After trimming gains in mid-morning trade, the two key benchmark indices recovered in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 129.66 points or 0.49% at 26,654.21. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty was currently up 43.75 points or 0.54% at 8,171.60. Gains in global stocks aided the upmove on the domestic bourses. World stocks rose on speculation that central banks in the UK, Japan and the European Central Bank will boost monetary stimulus to counter a potential drag on the global economy from the UK's vote to leave the European Union known as Brexit.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,677 shares rose and 619 shares declined. A total of 131 shares were unchanged. The BSE Mid-Cap index was currently up 0.85%. The BSE Small-Cap index was currently up 1.13%. Both these indices outperformed the Sensex.
In overseas stock markets, Japanese stocks led gains in Asian markets following overnight rally on Wall Street as jitters eased after the UK's vote last week to leave the European Union (EU) spurred global sell-off. The Nikkei 225 Average ended 1.59% higher. Latest data showed that Japan's retail sales fell more than expected in May in a third straight month of annual declines. Retail sales fell 1.9% in May from a year earlier, data released by the Ministry of Economy, Trade and Industry showed. US stocks registered strong gains yesterday, 28 June 2016, as investors looked for bargains after the Brexit fueled sell-off.
Index heavyweight and housing finance major HDFC rose 1.14% at Rs 1,243. The stock hit a high of Rs 1,248.35 and a low of Rs 1,231.50 so far during the day.
Auto stocks edged higher on renewed buying. Hero MotoCorp (up 2.73%), Tata Motors (up 1.59%), TVS Motor Company (up 1.68%), Ashok Leyland (up 0.86%), Maruti Suzuki India (up 0.88%), Bajaj Auto (up 0.71%), Mahindra & Mahindra (up 0.64%) and Eicher Motors (up 0.05%) gained.
Pharma stocks also moved higher. Strides Shasun (up 2.03%), Glenmark Pharmaceuticals (up 1.6%), Cadila Healthcare (up 1.08%), Wockhardt (up 1.08%), Cipla (up 1.39%), Dr Reddy's Laboratories (up 1.05%), Aurobindo Pharma (up 0.99%), Sun Pharmaceutical Industries (up 0.42%), Divi's Laboratories (up 0.36%), Ipca Laboratories (up 0.61%) and Lupin (up 0.09%) edged higher. Alkem Laboratories (down 0.3%) and GlaxoSmithkline Pharmaceuticals (down 0.26%) edged lower.
Suven Life Sciences (Suven) rose 1.62% at Rs 207.50 after the company secured three product patents in Europe and Eurasia. Suven has received one product patent from Europe and two product patents from Eurasia corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. The patents are valid through 2029 and 2031. The granted patents are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.
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With these new patents, Suven has a total of twenty one granted patents from Europe and nineteen granted patents from Eurasia. These granted patents are exclusive intellectual property of the company and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, the company said. The announcement was made during trading hours today, 29 June 2016.
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