A bout of volatility was witnessed as key benchmark indices extended gains after paring gains in afternoon trade, with the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index, both, hitting 10-1/2 week high. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 201 points or 0.81% at 25,153.74. The 50-unit Nifty 50 index was up 62.10 points or 0.82% at 7,666.45. The Sensex was currently trading above the psychological 25,000 mark after regaining that level in intraday trade.
The Sensex jumped 216.06 points or 0.86% at the day's high of 25,168.80 in mid-afternoon trade, its highest level since 7 January 2016. The barometer index rose 35.53 points or 0.14% at the day's low of 24,988.27 in early trade. The Nifty rose 62.25 points or 0.81% at the day's high of 7,666.60 in mid-afternoon trade, its highest level since 7 January 2016. The index rose 13.35 points or 0.17% at the day's low of 7,617.70 in early trade.
The market sentiment was positive after the latest data showed that foreign portfolio investors (FPIs) made heavy purchases of Indian stocks during the previous trading session. FPIs bought shares worth a net Rs 1712.62 crore on Friday, 18 March 2016, as per provisional data released by the stock exchanges. The Sensex had risen 275.37 points or 1.12% to settle at 24,952.74 on that day.
The market breadth indicating the overall health of the market was positive. On BSE, 1,366 shares rose and 1,161 shares fell. A total of 176 shares were unchanged. The BSE Mid-Cap index was currently up 0.9%. The BSE Small-Cap index was currently up 1.01%. Both these indices outperformed the Sensex.
In overseas stock markets, European markets declined as a slide in commodity prices weighed on investor sentiment. In Asia, Chinese stocks edged higher after authorities signaled a loosening stance toward margin trading, the practice of using borrowed money to buy shares. In mainland China, the Shanghai Composite settled 2.15% higher. In Hong Kong, the Hang Seng index closed 0.06% higher. US stocks closed higher during the previous trading session on Friday, 18 March 2016, extending the rally that followed the Federal Reserve's accommodative policy decision during the week.
Metal and mining stocks were mixed. Vedanta (up 2.5%), Tata Steel (up 0.23%), Steel Authority of India (Sail) (up 0.13%), Hindustan Zinc (up 0.2%), Hindalco Industries (up 0.12%) and Hindustan Copper (up 4.52%) edged higher. National Aluminium Company (down 1.13%), JSW Steel (down 0.62%), Jindal Steel & Power (down 0.41%) and NMDC (down 0.31%) fell.
High Grade Copper for May 2016 delivery was currently up 0.11% at $2.285 per pound on the COMEX.
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Pharma stocks were mixed. Alkem Laboratories (down 1.6%), GlaxoSmithKline Pharmaceuticals (down 1.09%), Cadila Healthcare (down 0.23%), Dr Reddy's Laboratories (down 0.35%) fell. Sun Pharmaceutical Industries (up 1.18%), Cipla (up 0.73%), Glenmark Pharmaceuticals (up 0.46%) and Wockhardt (up 1.23%) rose.
Aurobindo Pharma rose 2.83% after the company said it has received final approval from the United States Food and Drug Administration to manufacture and market Naproxen Sodium Tablets USP, 220 mg (OTC). Aurobindo Pharma expects to launch the drug in the US in Q1 June 2016. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Aleve Tablets of Bayer Healthcare LLC (Bayer). Naproxen Sodium Tablets are used in the treatment and prevention of osteoporosis in postmenopausal women. According to IMS data, the approved product had an estimated market size of $96 million in the United States for the twelve months ended January 2016.
Lupin extended previous session's sharp losses triggered by speculation that widely followed investor Rakesh Jhunjhunwala is selling some of his stake. The stock was off 1.79% at Rs 1,531.05. The stock hit low of Rs 1,502.20 in intraday trade, which is also a 52-week low for the stock. The stock had lost 6.9% to settle at Rs 1,558.90 during the previous trading session on Friday, 18 March 2016. Jhunjhunwala held 1.65% stake in Lupin as per the shareholding pattern as on 31 December 2015.
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