Key benchmark indices hovered near record high levels in early afternoon trade led by strong buying demand in index pivotals HDFC Bank, ITC and HDFC. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 371.62 points or 1.06% at 35,453.44. The Nifty 50 index was up 83.25 points or 0.77% at 10,871.80. Gains were triggered on reports indicating that the government is mulling a proposal to hike foreign direct investment (FDI) limit in the banking sector. Positive Asian stocks also underpinned sentiment. Cement stocks fell. Realty stocks declined.
Domestic stocks saw gap-up opening following positive Asian cues. Stocks held firm after the Sensex and the Nifty hit fresh record high levels in morning trade.
The S&P BSE Mid-Cap index was off 0.39%. The S&P BSE Small-Cap index was off 0.01%. Both these indices undeperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On the BSE, 1,524 shares declined and 1,204 shares rose. A total of 131 shares were unchanged.
Index heavyweight and cigarette major ITC gained 2.93% to Rs 273.70.
Index heavyweight and housing finance major HDFC gained 2.26% to Rs 1,902.
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Cement stocks fell. Ambuja Cements (down 0.63%), ACC (up 0.15%), UltraTech Cement (down 1.48%) and Shree Cement (down 0.86%) declined.
Grasim Industries was off 1.22%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Realty stocks declined. DLF (down 1.85%), Indiabulls Real Estate (down 0.64%), Housing Development and Infrastructure (down 2.39%), D B Realty (down 2.64%),Unitech (down 2.23%), Sobha (down 0.71%), Godrej Properties (down 2.32%), Prestige Estates Projects (down 0.78%) and Oberoi Realty (down 0.81%) edged lower.
Panacea Biotec jumped 8.37% after the company said it signed two long term agreements with Serum Institute of India and its subsidiary. The announcement was made during trading hours today, 18 January 2018.
Panacea Biotec (PBL) signed two long term agreements with Serum Institute of India (SII) and SII's wholly-owned subsidiary, Bilthovan Biologicals B.V. (BBIO). Under the collaboration, SII is entitled to manufacture and sell fully liquid Whole cell Pertussis (wP) and Salk based Injectable Polio Vaccine (IPV) based Hexavalent vaccine (DTwP-HepB-Hib-lPV) developed and commercialized by Panacea Biotec, a first of its kind in this category.
Under the collaboration, SII will ensure supply of IPV bulk to Panacea Biotec, an important constituent of the Hexavalent vaccine, from its wholly owned subsidiary BBIO, a bioengineering and pharmaceutical company, registered in The Netherlands having technology and expertise for making the IPV, earlier possessed by only 3 other vaccine manufacturers in the World.
MindTree surged 9.43% after consolidated net profit rose 13.4% to Rs 141.50 crore on 3.5% rise in net sales to Rs 1377.70 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours yesterday, 17 January 2018.
Overseas, Asian stocks extended this year's stellar run, following their US counterparts higher amid optimism for global growth. US stocks rose to fresh highs yesterday, 17 January 2018 as companies continued to indicate the tax overhaul will boost earnings this year. The Dow Jones Industrial Average staged a late rally to end above 26,000 for the first time ever.
The Fed's Beige Book indicted that the outlook for 2018 remains optimistic for a majority of contacts across the country. As for the much vaunted tax cuts, only businesses in Chicago and Dallas were excited over the Republican tax plan, while districts along the East Coast were worried about higher taxes from the new limits on deductions for mortgage interest and property and state income taxes, reports indicated.
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