Key indices extended gains and hit fresh intraday high in mid-afternoon trade as buying momentum continued despite European stocks edged lower in early trade there. At 14:20 IST, the barometer index, the S&P BSE Sensex advanced 178.39 points or 0.53% at 33,538.29. The Nifty 50 index rose 42.55 points or 0.41% at 10,341.30. The Sensex hit two-week high. Nifty hit almost two-week high in mid-afternoon trade. Sighting firm Asian cues, market opened with modest gains and held firm in morning trade. Stocks extended gains in mid-morning trade and traded firm till afternoon trade. Market extended gains in mid-afternoon trade. The Sensex gained 265.15 points or 0.79% at the day's high of 33,625.05 in mid-afternoon trade, its highest level since 7 November 2017. The index gained 77.71 points or 0.23% at the day's low of 33,437.61 in early trade. The Nifty gained 59.95 points or 0.58% at the day's high of 10,358.70 in mid-afternoon trade, its highest level since 9 November 2017. The index rose 25 points or 0.24% at the day's low of 10,323.75 in early trade. The S&P BSE Mid-Cap index rose 0.33%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.69%, outperforming the Sensex. The breadth, indicating the overall health of the market, was strong. On BSE, 1,577 shares rose and 1,000 shares declined. A total of 165 shares were unchanged. Pharma stocks gained for the fourth straight day. Sun Pharmaceutical Industries (up 4.18%), Aurobindo Pharma (up 1.05%), Cipla (up 2.93%), Lupin (up 2%), Wockhardt (up 4.08%), Divi's Laboratories (up 1.35%), Glenmark Pharmaceuticals (up 0.99%) and Cadila Healthcare (up 1.15%) gained. Dr Reddy's Laboratories jumped 6.08%. The company said that it has received the establishment inspection report (EIR) from the US drug regulator for its manufacturing facility at Duvvada, Vishakhapatnam, Andhra Pradesh after the audit conducted in March. In the cover letter to the EIR, it has explained that the inspection has not closed, and the site's status remains unchanged, but that United States Food & Drug Administration (USFDA) has released the EIR in order to be transparent about its regulatory process. The company is planning to request a re-inspection in 2018 after further discussion on scheduling with USFDA. The announcement was made during market hours today, 21 November 2017. Capital goods stocks also gained. Bharat Heavy Electricals (Bhel) (up 0.92%), BEML (up 1.19%), CG Power & Industries (up 1.13%), Thermax (up 4.89%), and Siemens (up 0.81%) gained. L&T declined 0.31%. Overseas, European stocks edged lower. Reports suggested that the negotiations to form a new government in Germany collapsed, throwing the euro region's growth engine into political turmoil. The breakdown abruptly raised the prospect of new elections in Germany. The development came less than two months after the last elections seemed to assure that Angela Merkel would remain Germany's leader for a fourth term. Asian stocks gained as investors took heart from further evidence of strength in the global economy. US stock market closed higher yesterday, 20 November 2017, as investors continued to focus on corporate earnings and prospects for tax cuts. The leading economic index surged 1.2% in October and suggested no letup in a steadily growing US economy with the end of the year fast approaching. Powered by Capital Market - Live News |