After hovering in green in mid-morning trade, key benchmark indices extended gains in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 167.55 points or 0.69% at 24,390.87. The gains for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 61.05 points or 0.83% at 7,422.85. Gains in global stocks aided the upmove on the domestic bourses.
The Sensex rose 226.10 points or 0.93% at the day's high of 24,449.42 in early trade, its highest level since 2 February 2016. The barometer index rose 55.89 points or 0.23% at the day's low of 24,279.21 in morning trade. The Nifty rose 70.10 points or 0.95% at the day's high of 7,431.90 in early trade, its highest level since 2 February 2016. The index rose 20.75 points or 0.28% at the day's low of 7,382.55 in morning trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,366 shares rose and 953 shares fell. A total of 99 shares were unchanged. The BSE Mid-Cap index was currently up 0.66%. The BSE Small-Cap index was currently up 0.4%. Both these indices underperformed the Sensex.
In overseas stock markets, Asian stocks edged higher as weaker-than-expected US service-sector data pushed the US dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities. US stocks staged a late-day rally yesterday, 3 February 2016, as sharp rebound in oil prices lifted beaten-down energy shares and financials rebounded from initial sharp slide.
IT stocks edged higher on renewed buying. Infosys (up 2.02%), HCL Technologies (up 2.26%), Wipro (up 0.62%) and Oracle Financial Services Software (up 0.42%) gained. Tech Mahindra (down 0.94%) edged lower.
TCS was off 0.09% at Rs 2,414.85. The stock hit a high of Rs 2,427.10 and a low of Rs 2,403.20 so far during the day. The company announced that Investec India, a part of wealth management giant Investec, has gone live on TCS BaNCS to power its front and back office operations in India. The announcement was made after market hours yesterday, 3 February 2016.
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Pharma stocks edged lower on media reports that the US government has made it mandatory for active pharmaceutical ingredients (APIs) to be manufactured locally. Wockhardt (down 4.93%), Strides Shasun (down 3.87%), Divi's Laboratories (down 3.03%), Lupin (down 2.92%), Cipla (down 2.19%), Glenmark Pharmaceuticals (down 1.52%), Aurobindo Pharma (down 1.01%), Ipca Laboratories (down 1.46%), Alkem Laboratories (down 0.76%), Sun Pharmaceutical Industries (down 0.57%), GlaxoSmithkline Pharmaceuticals (down 0.65%) and Cadila Healthcare (down 0.85%) edged lower. Dr Reddy's Laboratories (up 0.04%) edged higher. The United States is a key market for Indian pharma companies.
Tata Motors rose 2.43% at Rs 328.30 after Jaguar Land Rover (JLR) North America yesterday, 3 February 2016, said its US sales rose 7% to 7,007 units in January 2016 over January 2015. JLR is the British luxury car unit of Tata Motors.
NTPC was down 2.06% at Rs 126.10. The stock hit a high of Rs 131 and a low of Rs 124.60 so far during the day. NTPC during market hours today, 4 February 2016, announced that Gurdeep Singh has taken over the charge as Chairman and Managing Director of the company with effect from 4 February 2016 for a period of five years or until further orders, whichever is earlier.
Aditya Birla Fashion and Retail lost 16.6% at Rs 175.90 as fresh shares allotted by the company recently were admitted for trading on the bourses today, 4 February 2016. Aditya Birla Fashion and Retail (erstwhile Pantaloons Fashion & Retail) allotted 67.60 crore shares pursuant to composite scheme of arrangement between the company, Aditya Birla Nuvo (ABNL), Madura Garments Lifestyle Retail Company (MGLRCL) and their respective shareholders. Shares were allotted to the shareholders of ABNL and MGLRCL.
Shareholders of ABNL received 26 new equity shares of Aditya Birla Fashion and Retail for every 5 equity shares held in ABNL. Shareholders of MGLRCL received 7 new equity shares of Aditya Birla Fashion and Retail for every 500 equity shares held in MGLRCL. Preference shareholder of MGLRCL received 1 new equity share of Aditya Birla Fashion and Retail.
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