Key benchmark indices edged higher in early trade. At 9:15 IST, the barometer index, the S&P BSE Sensex rose 42.27 points or 0.13% at 31,610.28. The Nifty 50 advanced 28.70 points or 0.29% at 9,881.20.
The S&P BSE Mid-Cap index rose 0.07%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.23%, outperforming the Sensex.
Overseas, Asian stocks witnessed a mixed trend. US stocks closed lower yesterday, 23 August 2017 after President Donald Trump said he would be willing to let the government shut down if his border wall isn't funded. Delivering a warning to Democratic lawmakers who have objected to his plans to construct a wall along the US-Mexico frontier, Trump called them obstructionists and said that it was time for the US to crack down on illegal immigration.
Meanwhile, the annual Jackson Hole Economic Policy Symposium is scheduled tomorrow, 25 August 2017 in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 610 shares rose and 279 shares declined. A total of 30 shares were unchanged.
Reliance Industries (RIL) rose 0.17% at Rs 1,584 after the company announced that it was allotted 2.52 crore shares, or 24.92% equity, of Balaji Telefilms on preferential basis at Rs 164 each on 22 August 2017. The announcement was made after market hours yesterday, 23 August 2017.
Lupin was up 1.07% at Rs 965.05 after the company announced the launch of its Quetiapine Fumarate Extended-Release Tablets, in multiple strengths having received an approval from the United States Food and Drug Administration (FDA) earlier. The announcement was made at the fag end of market hours yesterday, 23 August 2017.
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Lupin's Quetiapine Fumarate Extended-Release Tablets are the AB rated generic equivalent of AstraZeneca Pharmaceuticals LP's Seroquel Tablets. It is indicated for the treatment of schizophrenia; acute manic or mixed episodes in bipolar I disorder alone or as an adjunct to lithium or divalproex; acute depressive episodes in bipolar disorder; maintenance treatment of bipolar I disorder, as an adjunct to lithium or divalproex and as an adjunctive therapy to antidepressants for the treatment of major depressive disorder. Seroquel Tablets had US sales of $1.1 billion (IMS MAT June 2017).
On the macro front, the Union Cabinet chaired by the Prime Minister Narendra Modi yesterday, 23 August 2017, given in-principle approval for PSBs to amalgamate through an Alternative Mechanism (AM). The decision would facilitate consolidation among the Nationalised Banks to create strong and competitive banks.
The decision regarding creating strong and competitive banks would be solely based on commercial considerations. The proposal must start from the boards of banks. The proposals received from banks for in-principle approval to formulate schemes of amalgamation shall be placed before the Alternative Mechanism (AM). After in-principle approval, the banks will take steps in accordance with law and Sebi's requirements. The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.
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