 "Pharma shares firm up in a rangebound market; Dr Reddy's Labs up 1%")
Markets
came off their early highs as investors turned cautious ahead of key macro data due for release later today. However, pharma shares firmed up in a rangebound market led by Dr Reddy's Labs ahead of its March quarter earnings today.
At 12:45pm, the S&P BSE Sensex was up 123 points at 25,720 and the Nifty50 was up 35 points at 7,884. In the broader market, BSE Midcap and Smallcap indices were trading with marginal gains. Market breadth was strong with 1471 gainers and 859 losers on the BSE.
Pharma shares were among the top gainers led by Dr Reddy's Labs which was up over 1% ahead of its March quarter earnings later today. Among others, Lupin, Sun Pharma and Cipla were up 0.4%-1% each.
Bank stocks are trading firm after the Rajya Sabha passed the Insolvency and Bankruptcy code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stake holders for the first time in India. ICICI Bank was up 2.6% while HDFC Bank, SBI and Axis Bank were up 0.3%-0.8% each.
Asian Paints was up nearly 2% after the company reported 20% year on year (YoY) jump in its consolidated net profit at Rs 409 crore for the quarter ended March 31, 2016 (Q4FY16), on the back of healthy operational income.
Other Sensex gainers include, TCS, Reliance Industries and Tata Motors among others.
Among others, Jubilant Life Sciences was up nearly 3% at Rs 399 after the company announced that one of its wholly-owned subsidiaries, Jubilant Draxlmage Inc and Cyclopharm Ltd have mutually terminated their previously announced term sheet for exclusive commercial rights of Technegas in the US market.
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(Updated at 11:45pm)
Markets continued to trade firm with bank shares leading the gains after the Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code Bill.
At 11:45am, the S&P BSE Sensex was higher by 157 points at 25,754 and the Nifty50 gained 50 points to trade at 7,898. In the broader market, the BSE Midcap index was up 0.5% while the Smallcap index was up nearly 1%. Market breadth was positive with 1452 gainers and 745 losers on the BSE.
Foreign institutional investors were net buyers in equities worth Rs 362 crore on Wednesday, as per provisional stock exchange data.
Dr Reddy's Laboratories, Glenmark Pharmaceuticals, Nestle India, PTC India Financial Services, Arvind, Mangalore Refinery And Petrochemicals, SREI Infrastructure Finance will unveil their Q4 numbers today.
Bank stocks are trading firm after the Rajya Sabha passed the Insolvency and Bankruptcy code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stake holders for the first time in India. ICICI Bank led the banking pack up over 2% followed by SBI, Kotak Mahindra Bank and Axis Bank.
Kotak Mahindra Bank was up 1.5%. The private sector lender reported 32% growth in standalone net profit for the March quarter to Rs 696 crore, on the back of higher net interest income (NII).
Asian Paints was up over 2% after the company reported 20% year on year (YoY) jump in its consolidated net profit at Rs 409 crore for the quarter ended March 31, 2016 (Q4FY16), on the back of healthy operational income.
Capital goods majors BHEL and L&T are trading firm ahead of the March IIP numbers due to be released today.
The Adani group has ended 2015-16 with record debt and its increased finance cost could come in the way of acquisitions and an ambitious coal mining project in Australia, according to analysts. Shares of Adani Ports are up nearly 2%.
Shares of telecom companies such as Bharti Airtel, Idea Cellular and Reliance Communications are trading mixed even as the Supreme Court on Wednesday struck down compensation policy for call drops levied by the Telecom Regulatory Authority of India (TRAI).
Among others, companies engaged in agrochemicals business have rallied by up 18% on back of heavy volumes on the Bombay Stock Exchange (BSE) in intra-day trade. Monsanto India, Atul, Sharda Cropchem, Excel Crop Care, Rallis India, Bayer CropScience, UPL, PI Industries, Dhanuka Agritech and Insecticides (India) were up in the range of 1%-18% on the BSE.
came off their early highs as investors turned cautious ahead of key macro data due for release later today. However, pharma shares firmed up in a rangebound market led by Dr Reddy's Labs ahead of its March quarter earnings today.
