After displaying some volatility, key benchmark indices were hovering near flat line in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 2.94 points or 0.01% at 28,809.94. The Nifty 50 index was currently up 5.95 points or 0.07% at 8,890.75. Among secondary barometers, the BSE Mid-Cap index was currently up 0.02%. The BSE Small-Cap index was currently up 0.37%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,357 shares rose and 972 shares fell. A total of 164 shares were unchanged. Drug major Lupin was up 0.36%. The company said it has received final approval from the United States Food and Drug Administration (USFDA) for its Sodium Sulfate, Potassium Sulfate, and Magnesium Sulfate Oral Solution, 17.5g/3.13g/1.6g per 6 ounces to market a generic version of Braintree Laboratories' Suprep Bowel Prep Kit. Lupin shall commence promoting the product shortly. Braintree Laboratories' Suprep Bowel Prep Kit is indicated for cleansing of the colon in preparation for colonoscopy in adults. Suprep Bowel Prep Kit had annual US sales of $207.2 million as per IMS MAT December 2016 data. The announcement was made during trading hours today, 28 February 2017. Integrated power company Tata Power was up 0.48%. The company announced that its generation capacity increased by more than 8% in Q3 December 2016 over Q3 December 2015. The company, together with all its subsidiaries and jointly controlled entities, has a gross generation capacity of 10496 megawatts (MW) and a presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission) distribution and trading, thereby) reinforcing its position as the largest integrated power company in India. The standalone generation stood at 13,022 MUs in Q3 December 2016 as against 12,032 MUs in Q3 December 2015. The announcement was made during trading hours today, 28 February 2017. Most IT shares edged higher. Tech Mahindra (up 1.06%), Infosys (up 0.58%), Oracle Financial Services Software (up 0.30%), MindTree (up 0.18%), Wipro (up 0.12%), Hexaware Technologies (up 0.04%) and MphasiS (up 0.02%), edged higher. Persistent Systems (down 0.07%), HCL Technologies (down 0.14%) and TCS (down 0.6%), edged lower. Telecom shares were in demand. Tata Teleservices (Maharashtra) (up 18.09%), MTNL (up 3.85%), Reliance Communications (up 1.23%) and Bharti Airtel (up 1.21%), edged higher. Telecom tower infrastructure provider Bharti Infratel was up 0.69%. Telecom firm Idea Cellular was down 2.44% on the back of heavy volumes amid reports that private equity (PE) fund Providence exited the company by selling entire shareholding. The PE firm had picked up 15% in 2006 through its investment arm P5 Asia Investment (Mauritius) for around Rs 1800 crore and has been paring its holding continuously over the years. P5 Asia Investment (Mauritius) owned 3.33% stake in Idea Cellular as per the shareholding pattern as on 31 December 2016. It may be noted that Idea Cellular has been in the news on account of likely merger with rival Vodafone. Overseas, most Asian shares rose today, 28 February 2017, bolstered by gains on Wall Street as investors awaited a speech by US President Donald Trump for signals on tax reform and infrastructure spending. US stocks pushed further into record territory on Monday, 27 February 2017, as the Dow Jones industrial average closed at a record high. The Standard & Poor's 500 index also closed at a record high. Investors are looking ahead to an address that Trump is scheduled to make to Congress in the global day today, 28 February 2017, where he is expected to provide details on his highly anticipated tax reform proposals. Separately, Federal Reserve Chairwoman Janet Yellen and Fed Vice Chairman Stanley Fischer are slated to speak on Friday, 3 March 2017. Investors will scour the comments for any hints as to when the central bank will raise interest rates. Powered by Capital Market - Live News |