The S&P BSE Sensex hit fresh intraday high, while the Nifty 50 index was hovering near the day's high in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 51.30 points or 0.15% at 33,651.57. The Nifty 50 index was up 7.30 points or 0.07% at 10,447.80.
Indices opened with small gains and firmed up as the session progressed. The Sensex hit record high level in mid-morning trade. The Nifty hit record high level in morning trade.
The Sensex rose 57.30 points, or 0.17% at the day's high of 33,657.57 in morning trade, its record high level. The index fell 53.17 points, or 0.16% at the day's low of 33,547.10 in early trade. The Nifty rose 12.50 points, or 0.12% at the day's high of 10,453 in morning trade, its record high level. The index fell 9.10 points, or 0.09% at the day's low of 10,431.40 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.96%. The BSE Small-Cap index was up 0.78%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,457 shares rose and 967 shares fell. A total of 110 shares were unchanged.
Power generation stocks were mixed. JSW Energy (down 3.52%), GMR Infrastructure (down 0.79%), Torrent Power (down 0.76%), Reliance Infrastructure (down 0.7%), and Tata Power (down 0.06%), edgd lower. CESC (up 0.10%), Reliance Power (up 0.37%), Jaiprakash Power Ventures (up 0.76%), NHPC (up 1.22%) and Adani Power (up 2.45%), edged higher.
State-run Coal India was up 0.74%. State-run Power Grid Corporation of India was up 1.14%.
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State-run NTPC was down 0.64%. The company announced that Unit#6 (500 MW) of Feroze Gandhi Unchahar Thermal Power Station, Raebareli, UP, is under shutdown after an accident in the evening of 1 November 2017. The other five units of the station are operating normally. The announcement was made during trading hours today, 2 November 2017.
Pharmaceutical shares were in demand. Glenmark Pharmaceuticals (up 3.95%), Aurobindo Pharma (up 3.94%), Sun Pharmaceutical Industries (up 3.56%), Cadila Healthcare (up 2.98%), IPCA Laboratories (up 2.74%), Lupin (up 2.73%), Wockhardt (up 2.05%), Cipla (up 1.68%), Dr Reddy's Laboratories (up 1.66%), Alkem Laboratories (up 0.68%), Strides Shasun (up 0.58%), GlaxoSmithKline Pharmaceuticals (up 0.51%) and Piramal Enterprises (up 0.19%), edged higher.
Divi's Laboratories was up 16.95% at Rs 1,076.30. The company announced after market hours today, 2 November 2017, the US drug regulator will lift the import alert 66-40 and moving to close out the warning letter issued to the company's Unit-II at Visakhapatnam.
UFO Moviez India surged 7.32% after the company announced that Qube Cinema Technologies and the company announced combination of their businesses. The announcement was made after market hours yesterday, 1 November 2017.
UFO Moviez India said that the boards of directors of UFO Moviez India and Qube Cinema Technologies (formerly Real Image Media Technologies), at their meetings held yesterday, 1 November 2017, approved a composite scheme of arrangement and amalgamation amongst UFO, Qube, Qube Digital Cinema, Moviebuff and PJSA Technosoft. Qube, Qube Digital and Moviebuff are part of the Qube group whereas PJSA is a wholly owned subsidiary of UFO.
The proposed transaction is being carried pursuant to the scheme on the basis of which Qube's business of providing technology solutions and services in the film, video and audio domains, including digital cinema advertising will be first demerged into Qube Digital and then subsequently merged with UFO pursuant to certain intermediate steps as approved by the boards of directors of the aforementioned companies. The merger ratio based on relative valuation stands at 63.6% for UFO and 36.4% for Qube Digital.
Overseas, most Asian stocks were trading lower as investors locked in profit from recent gains. Investors were waiting for the announcement on the next US Federal Reserve chief, shrugging off results of a Fed meeting that met their expectations. President Donald Trump is expected to name the successor to Fed Chair Janet Yellen later in the global day.
US stocks mostly closed higher Wednesday, with the Dow and the S&P 500 ending near record levels after the US Federal Reserve kept interest rates unchanged on Wednesday, but referred to the US economy in positive terms. The Dow Jones Industrial Average rose 0.25% and the S&P 500 climbed 0.16% Both ended mere points from record levels. The Nasdaq Composite Index, however, bucked the trend to slip 0.17%.
The US central bank, in its statement following a two-day meeting, said economic activity has been picking up at a solid rate, versus the moderate rate that it had referenced in September. The rosier view of the economy also suggests that it is on track to hike interest rates in December, as has been widely expected.
Private-sector employment in the US bounced back in October as employers added 235,000 jobs, ADP reported Wednesday. The gain in October ADP was higher than the 110,000 gain in September.
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