Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade as firmness in European stocks supported gains on the bourses. Gains were small. At 14:20 IST, the barometer index, the S&P BSE Sensex rose 68.64 points or 0.21% at 33,111.14. The Nifty 50 index advanced 28.35 points or 0.28% at 10,323.70. The Sensex scaled fresh record intraday high.
Trading was lackluster and rangebound so far during the session. Indices see-sawed between gains and losses near the flat line in early trade. Market extended losses in morning trade. Stocks recovered from lower levels till early afternoon trade. Indices regained positive terrain in afternoon trade and extended gains in mid-afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.54%. The S&P BSE Small-Cap index gained 0.75%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,417 shares rose and 1,155 shares declined. A total of 140 shares were unchanged.
Oil & gas stocks rose after Oil Secretary K.D. Tripathi reportedly said that India will announce new policies to help global companies participate more in its oil and gas sector. Shares of upstream and downstream oil companies gained. Among upstream oil companies, ONGC (up 1.5%) and Oil India (up 1.65%) gained. Reliance Industries declined 0.27%.
Shares of PSU OMCs also gained. BPCL (up 4.17%), HPCL (up 2.84%) and IOCL (up 1.91%) rose.
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Gas distribution firm GAIL (India) gained 1.13%.
India, which imports about 80% of its oil needs, wants to boost its local oil output.
Pharma stocks were mixed. Aurobindo Pharma (up 1.29%), Cipla (up 2.97%), Glenmark Pharmaceuticals (up 2.99%) and Cadila Healthcare (up 1.05%) gained. Lupin (down 0.44%), Wockhardt (down 0.65%), Dr Reddy's Laboratories (down 0.64%), and Divi's Laboratories (down 0.37%) declined.
Sun Pharmaceutical Industries gained 1.4% after the company announced that one of its wholly owned subsidiaries has received final approval from USFDA for its abbreviated new drug application (ANDA) for generic version of Coreg CR, (carvedilol phosphate) extended release capsules, 10mg, 20mg, 40mg, 80 mg.
These generic carvedilol phosphate extended release capsules, 10mg, 20mg, 40mg, 80mg are therapeutic equivalents of GSK's Coreg CR extended release capsules. As per IMS, Coreg CR had annual sales of approximately $208 million in the US for the 12 months ended August 2017. The announcement was made during market hours today, 26 October 2017.
Astec Lifesciences lost 3.41% after consolidated net profit dropped 40.27% to Rs 6.72 crore on 13.43% rise in total income to Rs 97.61 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 25 October 2017.
Polaris Consulting & Services hit an upper circuit limit of 20% at Rs 291.05 after the company said that its board will meet on 31 October 2017 to consider proposal of voluntary delisting of the equity shares of the company. The announcement was made before market hours today, 26 October 2017.
Polaris Consulting & Services said it received a letter from its promoter, Virtusa Consulting Services, regarding a proposal to voluntarily delist the equity shares of Polaris Consulting & Services currently listed on the BSE, the National Stock Exchange of India (NSE) and the Metropolitan Stock Exchange of India. As on 30 September 2017, the promoter, Virtusa Consulting Services, held 7.60 crore shares, or 74.42% equity, in Polaris Consulting & Services.
Overseas, European stocks edged higher as investors digest new earnings reports and wait to hear from European Central Bank (ECB) President Mario Draghi, who is scheduled to address the media later in the global day after policy meet.
Asian stocks were mixed after Wall Street shares pulled back from record highs overnight. US stocks fell yesterday, 25 October 2017, on a batch of soft quarterly earnings, with the Dow Jones Industrial Average suffering its worst day in seven weeks after rising to a record peak the previous session. Among macro economic data, durable-goods orders in US rose 2.2% in September. Excluding transportation, orders increased 0.7%. New-home sales ran at a 667,000 annual pace in September, an 18.9% increase compared with August, and a 17% increase compared with a year ago.
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