Firmness persisted on the bourses in mid-morning trade as the key benchmark indices hovered near intraday high. At 11:25 IST, the barometer index, the S&P BSE Sensex gained 243.34 points or 0.78% at 31,631.73. The Nifty 50 gained 83.45 points or 0.85% at 9,879.50. Index heavyweights Reliance Industries and HDFC edged higher. Positive Asian stocks boosted sentiment on domestic bourses.
Domestic stocks saw a gap-up opening triggered by mostly positive Asian stocks. Key benchmark indices were trading firm in morning trade.
The S&P BSE Mid-Cap index rose 1.35%. The S&P BSE Small-Cap index gained 1.49%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser. On the BSE, 1,747 shares rose and 469 shares fell. A total of 85 shares were unchanged.
Reliance Industries gained 1.56% to Rs 1,555.70 after the company proposed to make an offer for issuance of non-convertible debentures (NCDs series B) (2nd tranche) on private placement basis on Friday, 1 September 2017 aggregating Rs 2500 crore, to be listed on the Stock Exchanges. The net proceeds of the issue will be utilised inter-alia for refinancing of existing borrowings and for any other purpose in the ordinary course of business. The announcement was made after market hours yesterday, 29 August 2017.
Telecom stocks gained. Idea Cellular (up 1.2%), Bharti Airtel (up 0.27%), MTNL (up 0.78%), Tata Teleservices (Maharashtra) (up 1.52%) and Reliance Communications (up 1.33%) rose.
More From This Section
Shares of Bharti Infratel rose 0.62%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Cadila Healthcare rose 2.19% after the company said it received final approval from the US drug regulator for Aspirin and extended-release Dipyridamole capsules. The announcement was made during trading hours today, 30 August 2017.
Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Aspirin and extended-release Dipyridamole capsules in the strength of 25 milligram (mg)/200 mg. The drug is an antiplatelet agent which works in the prevention of excessive blood clotting and is used to reduce the risk of stroke in patients who have had or are at risk of stroke.
The drug will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad. The sales of Aspirin and extended-release Dipyridamole capsules are estimated at $198.7 million.
KEI Industries rose 2.15% after net profit surged 144.8% to Rs 27.47 crore on 43.8% growth in net sales to Rs 790.89 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 29 August 2017.
Overseas, most Asian stocks were trading higher after US President Donald Trump's measured response to North Korean missile launches and comments from Kim Jong Un suggested geopolitical tensions will ease off.
Japan's retail sales growth slowed in July as shoppers spent less on clothes and cars. Retail sales rose 1.9% in July from a year ago but still slower than a revised 2.2% increase in the year to May.
US stock benchmarks on Tuesday staged a recovery from heavy selling earlier in the session that came after a North Korean missile test over Japanese airspace rattled investors and sent Wall Street trawling for assets perceived as safe. North Korea had fired a ballistic missile over Japan yesterday, 29 August 2017 in an act the latter called an unprecedented, grave and serious threat.
Consumers confidence in US strengthened in August to the second highest level since late 2000, a survey released showed. The consumer confidence index rose to 122.9, up from 120 in the prior month, the Conference Board said.
Powered by Capital Market - Live News