A range bound movement was witnessed as key benchmark indices hovered in green in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 120.90 points or 0.47% at 25,959.61. The 50-unit Nifty 50 index was currently up 34.30 points or 0.44% at 7,895.25. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,477 shares rose and 723 shares fell. A total of 157 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.57%, outperforming the Sensex.
Reliance Industries (RIL) rose 0.77% after the company's telecom unit Reliance Jio Infocomm yesterday, 27 December 2015, announced the soft launch of its fourth generation (4G) telecom services for RIL group employees, their families and business partners. Reliance Jio Infocomm didn't disclose when commercial operations will begin, according to news reports.
Shares of other telecom companies dropped as the RIL's re-entry into the telecom business is likely to intensify competition in the telecom sector, particularly in the lucrative data business. Bharti Airtel (down 1%), Tata Teleservices (Maharashtra) (down 1.25%) and Idea Cellular (down 1.31%) declined. Reliance Communications (RCom) rose 0.06%.
IT stocks advanced. Tech Mahindra (up 0.29%), HCL Technologies (up 0.75%), TCS (up 0.52%), Infosys (up 0.78%), Wipro (up 0.73%), Oracle Financial Services Software (up 0.12%) and MphasiS (up 0.1%) edged higher.
SMS Pharmaceuticals surged 9.78% after the company said that it has received approval from US Food & Drug Administration (USFDA) for the manufacturing facility (Unit-7) located at Kandivalasa Village in Andhra Pradesh against the inspection conducted in the third week of April 2015 by the USFDA authorities. The announcement was made after market hours on Thursday, 24 December 2015.
KEI Industries rose 4.7% after the company said that it has secured an order worth Rs 384.53 crore from Power Grid Corporation of India. The order is for supply and service contracts for package A & B under integrated power development scheme (IDPS) works in Varanasi, Uttar Pradesh.
In overseas stock markets, Chinese stocks edged lower after the nation's top anti corruption agency yesterday, 27 December 2015, detained the chairman of state-run China Telecom Corp. in the latest of moves against executives at the country's top state-owned companies. Other Asian markets witnessed a mixed trend. US stocks closed slightly lower in a truncated trading session on Thursday, 24 December 2015, as investors remained on the sidelines ahead of a long weekend.
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