After a range bound movement in mid-morning trade, key benchmark indices pared gains in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 69.44 points or 0.27% at 25,408.02. The Nifty 50 index was currently up 25.20 points or 0.33% at 7,760.40.
Earlier, the Sensex and the Nifty, both, hit their highest level in more than 12 weeks. The Sensex rose 141.04 points, or 0.56% at the day's high of 25,479.62 in morning trade, its highest level since 6 January 2016. The index rose 2.89 points, or 0.01% at the day's low of 25,341.47 in early trade. The Nifty rose 42.40 points, or 0.55% at the day's high of 7,777.60 in morning trade, its highest level since 6 January 2016. The index fell 9.70 points, or 0.13% at the day's low of 7,725.50 in early trade.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month March 2016 series to April 2016 series. The March 2016 derivatives contracts are set to expire today, 31 March 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,217 shares rose and 1,002 shares fell. A total of 161 shares were unchanged. The BSE Mid-Cap index was currently up 0.25%, underperformed the Sensex. The BSE Small-Cap index was currently up 0.44%, outperformed the Sensex.
In the overseas stock markets, Asian stocks witnessed a mixed trend. US stocks extended gains for the third day yesterday, 30 March 2016, although shares ended well off their day's highs amid a dip in crude oil prices. Sentiment was underpinned by data from payroll firm ADP showing slightly stronger than expected private sector job growth in March.
Most pharmaceutical shares were mixed. Strides Shasun (up 3.47%), Wockhardt (up 1.71%), Sun Pharmaceutical Industries (up 1.47%), Glenmark Pharmaceuticals (up 0.99%), Lupin (up 0.76%), Cipla (up 0.39%), Piramal Enterprises (up 0.26%) and Cadila Healthcare (up 0.23%) edged higher. GlaxoSmithKline Pharmaceuticals (down 0.05%), Divi's Laboratories (down 0.31%), Aurobindo Pharma (down 0.88%), IPCA Laboratories (down 1.06%) and Alkem Laboratories (down 1.74%), edged lower.
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Dr Reddy's Laboratories was up 1.09% at Rs 3,045.90 after the company announced during trading hours today, 31 March 2016, that it has entered into a licensing agreement with Eisai Co., Japan by which Dr. Reddy's will be granted exclusive worldwide development and commercialization rights (excluding Japan and Asia) for Eisai's investigational anticancer agent E7777. Eisai will be responsible for the development and marketing of E7777 in Japan and Asia, while Dr. Reddy's holds the option for rights to develop and market the agent in India. In exchange of these rights, Eisai will receive milestone payments in line with obtaining marketing approval and the achievement of agreed upon sales targets. Through this agreement, the two companies aim to accelerate development and maximize the value of E7777.
Reliance Infrastructure was up 0.55% at Rs 537. The company announced during trading hours today, 31 March 2016, that Reliance Defence along with Ukraine based State Corporation ANTONOV have agreed to cooperate on dual version transport aircraft for Military, Para military and Commercial use in India. Reliance Defence together with State Corporation ANTONOV would jointly address various requirements including 50-80 seat passenger aircraft in its basic configuration and in all its variants such as transport, maritime patrol and other military roles. The partnership of Reliance Defence and Antonov envisions design of fixed wing military aircraft configured for use in tactical as well strategic roles. Powered by two turbofan high fuelefficiency jet engines, the medium lift aircraft is capable of short field runways operating from remote airfields with unpaved surfaces, the company said.
Metal shares were mixed. Vedanta (up 1.53%), National Aluminium Company (Nalco) (up 1.31%), Jindal Steel & Power (up 1.04%) and Hindustan Copper (up 0.10%), edged higher. Steel Authority of India (down 0.34%), Hindalco Industries (down 0.4%), Bhushan Steel (down 0.41%), JSW Steel (down 0.45%), NMDC (down 1.25%) and Tata Steel (down 1.39%), edged lower.
Hindustan Zinc surged 5.14% to Rs 184.15 after the company said its board of directors at a meeting held yesterday, 30 March 2016, declared special golden jubilee dividend of Rs 24 per share for the financial year ending 31 March 2016. The announcement was made after market hours yesterday, 30 March 2016. Shares of Hindustan Zinc offered a dividend yield of 13.7% based on the stock's closing price of Rs 175.15 on the BSE yesterday, 30 March 2016.
Mercator surged 9.41% after the company said that its wholly owned subsidiary Mercator International Pte. (MIPL) has received approval from the Singapore exchange for divestment of its entire stake in the company's step-down subsidiary Mercator Lines (Singapore) (MLS). The announcement was made after market hours yesterday, 30 March 2016.
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