's board of directors at its meeting held today, 5 February 2016, approved in principle the transfer by way of sale, of the Starter Motors and Generators business of the company (SG-IN) to a subsidiary of Robert Bosch Starter Motors Generators Holding GmbH. The board approved the sale of SG-IN business as a going concern on a slump sale basis for a consideration of Rs 486.2 crore. In case the global SG transaction gets executed within the next 18 months and results in a higher implicit price for SG-IN, there will be an additional contingent consideration payable to Bosch, the company said.
Bharat Heavy Electricals (Bhel) rose 1.85% at Rs 131.95 after the company announced that President of Sudan Omer Hassan Ahmed El-Basheer inaugurated the 500 megawatts (MW) Kosti Thermal Power plant built by the company. This is the largest thermal power plant in Sudan. Bhel had executed this 500 MW project comprising of 4 units of 125 MW each, on engineering, procurement and construction (EPC) basis, having designed, manufactured, supplied and installed the complete power project including associated civil works. The announcement was made during market hours today, 5 February 2016.
Navneet Education fell 2.71% at Rs 82.55 after net profit declined 42.8% to Rs 6.77 crore on 12.6% fall in total income to Rs 118.09 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
D-Link (India) rose 3.42% at Rs 136 after net profit rose 32.6% to Rs 6.95 crore on 5.9% increase in net sales to Rs 169.95 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
D-Link's board of directors at its meeting held yesterday, 4 February 2016, approved to manufacture and sell set-top boxes and allied products in India.
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