Shares were trading higher in early trade amid firmness in banks stocks. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 116.27 points or 0.30% at 38,915.35. The Nifty 50 index added 25.50 points or 0.22% at 11,491.95.
The Nifty hit the day's high of 11,525.90, which is highest level since 27 February 2020.
In the broader market, the S&P BSE Mid-Cap index gained 0.55% while the S&P BSE Small-Cap index rose 0.37%.
The market breadth was positive. On the BSE, 1287 shares rose and 1028 shares fell. A total of 136 shares were unchanged.
Earning Today:
Atul Auto (up 3.2%), Can Fin Homes (up 2.7%), Federal-Mogul Goetze (down 0.04%), IRCON International (up 0.52%), Procter Gamble Hygiene Health Care (up 0.07%) and Phillips Carbon Black (up 2.98%) are some of the companies that will announce their quarterly earnings today.
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Buzzing Index:
The Nifty PSU Bank index rose 1.51% to 1,509.25, advancing for third consecutive session. The index has added 3.58% in three sessions.
Among the index constituents, Bank of Maharashtra (up 5.67%), Canara Bank (up 3.29%), SBI (up 2.18%), Bank of Baroda (up 1.76%) and Jammu and Kashmir Bank (up 1.11%) were the top index gainers.
Stocks in Spotlight:
Allcargo Logistics hit an upper cicuit of 20% at Rs 130.80. The company said that promoter group, including Shashi Kiran Shetty and Talentos Entertainment, have intimated the company of their plans to delist the firm from the bourses. As on 30 June 2020, the promoter & promoter group held 70.01% in the company while the Public shareholders held the remaining 29.99% stake.
The Phoenix Mills slumped 8.22% to Rs 665.65 amid heavy volumes. On the BSE, 1.85 crore shares were traded in the counter so far as against a two-week average trading volume of 9773 shares. Media reports suggested that the company's promoter have have sold shares via block deal today.
Lupin added 0.85% to Rs 978.35. The drug maker said that it had received approval from the US drug regulator for its Albuterol Sulfate inhalation aerosol, which is a generic version of ProAir. The pharma major said that the drug will be manufactured at its Indore (Unit III) facility in India.
ProAir is the registered trademark of Teva Branded Pharmaceutical Products and is indicated for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms. The total Albuterol Sulfate inhalation aerosol market had US sales of approximately $2.9 billion, of which the ProAir HFA market accounted for $1.3 billion (IQVIA MAT June 2020).
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