At 12:45pm, the S&P BSE Sensex was up 123 points at 25,720 and the Nifty50 was up 35 points at 7,884. In the broader market, BSE Midcap and Smallcap indices were trading with marginal gains. Market breadth was strong with 1471 gainers and 859 losers on the BSE.
Pharma shares were among the top gainers led by Dr Reddy's Labs which was up over 1% ahead of its March quarter earnings later today. Among others, Lupin, Sun Pharma and Cipla were up 0.4%-1% each.
Bank stocks are trading firm after the Rajya Sabha passed the Insolvency and Bankruptcy code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stake holders for the first time in India. ICICI Bank was up 2.6% while HDFC Bank, SBI and Axis Bank were up 0.3%-0.8% each.
Asian Paints was up nearly 2% after the company reported 20% year on year (YoY) jump in its consolidated net profit at Rs 409 crore for the quarter ended March 31, 2016 (Q4FY16), on the back of healthy operational income.
Other Sensex gainers include, TCS, Reliance Industries and Tata Motors among others.
Among others, Jubilant Life Sciences was up nearly 3% at Rs 399 after the company announced that one of its wholly-owned subsidiaries, Jubilant Draxlmage Inc and Cyclopharm Ltd have mutually terminated their previously announced term sheet for exclusive commercial rights of Technegas in the US market.
________________________
(Updated at 11:45pm)
Markets continued to trade firm with bank shares leading the gains after the Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code Bill.
At 11:45am, the S&P BSE Sensex was higher by 157 points at 25,754 and the Nifty50 gained 50 points to trade at 7,898. In the broader market, the BSE Midcap index was up 0.5% while the Smallcap index was up nearly 1%. Market breadth was positive with 1452 gainers and 745 losers on the BSE.
Foreign institutional investors were net buyers in equities worth Rs 362 crore on Wednesday, as per provisional stock exchange data.
Dr Reddy's Laboratories, Glenmark Pharmaceuticals, Nestle India, PTC India Financial Services, Arvind, Mangalore Refinery And Petrochemicals, SREI Infrastructure Finance will unveil their Q4 numbers today.
Bank stocks are trading firm after the Rajya Sabha passed the Insolvency and Bankruptcy code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stake holders for the first time in India. ICICI Bank led the banking pack up over 2% followed by SBI, Kotak Mahindra Bank and Axis Bank.
Kotak Mahindra Bank was up 1.5%. The private sector lender reported 32% growth in standalone net profit for the March quarter to Rs 696 crore, on the back of higher net interest income (NII).
Asian Paints was up over 2% after the company reported 20% year on year (YoY) jump in its consolidated net profit at Rs 409 crore for the quarter ended March 31, 2016 (Q4FY16), on the back of healthy operational income.
ALSO READ: Asian Paints: Price cuts aid volumes
Capital goods majors BHEL and L&T are trading firm ahead of the March IIP numbers due to be released today.
The Adani group has ended 2015-16 with record debt and its increased finance cost could come in the way of acquisitions and an ambitious coal mining project in Australia, according to analysts. Shares of Adani Ports are up nearly 2%.
ALSO READ: Debt hurdle for Adani's buying spree
Shares of telecom companies such as Bharti Airtel, Idea Cellular and Reliance Communications are trading mixed even as the Supreme Court on Wednesday struck down compensation policy for call drops levied by the Telecom Regulatory Authority of India (TRAI).
Among others, companies engaged in agrochemicals business have rallied by up 18% on back of heavy volumes on the Bombay Stock Exchange (BSE) in intra-day trade. Monsanto India, Atul, Sharda Cropchem, Excel Crop Care, Rallis India, Bayer CropScience, UPL, PI Industries, Dhanuka Agritech and Insecticides (India) were up in the range of 1%-18% on the BSE.