Key benchmark indices continued to hover in positive terrain with small gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex rose 57.58 points or 0.18% at 31,217.39. The Nifty 50 index gained 3.50 points or 0.04% at 9,739.25. Bargain hunting emerged after indices witnessed last seven days of losses.
Market witnessed volatility in early trade and hovered in a range around the flat line. Stocks regained positive terrain in morning trade and extended gains in mid-morning trade. Indices hovered in positive terrain in early afternoon trade.
The S&P BSE Mid-Cap index rose 0.74%. The S&P BSE Small-Cap index gained 0.75%. Both these indices outperformed the Sensex.
The breadth, indicating health of the market was strong. On the BSE, 1,488 shares rose and 774 shares fell. A total of 137 shares were unchanged.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 1.17%), Ashok Leyland (up 2.85%), Maruti Suzuki India (up 0.62%), and Bajaj Auto (up 0.34%) gained. Eicher Motors (down 1.53%), Hero MotoCorp (down 0.65%), Tata Motors (down 0.22%) and TVS Motor Company (down 0.71%) declined.
Pharma stocks gained on weak rupee. Sun Pharmaceutical Industries (up 1.31%), Cipla (up 0.65%), Lupin (up 0.36%), Wockhardt (up 2.19%), Divi's Laboratories (up 2.68%), Glenmark Pharmaceuticals (up 0.15%) and Cadila Healthcare (up 1.51%) gained. Aurobindo Pharma declined 1.25%. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
Dr Reddy's Laboratories gained 4.12% after the company received an Establishment Inspection Report (EIR) for Formulation Srikakulam Plant (SEZ) Unit I, Andhra Pradesh from the US drug regulator after the audit. The announcement was made during market hours today, 28 September 2017.
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In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 65.75, compared with closing of 65.705 during the previous trading session.
Overseas, Asian stocks were mixed after US equities rebounded from losses on news of long-awaited tax reform plan. Japan's lower house was dissolved today, 28 September 2017, ahead of an expected snap 22 October 2017 election being called by Prime Minister Shinzo Abe, as he seeks to confirm his mandate in the face a rising challenge from a popular new conservative party.
US stocks rose yesterday, 27 September 2017, with the Dow Jones Industrials Average ending a four-day losing streak as President Donald Trump and congressional Republicans touted a sweeping tax overhaul. Republican leaders unveiled a plan to overhaul the US tax code that looks to sharply reduce tax rates on businesses and many individuals.
Among economic data in US, orders for durable goods rose 1.7% in August, beating forecasts for a 1% rise. The National Association of Realtors' pending home sales index fell 2.6% to 106.3 in August, the group said. That was the lowest reading since January 2016 and put the index 2.6% lower than its level a year ago.
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