After trading in a small range near the flat line in afternoon trade, the key benchmark indices moved higher and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 82.95 points or 0.32% to 26,293.63. The Nifty 50 index was currently up 32.95 points or 0.41% at 8,067.80.
Earlier, after reversing initial decline, the key indices indices gyrated in a small range until mid-afternoon trade. The Sensex had hit over one week high in opening trade. The Sensex surged 218.95 points or 0.84% at the day's high of 26,429.63 in opening trade, its highest level since 20 December 2016. The index fell 44.01 points or 0.17% at the day's low of 26,166.67 at the onset of the session, its lowest level since 27 December 2016. The Nifty gained 38.55 points or 0.48% at the day's high of 8,073.40 in mid-afternoon trade. The index declined 14.05 points or 0.17% at the day's low of 8,020.80 at the onset of the session.
Mid-Cap and Small-Cap counters witnessed renewed buying in last few sessions. In side indices, the BSE Mid-Cap index was currently up 0.88%. The BSE Small-Cap index was currently up 0.79%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,531 shares rose and 928 shares fell. A total of 154 shares were unchanged.
The market may remain volatile during the last hour of trade as traders roll over positions in the futures & options (F&O) segment from the near month December 2016 series to January 2017 series. The near month December 2016 derivatives contracts expire today, 29 December 2016.
Index heavyweight and housing finance major HDFC advanced 1.16% to Rs 1,251.25. The stock hit high of Rs 1,254 and low of Rs 1,230.25 so far during the day.
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Pharma shares saw mixed trend. Cadila Healthcare (down 1.18%), Dr Reddy's Laboratories (down 0.39%), Glenmark Pharmaceuticals (down 0.77%), Sun Pharmaceutical Industries (down 0.6%) and Wockhardt (down 0.33%) rose. Cipla (up 0.37%), Alkem Laboratories (up 0.85%), GlaxoSmithKline Pharmaceuticals (up 0.21%) and Aurobindo Pharma (up 0.06%) fell.
Lupin rose 0.45% after the company said that it has received tentative approval for its Balasalazide Disodium tablets, 1.1 gm from the United States Food and Drug Administration (USFDA) to market a generic version of Salix Pharmaceuticals lnc's Giazo tablets, 1.1 gm. The filing is from Lupin's Goa manufacturing facility. The announcement was made during market hours today, 29 December 2016.
Lupin's Balasalazide Disodium tablets are the AB rated generic equivalent of Saiix Pharmaceuticals lnc's Giazo tablets. Balasalazide Disodium tablets are indicated for the treatment of mildly to moderately active ulcerative colitis in male patients 18 years of age and older. Giazo tablets had annual US sales of $0.79 million (IMS MAT September 2016).
FMCG stocks gained on renewed buying. Hindustan Unilever (up 1.09%), Marico (up 0.6%), Nestle India (up 1.28%), Tata Global Beverages (up 1.63%), Procter & Gamble Hygiene and Health Care (up 1.06%), Bajaj Corp (up 1.17%), Britannia Industries (up 0.43%), GlaxoSmithkline Consumer Healthcare (up 0.39%), Colgate-Palmolive (India) (up 0.36%), Dabur India (up 0.42%) and Godrej Consumer Products (up 0.97%) rose. Jyothy Laboratories (down 1.89%) fell.
IFCI rose 12.15% on reports the National Stock Exchange (NSE) has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) that could be worth about Rs 10000 crore with the market regulator Securities and Exchange Board of India (Sebi). A total of 11.14 crore shares of the exchange, or about 22.5% of its equity capital, will be sold in the IPO. As on 24 November 2016, IFCI held 15.10 lakh shares, or 3.05% equity, in NSE.
JK Tyre & Industries rose 1.16% after the company said its board has approved raising up to Rs 1000 crore by issuing securities, convertible/non-convertible, with or without warrant with right exercisable by the warrant holder to convert or subscribe to equity shares, by way of public and/or private offerings and/or qualified institutions placement, including Global depository receipts, American depository receipts, foreign currency convertible bonds, or any combination thereof, in one of more tranches. The announcement was made after market hours yesterday, 28 December 2016.
Goa Carbon rose 3.21% after the company said that the operations at its Bilaspur plant in Chhattisgarh had commenced from 27 December 2016. The announcement was made after market hours yesterday, 28 December 2016. The company had earlier on 5 December 2016, announced temporary shut-down of this unit. The company at that time had said that there would not be any financial impact due to the temporary shutdown of the unit as there is sufficient inventory to service the orders in hand.
Overseas, European shares were trading lower as banking shares and miners fell. Asian stocks were trading on a mixed note. Trading has been thin across the globe during the last week of the year. US stocks fell yesterday, 28 December 2016 as shares financials and materials declined. In economic news, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5% to 107.3 in November from 110 in October, data released by National Association of Realtors showed yesterday, 28 December 2016.
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