Key benchmark indices edged higher after initial volatility and amid mixed cues in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 35.78 points or 0.14% at 26,410.48. The Nifty 50 index was currently up 11.30 points or 0.14% at 8,115.65. IT and realty stocks led initial gains on the bourses.
The BSE Mid-Cap index was currently up 0.13%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.34%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 838 shares rose and 403 shares declined. A total of 48 shares were unchanged.
Overseas, Asian stocks were mixed after the Bank of Japan (BOJ) kept monetary policy steady and offered a brighter view of the economy today, 20 December 2016.
The BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park with the central bank. It also left unchanged its 10-year government bond yield target of around zero percent. Japan's economy is projected to grow 1.5% in inflation-adjusted terms in the fiscal year starting in April, thanks to a gradual uptick in the global economy and a recent weakening of the yen against the dollar.
US stocks closed with modest gains yesterday, 19 December 2016, in low volume trade as traders bought some recently less-favored sectors, while some top postelection plays lagged. In economic news, the flash US Markit PMI services for December was 53.4, down slightly from 54.6 in November.
In her first speech after raising interest rates for only the second time this decade, Federal Reserve Chairwoman Janet Yellen said the US has the strongest jobs market in nearly a decade, and there are indications wage growth is picking up. But Yellen also noted the economy is growing more slowly than in past recoveries and productivity growth has been disappointing. Yellen was speaking at a University of Baltimore commencement ceremony.
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The Federal Reserve had raised rates for the second time in a decade last week and surprised by forecasting three rate hikes for 2017, more than the consensus two.
Back home, Coal India (up 1.22%), ITC (up 1.1%) and Lupin (up 0.62%) were amongst the major gainers from the BSE Sensex pack.
Drug major Cipla gained 0.69% after the company said it will seek shareholders approval to raise up to Rs 4000 crore via issue of securities in both domestic and global markets. The company said its board has approved raising funds up to Rs 2000 crore.
It could be via issue of shares or American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) or Foreign Currency Convertible Bonds (FCCBs) or other securities, whether denominated in rupee or foreign currency through a public issue or a private placement, it said.
The board also approved raising of funds up to Rs 2,000 crore by issue of non convertible debentures (NCDs) or bonds, in rupee or foreign currency through a public issue or a private placement, it added. The announcement was made after market hours yesterday, 19 December 2016.
Sun Pharmaceutical Industries rose 0.84% after the company announced that one of its wholly-owned subsidiaries has voluntarily requested the United States Food & Drug Administration (USFDA) to withdraw approval for 28 abbreviated new drug applications (ANDAs).
These older drug products belong to erstwhile Ranbaxy Laboratories and are not being marketed in the US since 2008. The announcement was made after market hours yesterday, 19 December 2016.
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