Key benchmark indices extended initial gains triggered by gains in global stocks, with the barometer index, the S&P BSE Sensex, and 50-unit Nifty 50 index, both, hitting their highest level in almost three weeks. At 10:15 IST, the Sensex was up 236.35 points or 0.92% at 25,827. The Nifty was up 68.10 points or 0.87% at 7,854.20. The Sensex jumped 245.80 points or 0.96% at the day's high of 25,836.45 in morning trade, its highest level since 3 December 2015. The Nifty gained 72.30 points or 0.92% at the day's high of 7,858.40 in morning trade, its highest level since 3 December 2015. Pharma shares edged higher after strong debut from Alkem Laboratories, the fifth largest pharmaceutical company in India by domestic sales.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,575 shares rose and 423 shares fell. A total of 132 shares were unchanged. The BSE Mid-Cap index was currently up 0.57%. The BSE Small-Cap index was currently up 0.77%. Both these indices underperformed the Sensex.
In overseas stock markets, Asian stocks edged higher following a positive lead from Wall Street. US stocks shrugged off soft economic data yesterday, 22 December 2015, scoring gains across the board to finish higher for a second straight session.
Pharma shares edged higher after strong debut from Alkem Laboratories, the fifth largest pharmaceutical company in India by domestic sales. Sun Pharmaceutical Industries (up 2.69%), Aurobindo Pharma (up 0.61%), Wockhardt (up 0.76%), Cadila Healthcare (up 0.51%), Cipla (up 0.38%), Dr Reddy's Laboratories (up 0.72%), Glenmark Pharmaceuticals (up 0.43%) and Lupin (up 0.77%) gained. GlaxoSmithKline Pharmaceuticals shed 0.05%.
Shares of Alkem Laboratories were currently trading at Rs 1,381.10 on BSE, a premium of 31.53% over the initial public offer price (IPO) of Rs 1,050. The stock debuted at Rs 1,380, a premium of 31.42% compared with its IPO price. The stock hit a high of Rs 1,401.40 and a low of Rs 1,355.40 so far during the day. On BSE, so far 11.61 lakh shares were traded in the counter.
Realty stocks also edged higher. DLF (up 1.5%), Indiabulls Real Estate (up 1.05%), Housing Development and Infrastructure (up 0.27%), D B Realty (up 0.09%), Unitech (up 1.19%), Sobha (up 0.77%), Godrej Properties (up 0.83%), Oberoi Realty (up 1.61%) and Parsvnath Developers (up 0.75%) gained.
Chambal Fertilisers & Chemicals rose 1.77% after the company said that its board of directors at a meeting held yesterday, 22 December 2015, approved to either sell one/more/all of the five ships/vessels owned by the company or sell the entire shipping business of the company on slump sale basis or some other appropriate structure. The proposed transaction will be consummated as and when the company receives commercially viable and acceptable offers from third parties in this regard. The company said that the proposal was made keeping in view the long term shipping business outlook and the requirement of funds for new Ammonia-Urea project proposed to be set up by the company at Gadepan in Kota, Rajasthan. The announcement was made after market hours yesterday, 22 December 2015.
On the macro front, the latest data showed that India's current account deficit (CAD) declined to $8.2 billion or 1.6% of GDP in Q2 September 2015 from $10.9 billion or 2.2% of GDP in Q2 September 2014. On sequential basis, the CAD witnessed an increase from $6.1 billion or 1.2% per cent of GDP in Q1 June 2015. The RBI said that the decline in CAD in Q2 September 2015 on year-on-year basis was primarily on account of lower trade deficit.
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