Indices came off the day's high in the mid-morning trade. The Nifty continued trading above 11,100-mark. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 173.8 points or 0.46% at 37,667.99. The Nifty 50 index was up 66.65 points or 0.6% at 11,124.50. Metal stocks reversed yesterday's slump.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1457 shares rose and 619 shares fell. A total of 102 shares were unchanged. The S&P BSE Mid-Cap index was up 0.87%. The S&P BSE Small-Cap index was up 1.39%.
Metal stocks rebounded after yesterday's poor show. Tata Steel (up 2.69%), Hindustan Copper (up 2.64%), Hindustan Zinc (up 1.98%), Jindal Steel & Power (up 1.83%), National Aluminium Company (up 1.37%), Vedanta (up 1.33%), Hindalco Industries (up 1.26%), Steel Authority of India (up 0.94%) and JSW Steel (up 0.3%) gained.
Sastasundar Ventures soared 16.44% to Rs 113.3 after Japan's Mitsubishi Corporation signed an agreement to invest Rs 100 crore in Sastasundar Healthbuddy. The announcement was made after trading hours yesterday, 26 August 2019.
IT shares lagged the broader market trend as rupee edged higher. Infosys (down 2.17%), MindTree (down 2.12%), MphasiS (down 1.42%), Tech Mahindra (down 1.11%), TCS (down 1.09%), HCL Technologies (down 0.97%) and Oracle Financial Services Software (down0.41%) declined. The S&P BSE IT was down 1.4% at 15,830.17.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.83, compared with its close of 72.025 during the previous trading session.
Strides Pharma Science announced that its step-down subsidiary, Strides Pharma Inc.(SPI) has acquired a USFDA approved manufacturing facility in Florida, USA from Micelle BioPharma, Inc. The site has undergone several successful FDA inspections and has no outstanding FDA observations. SPI has acquired the manufacturing facility under an asset purchase agreement with Micelle Biopharma, Inc. for a consideration of $ 0.5 Millions. The company will invest up to $ 10 Million to build incremental capabilities and add additional dosage formats. With the addition of the Florida site, Strides now has eight formulation sites globally catering to the regulated and emerging markets. Strides Pharma Science was 2.93% down at Rs 378.3
The Central Board of the Reserve Bank of India (RBI) announced to transfer a sum of Rs 1,76,051 crore to the Government comprising of Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions. The RBI, in consultation with the Government of India, had constituted an Bimal Jalan committee to review the extant economic capital framework of the Reserve Bank of India. The announcement was made yesterday, 26 August 2019.
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