After a firm start, key benchmark indices traded with strong gains in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex advanced 359.49 points or 1.09% at 33,466.31. The Nifty 50 index surged 104.90 points or 1.03% at 10,319.65. Positive global cues boosted sentiment. Investor risk appetite also soared after rating agency Moody's Investors Service has upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years.
The S&P BSE Mid-Cap index surged 1.31%. The S&P BSE Small-Cap index advanced 1.22%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On BSE, 1,687 shares rose and 450 shares declined. A total of 92 shares were unchanged.
Realty stocks surged after the Union Cabinet yesterday, 16 November 2017, approved the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan MantriAwasYojana (Urban). Indiabulls Real Estate (up 4.64%), Godrej Properties (up 4.62%), Prestige Estates Projects (up 3.37%), D B Realty (up 2.9%), Sobha (up 2.72%), DLF (up 2.06%), HDIL (up 1.09%), Unitech (up 1.14%) and Oberoi Realty (up 0.34%) advanced.
To further enhance the scope, coverage and outreach of the scheme, the Cabinet has approved increasing the carpet area in the middle income group (MIG I) category of CLSS from the existing 90 square metre to up to 120 square metre and increasing the carpet area in respect of MIG II category of CLSS from the existing 110 square metre to up to 150 square metre.
Cement stocks gained. Grasim Industries (up 2.59%), Shree Cement (up 1.65%), Ambuja Cements (up 1.18%), UltraTech Cement (up 1.12%) and ACC (up 1%) advanced.
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Cipla advanced 2.49% at Rs 607.75 after the company said it has received final approval for its abbreviated new drug application (ANDA) for Budesonide Inhalation Suspension, 0.25mg/2ml, 0.5mg/2ml and 1mg/2ml from the United States Food and Drug Administration (USFDA) to market a generic version of Astrazeneca's Pulmicort Respules. The product is indicated for the maintenance treatment of asthma and as prophylactic therapy in children 12 months to 8 years of age. The product is available for shipping immediately, Cipla said. The announcement was made before market hours today, 17 November 2017.
Bank of Baroda rose 2.22% at Rs 186.55 after the bank scheduled a meeting on 21 November 2017 to consider raising up to Rs 6000 crore through a qualified institutional placement/rights issue. The announcement was made after market hours yesterday, 16 November 2017.
Petronet LNG gained 1.76% at Rs 257 after the Reserve Bank of India yesterday, 16 November 2017 notified allowing hike in foreign portfolio investors (FPI) investment limit in the company to 40% from 30%.
On the macro front, rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. Moody's has revised the sovereign rating of India a notch above investment grade after a long gap of 14 years.
Among other key news, the Union Cabinet chaired by the Prime Minister Narendra Modi yesterday, 16 November 2017, gave its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on 15th November's sharp reduction in the GST rates of a large number of items of mass consumption. This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices, a press release issued by the government after market hours yesterday, 16 November 2017 said.
Overseas, Asian stocks edged higher as global equities appeared to bounce back after declines earlier in the week. US equities rose yesterday, 16 November 2017, rebounding from consecutive declines, following strong quarterly results.
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