After extending gains in afternoon trade, key benchmark indices trimmed gains in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 188.38 points or 0.7% at 26,968.04. The 50-unit CNX Nifty was up 62 points or 0.76% at 8,169.90. The Sensex was currently trading below the psychological 27,000 level, after surpassing that mark in intraday trade. The Sensex surged 258.29 points or 0.96% at the day's high of 27,037.95 in afternoon trade, its highest level since 12 October 2015. The Nifty rose 82.65 points or 1.01% at the day's high of 8,190.55 in intraday trade, its highest level since 12 October 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,499 shares rose and 1,065 shares fell. A total of 160 shares were unchanged. The BSE Mid-Cap index was up 0.8%, outperforming the Sensex. The BSE Small-Cap index was up 0.53%, underperforming the Sensex.
Overseas cues were positive. Asian and European stocks edged higher as expectations build that the Federal Reserve will delay raising interest rates soon after disappointing US economic data and that the Fed's delay in raising interest rates will slow capital flight from emerging markets. Chinese stocks led gains in Asian markets amid fresh signs of reform for Chinese state-owned firms. Trading in US stock index futures indicated a recovery for US stocks after weaker-than-expected economic reports and gloomy earnings forecast from Wal-Mart Stores, the world's biggest retailer, pulled the market lower yesterday, 14 October 2015. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 109 points at the opening bell today, 15 October 2015.
Index heavyweight and cigarette major ITC rose 1.77% at Rs 350.45. The stock hit a high of Rs 352.50 and a low of Rs 344 so far during the day.
Another index heavyweight and housing finance firm HDFC was up 0.65% at Rs 1,299.50. The stock hit a high of Rs 1,304 and a low of Rs 1,295 so far during the day.
Pharma stocks gained. Ipca Laboratories (up 1.56%), Lupin (up 2.01%), Wockhardt (up 0.98%), Divi's Laboratories (up 0.4%), Dr Reddy's Laboratories (up 0.46%), Strides Arcolab (up 0.9%), Sun Pharmaceutical Industries (up 0.03%) and Glenmark Pharmaceuticals (up 0.05%) edged higher. Cipla (down 0.86%) and GlaxoSmithkline Pharmaceuticals (down 0.2%) edged lower.
FMCG stocks were mixed. Marico (up 1.31%), Bajaj Corp (up 1.29%), Colgate Palmolive (India) (up 0.18%), Procter & Gamble Hygiene and Health Care (up 0.42%), Tata Global Beverages (up 0.22%) and Dabur India (up 0.13%) edged higher. Britannia Industries (down 0.45%), GlaxoSmithkline Consumer Healthcare (down 0.2%), Jyothy Laboratories (down 0.32%), Nestle India (down 0.24%) and Godrej Consumer Products (down 1.62%) edged lower.
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Hindustan Unilever (HUL) dropped 1.44% at Rs 785.90, with the stock extending losses registered yesterday, 14 October 2015, triggered by the company reporting flat bottom line after adjusting for exceptional items in Q2 September 2015. The stock had lost 1.85% to settle at Rs 797.40 yesterday, 14 October 2015. HUL said that the phasing out of excise duty incentives and fall in product prices adversely impacted the company's performance in Q2 September 2015. The company reduced product prices in a bid to pass on the benefit of lower commodity costs to consumers.
LIC Housing Finance rose 1.87% to Rs 490.90 after net profit rose 20.61% to Rs 411.73 crore on 16.19% growth in total income to Rs 3089.35 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 15 October 2015.
Shares of Adani Enterprises jumped 14.3% to Rs 97.05 after Australia's environment ministry gave its go ahead to the company's Carmichael coal mine and rail project in Australia, subject to 36 strict conditions. The Carmichael coal, railway and port project includes building Australia's largest thermal coal mine in the north Galilee Basin approximately 160 km north-west of Clermont in Central Queensland, linked by a new 388 km standard gauge rail line to a new terminal at Abbot Point Port near Bowen. Adani Enterprises' wholly-owned step down subsidiaries in Australia are implementing the Carmichael coal, railway and port project.
Ruby Mills rose 2.61% at Rs 439.80 after the company fixed 24 October 2015 as the record date for 1:1 bonus issue. The company made the announcement after market hours yesterday, 14 October 2015.
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