Strength prevailed on the bourses in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 284.27 points or 1.12% at 25,766.79. The Nifty 50 index was up 83.80 points or 1.08% at 7,815.60.
The BSE Sensex rose 306.64 points, or 1.20%, at the day's high of 25,789.16 in early afternoon trade. The Nifty 50 index rose 90.45 points, or 1.17%, at the day's high of 7,822.25 in early afternoon trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. 1,629 shares rose and 748 shares fell. A total of 184 shares were unchanged. The BSE Mid-Cap index was up 0.81%. The BSE Small-Cap index was up 1.03%. Both these indices underperformed the Sensex.
Pharmaceutical shares were mixed. IPCA Laboratories (up 2.23%), Divi's Laboratories (up 1.28%), Cadila Healthcare (up 1.24%), Strides Arcolab (up 0.96%), Piramal Enterprises (up 0.81%), Cipla (up 0.51%), GlaxoSmithKline Pharmaceuticals (up 0.37%), Aurobindo Pharma (up 0.17%), Glenmark Pharmaceuticals (up 0.09%) and Lupin (up 0.02%), edged higher. Wockhardt (down 0.16%), Sun Pharmaceutical Industries (down 0.52%) and Dr. Reddy's Laboratories (down 1.82%), edged lower.
Capital goods shares edged higher. Havells India (up 3.38%), Thermax (up 2.94%), ALSTOM India (up 2.02%), Suzlon Energy (up 1.86%), SKF India (up 1.53%), Punj Lloyd (up 1.46%), Praj Industries (up 1.39%), ABB India (up 1.33%), Larsen & Toubro (up 1.05%), Jindal Saw (up 1.03%), Siemens (up 0.85%), Bharat Electronics (up 0.65%), BEML (up 0.59%), Lakshmi Machine Works (up 0.59%), Crompton Greaves (up 0.43%), Bharat Heavy Electricals (up 0.17%) and AIA Engineering (up 0.14%), edged higher. Alstom T&D India was down 0.95%.
Overseas cues were strong. Asian stocks edged higher after the US Federal Reserve's meeting minutes sent strong signals of a rate increase in December, a vote of confidence in the health of the world's largest economy and a boon for the banking sector. US stocks rallied yesterday, 18 November 2015, after minutes from last month's Federal Reserve meeting showed most officials anticipated economic conditions could be strong enough for a December interest-rate increase. The Fed has kept its benchmark for short-term rates near zero since late 2008. A string of rate increases can eventually weigh on stock markets, but investors have mostly become prepared for the Fed to act next month and do not anticipate that an initial rate increase will derail the bull market.
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