Key benchmark indices extended gains in mid-afternoon trade as gains in European stocks boosted investors' sentiment. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 337.58 points or 1.31% at 26,016.51. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was up 109.35 points or 1.39% at 7,964.40. The Sensex crossed the psychologically important 26,000 mark in mid-afternoon trade.
The Sensex jumped 345.15 points, or 1.34% at the day's high of 26,024.08 in mid-afternoon trade, its highest level since 21 April 2016. The index fell 129.88 points, or 0.51% at the day's low of 25,549.05 in early trade, its lowest level since 13 April 2016. The Nifty jumped 111.40 points, or 1.42% at the day's high of 7,966.45 in mid-afternoon trade, its highest level since 21 April 2016. The index fell 32.50 points, or 0.41% at the day's low of 7,822.55 in early trade, its lowest level since 13 April 2016.
The market breadth indicating the overall health of the market was strong. On BSE, 1,509 shares rose and 931 shares fell. A total of 172 shares were unchanged. The BSE Mid-Cap index was currently up 0.78%. The BSE Small-Cap index was currently up 0.64%. Both these indices underperformed the Sensex.
In overseas markets, European stocks traded higher as markets await the outcomes of several central bank meetings this week. Asian stocks were mixed as investors braced for central bank policy meetings in the United States and Japan later this week. The Bank of Japan (BOJ) holds a two-day monetary policy meeting on Wednesday, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stock prices fell yesterday, 25 April 2016, as weaker oil prices weighed on energy shares. The US Federal Reserve holds a two-day policy meeting on Tuesday, 26 April 2016 and Wednesday, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Index heavyweight and housing finance major HDFC rose 1.08% to Rs 1,123.55. The stock hit a high of Rs 1128.90 and a low of Rs 1103.90 so far during the day.
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Index heavyweight Reliance Industries (RIL) rose 0.42% to Rs 1020.45. The stock hit a high of Rs 1023.85 and a low of Rs 1008 so far during the day.
Index heavyweight and cigarette major ITC rose 1.71% to Rs 326.50. The stock hit a high of Rs 326.90 and a low of Rs 312 so far during the day.
Index heavyweight and IT major Infosys rose 1.72% to Rs 1,238. The stock hit a high of Rs 1,239 and a low of Rs 1,209 so far during the day.
Index heavyweight and engineering & construction major L&T rose 1.13% to Rs 1279.80. The stock hit a high of Rs 1283 and a low of Rs 1258 so far during the day.
Most power generation stocks edged higher. Tata Power (up 2.02%), Reliance Infrastructure (up 1.51%), Torrent Power (up 1.08%), NHPC (up 0.88%), Reliance Power (up 0.76%), Jaiprakash Power Ventures (up 0.64%), NTPC (up 0.61%) and GMR Infrastructure (up 0.49%), edged higher. CESC (down 0.22%), JSW Energy (down 0.44%) and Adani Power (down 0.91%), edged lower.
Cement stocks were in demand. Ambuja Cements (up 0.36%), ACC (up 0.11%) and UltraTech Cement (up 0.04%), edged higher.
Grasim Industries was up 1.43%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Aurobindo Pharma gained 1.35% to Rs 775.60 after the company received final approval from the USFDA to manufacture and market Amlodipine and Valsartan Tablets USP, 5 mg/160 mg, 10 mg/160 mg, 5 mg/320 mg and 10 mg/320 mg. The announcement was made during market hours today, 26 April 2016.
Aurobindo Pharma announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Amlodipine and Valsartan Tablets USP, 5 mg/160 mg, 10 mg/160 mg, 5 mg/320 mg and 10 mg/320 mg. This product is expected to be launched in Q1 June 2016.
The approved Abbreviated New Drug Application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Exforge Tablets of Norvartis Pharmaceuticals Corporation. Amlodipine and Valsartan Tablets are used in the treatment of hypertension to lower blood pressure. The approved product has an estimated market size of $123 million in US for the twelve months ending February 2016, according to IMS.
This is the 71st ANDA (including 15 tentative approvals) to be approved out of Unit VII formulation facility in Hyderabad, India for manufacturing Oral Non-Antibiotic products. Aurobindo now has a total of 254 ANDA approvals (218 final approvals including 10 from Aurolife Pharma LLC and 36 tentative approvals) from USFDA.
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