Key benchmark indices regained strength in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 248.73 points or 0.91% at 27,522.88. The Nifty 50 index was up 82.75 points or 0.98% at 8,516.50. Gains in Asian stocks triggered upmove on the domestic bourses.
The Sensex rose 317 points, or 1.16% at the day's high of 27,591.15 in early trade, its highest level since 3 November 2016. The index rose 178.22 points, or 0.65% at the day's low of 27,452.37 in early afternoon trade. The Nifty rose 102.10 points, or 1.21% at the day's high of 8,535.85 in early trade, its highest level since 3 November 2016. The index rose 59.90 points, or 0.71% at the day's low of 8,493.65 in early trade.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 2,041 shares rose and 665 shares fell. A total of 103 shares were unchanged. The BSE Mid-Cap index was currently up 1.32%. The BSE Small-Cap index was currently up 1.63%. Both these indices outperformed the Sensex.
Index heavyweight and cigarette major ITC advanced 3.81% to Rs 258.60. The stock hit a high of Rs 258.90 and low of Rs 247.25 so far during the day.
Pharma shares gained on renewed buying. Dr Reddy's Laboratories (up 1.81%), Glenmark Pharmaceuticals (up 3.71%), Sun Pharmaceutical Industries (up 1.66%), Alkem Laboratories (up 1.44%), GlaxoSmithKline Pharmaceuticals (up 0.58%), Cadila Healthcare (up 0.26%), Cipla (up 0.63%), Aurobindo Pharma (up 5.33%) and Wockhardt (up 1.87%) gained.
Lupin jumped 7.12%. The company announced that it has received notification that the inspection carried out by the USFDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupin's Goa facility, the company said. Commenting on the receipt of the EIR, Vinita Gupta, Chief Executive Officer and Nilesh Gupta, Managing Director, Lupin said that the company is committed to ensuring that all systems and processes followed by it are compliant with cGMP and are committed to bringing quality products to market. The announcement was made on Saturday, 5 November 2016.
Realty stocks edged higher. DLF (up 2.22%), Indiabulls Real Estate (up 3.99%), Housing Development and Infrastructure (up 2.59%), D B Realty (up 1.89%), Unitech (up 4.55%), Sobha (up 1.22%), Godrej Properties (up 1.33%), Prestige Estates Projects (up 1.38%), and Parsvnath Developers (up 1.34%) rose. Oberoi Realty fell 0.75%.
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In overseas stock markets, Asian stocks edged higher as US Federal Bureau of Investigations director James Comey told Congress on 6 November 2016 that the agency would not reopen any investigation into presidential candidate Hillary Clinton's email usage. Investors around the world have been watching the US elections warily, and many have reacted to the prospects of a Donald Trump presidency with horror, concerned about his outlandish and economically questionable proposals.
In US, the S&P 500 ended lower on Friday, 4 November 2016, for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain US election. The tech-heavy Nasdaq also ended lower for a ninth-consecutive session, while the Dow industrials closed down for a seventh straight day.
The outcome of United States presidential elections of 2016, which will be held on tomorrow, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
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