A range bound movement was witnessed as key benchmark indices retained positive zone in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 149.49 points or 0.58% at 25,925.23. The Nifty 50 index was up 44 points or 0.56% at 7,875.60. Gains in Asian markets aided the upmove on the domestic bourses.
The broad market depicted strength. There were more than more than two gainers against every loser on BSE. 1,506 shares rose and 737 shares fell. A total of 161 shares were unchanged. The BSE Mid-Cap index was up 0.34%, underperforming the Sensex. The BSE Small-Cap index was up 0.65%, outperforming the Sensex.
In overseas stock markets, Asian shares edged higher on growing bets that the European Central Bank (ECB) will roll out more stimulus at its monetary policy meeting next week. The ECB has signaled its readiness to expand its bond purchase program to combat weak inflation. The next monetary policy review from the ECB is scheduled on 3 December 2015. US stocks ended little changed in a thinly traded preholiday session yesterday, 25 November 2015.
Metal and mining stocks were in demand as copper prices rose in global commodity markets. Jindal Steel & Power (up 2.55%), Hindalco Industries (up 1.42%), Hindustan Copper (up 1.29%), Vedanta (up 0.55%), Tata Steel (up 0.82%) and Hindustan Zinc (up 0.07%) edged higher. JSW Steel (down 0.21%) and NMDC (down 1.21%) fell.
High Grade Copper for December 2015 delivery was currently up 2.68% at $2.1040 per pound on the COMEX.
National Aluminium Company (Nalco) jumped 6.14% after the company announced that it has received $8.05 million towards an out-of-court settlement from a US firm in connection with a case pending in the US court.
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Steel Authority of India (Sail) rose 0.91% after the company's equal joint venture (JV) with another state-run firm RITES signed a long term agreement with Indian Railways whereby the Railways will procure wagons manufactured by the JV on an assured basis for a period of 10 years. The total cost of the assured off take of wagons by the Railways is about Rs 2500 crore. Production from the manufacturing plant located at Kulti in West Bengal will start shortly.
Pharma stocks declined. Cadila Healthcare (down 1.57%), Glenmark Pharmaceuticals (down 0.1%), Lupin (down 0.08%), GlaxoSmithKline Pharmaceuticals (down 0.21%) and Wockhardt (down 0.42%) declined. Cipla (up 0.36%) and Aurobindo Pharma (up 0.04%) rose.
Sun Pharmaceutical Industries (Sun Pharma) advanced 3.66%. Sun Pharma after market hours on Tuesday, 24 November 2015, announced that some of the company's subsidiaries who were contemplating investment in a wind energy project in the US have now decided not to proceed with this investment.
Dr Reddy's Laboratories (DRL) tumbled 6.04% after the US Food and Drug Administration (USFDA) put up the warning letter issued to the company dated 5 November 2015 on its web site. The USFDA has identified significant deviations from current good manufacturing practice (CGMP) at DRL's two pharmaceutical manufacturing facilities in Andhra Pradesh and a unit in Telangana. The warning letter states that several violations are recurrent or represent long-standing failures to adequately resolve significant manufacturing quality problems at these three units. The warning letter states that the USFDA may withhold approval of any new applications for drugs manufactured by the company unless and until the three units conform to CGMP. The USFDA may also refuse exports of products into the US manufactured at these three units until the company takes remedial measures.
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