Key benchmark indices hovered in a narrow range in the positive terrain with small gains in morning trade as firmness in Asian stocks boosted sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex rose 62.86 points or 0.19% at 33,209.99. The Nifty 50 index gained 1.45 points or 0.01% at 10,345.25.
Indices edged higher and hit fresh record highs in early trade on firm Asian stocks. Market hovered in positive terrain in morning trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.29%. The S&P BSE Small-Cap index gained 0.51%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,303 shares rose and 747 shares declined. A total of 99 shares were unchanged.
Most capital goods stocks gained for the fourth straight day. Havells India (up 0.17%), BEML (up 1.07%), ABB India (up 0.13%), Bharat Electronics (up 1.12%), L&T (up 0.76%), and Siemens (up 1.45%) gained. Bharat Heavy Electricals (Bhel) (down 0.93%) and Thermax (down 0.54%) declined.
Cipla gained 1.4% after the company announced that its subsidiary, InvaGen Pharmaceuticals Inc. has received final approval for its abbreviated new drug application (ANDA) for Sevelamer Carbonate Tablets, 800 mg, from the United States Food and Drug Administration (USFDA) to market a generic version of Genzyme's Renvela Tablets, 800 mg.
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The drug is indicated for the control of serum phosphorus in adults with chronic kidney disease (CKD) on dialysis. Renvela Tablets had US sales of approximately $1.85 billion for the 12-month period ended August 2017, according to IMS Health. Commercial launch will commence immediately. The announcement was made before market hours today, 27 October 2017.
Telecom stocks were mixed. Bharti Airtel (down 2.03%) and Idea Cellular (down 1.24%) declined. Reliance Communications rose 0.63%. Tata Teleservices (Maharashtra) gained 4.42%.
Shares of Bharti Infratel tumbled 5.41%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Overseas, Asian stocks rose following gains in US equities as earnings and congressional action on tax reform boosted confidence in the growth outlook. The US House passed a budget resolution seen as advancing the prospects for tax reform.
Profits for China's industrial powerhouses surged the most in nearly six years in September. Industrial profits in September rose 27.7% from a year earlier to 662.18 billion yuan ($99.46 billion), accelerating from a 24% jump in August, the National Bureau of Statistics (NBS) said.
US stocks ended mostly higher yesterday, 26 October 2017, as a fusillade of better-than-expected corporate quarterly results helped to reinvigorate Wall Street buying appetite.
Meanwhile, European Central Bank President Mario Draghi yesterday, 26 October 2017, outlined plans to halve its monthly bond purchases to 30 billion euros ($35 billion) from 60 billion euros starting in January, but he also indicated that zero percent interest rates could remain at current levels until well past whenever it finally decides to end its quantitative easing measures.
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