Key benchmark indices regained strength in early afternoon trade after trimming initial gains earlier during the session. At 12:20 IST, the barometer index, the S&P BSE Sensex was up 98.89 points or 0.33% at 28,388.67. The Nifty 50 index was currently up 32.05 points or 0.37% at 8,755.10. The market breadth indicating the overall health of the market was positive. On BSE, 1,442 shares rose and 960 shares fell. A total of 190 shares were unchanged. The BSE Mid-Cap index was currently up 0.49%. The BSE Small-Cap index was currently up 0.79%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks were mixed after the first US presidential debate between Democrat candidate Hillary Clinton and Republican candidate Donald Trump. Democrat Hillary Clinton accused Republican Donald Trump of racism, sexism and tax avoidance late yesterday, 26 September 2016 in US during a heated presidential debate. Trump, a real estate tycoon making his first run for public office, said Clinton's long years of service represented bad experience with few results and suggested her trade deal with Asian countries was insincere.
US stocks extended losses yesterday, 26 September 2016 as worries about Germany's Deutsche Bank weighed on the financial sector and as investors awaited the US presidential debate. US presidential elections will be held on 8 November this year.
Shares of power generation and power distribution companies were mixed. Power Grid Corporation of India (up 1.28%), Reliance Infrastructure (up 1.05%) and Reliance Power (up 0.39%) gained. Torrent Power (down 1.82%), NHPC (down 0.2%), Tata Power Company (down 1.19%), and Adani Power (down 0.36%) declined.
Shares of state run coal miner Coal India gained 0.66%.
Pharma stocks gained. Sun Pharmaceutical Industries (up 0.92%), Aurobindo Pharma (up 2.59%), Cipla (up 0.53%), Lupin (up 0.9%), Wockhardt (up 0.86%), Dr Reddy's Laboratories (up 0.5%), Glenmark Pharmaceuticals (up 0.91%) and Cadila Healthcare (up 2.62%) gained.
Indoco Remedies slumped 7.11% on media reports that the US food and drug regulator issued form 483 with six observations to the company's Goa plant II and III. According to reports, Indoco Remedies' Goa Plant II and III were inspected by US Food and Drug Administration (USFDA) from 31 August 2016 to 4 September 2016. Six observations cover quality, production systems, facilities and equipment, and customer complaints. The company's Goa Plant II is a sterile facility for ophthalmics and injectables approved by USFDA for ophthalmic preparations. The company's Goa Plant III has a capability to manufacture aqueous, non-aqueous and photo sensitive products. Reports added that the company's Goa Plant II is important as most ophthalmic Abbreviated New Drug Applications (ANDAs) are filed from here.
Sintex Industries lost 3.7% after the company's board approved allotment of 7.69 crore shares at Rs 65 per share on rights basis to eligible shareholders. The announcement was made after market hours yesterday, 26 September 2016. It may be recalled that shares of Sintex Industries had turned ex-rights on 8 August 2016. The company had fixed 9 August 2016 as record date for the rights issue. The company had approved issue of shares to shareholders in ratio of 26 shares on rights basis for every 151 shares held in the company at Rs 65 per share.
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Maithan Alloys fell 5.3% after the company said that due to heavy rains and flood, there has been severe damage to power transformer and other electrical equipment installed at the company's Visakhapatnam plant. The announcement was made after market hours yesterday, 26 September 2016. Maithan Alloys said that due to heavy rains and flood, there has been severe damage to 132 kilovolt (KV) power transformer and other electrical equipment installed at the company's Visakhapatnam plant. The full damage is yet to be ascertained, Maithan Alloys said. The transformer and other electrical equipment are fully insured, the company said. The production at the plant could be significantly affected over the next few months, it added.
Meanwhile, the Asian Development Bank kept its growth estimates for developing Asia for this year and next at 5.7%, saying sustained expansion in China and India can steady the region but warned of risks from a looming US interest rate hike. The Manila-based lender increased its growth forecast this year for China to 6.6% from 6.5% and for 2017 to 6.4% from 6.3%, citing fiscal and monetary stimulus measures in the world's second-largest economy. The projections for India were kept at 7.4% for this year and 7.8% for 2017, driven by strong consumption and an investment revival, the ADB said.
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