Key indices extended gains and hit fresh intraday highs in morning trade. The firmness in Asian stocks boosted sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex, gained 125.61 points or 0.37% at 33,881.89. The Nifty 50 index rose 33.85 points or 0.32% at 10,474.15.
The S&P BSE Mid-Cap index rose 0.46%. The S&P BSE Small-Cap index gained 0.81%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,567 shares rose and 642 shares fell. A total of 117 shares were unchanged.
Capital goods stocks advanced. Bharat Heavy Electricals (Bhel) (up 1.26%), BEML (up 0.4%), Havells India (up 0.52%), ABB India (up 1.57%), Bharat Electronics (up 0.3%), L&T (up 1%), Thermax (up 0.01%), and Siemens (up 0.16%) gained.
Realty stocks also extended recent gains. DLF (up 0.76%), D B Realty (up 20%), Sobha (up 0.47%), Indiabulls Real Estate (up 0.93%), Unitech (up 2.15%), NBCC (up 0.85%), Godrej Properties (up 0.62%), Housing Development & Infrastructure (HDIL) (up 1.06%), and Oberoi Realty (up 0.18%) edged higher.
Navin Fluorine International rose 1.45% after the company said that its board approved a capital expenditure of Rs 115 crore towards creating additional current good manufacturing practice (cGMP) capacity and associated infrastructure at its Dewas facilities in Madhya Pradesh. The announcement was made after market hours yesterday, 21 December 2017.
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The expanded capacity will be utilized for the company's expanding contract manufacturing activity for the value added complex chemicals and fluoro intermediates manufactured for innovator pharma companies across the globe. The investment in expansion of the capacity is based on customer enquiries and discussions and in anticipation of future research pipeline of innovators.
The new capacity addition will be similar to the company's existing multi product plant configuration with multistage batch and products processing capabilities. The new capacity is expected to come on stream by June 2019. The capital investment of Rs 115 crore will be funded through a combination of internal accruals and debt.
Overseas, most Asian stocks rose after positive close for US stocks overnight. Japanese Prime Minister Shinzo Abe's cabinet endorsed a record $860 billion spending budget for fiscal 2018, highlighting his greater emphasis on growth than austerity, with aggressive monetary stimulus keeping borrowing costs low.
US stock-market indexes closed modestly higher yesterday, 21 December 2017, driven by gains in the energy, financials and telecom sectors.
On the economic data front, the US economy's pace of growth in the third quarter was lowered slightly to a 3.2% annual rate from 3.3% under the government's final revision to gross domestic product. The economy expanded at a 3.1% rate in the second quarter. Separately, initial jobless claims rose a higher-than-expected 20,000 in the latest week, though they remain at historically low levels.
On the upside, the Philadelphia Fed's Manufacturing Business Outlook Survey jumped to a reading of 26.2 in December from 22.7.
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