 "Sensex up over 200 points on global cues; Nifty hits 8,500")
Markets continued to hold on to their early gains with Lupin emerging as the top gainer after the USFDA clearance for it Goa unit.
At 10:40am, the S&P BSE Sensex was up 254 points at 27,528 and the Nifty50 was up 90 points at 8,523. In the broader markets, the BSE Midcap and Smallcap indices were up 1.5%-1.7% each. Market breadth was strong with 1888 gainers and 423 losers on the BSE.
Lupin was up 6% after the pharma major said that it has received Establishment Inspection Report (EIR) from the US health regulator for its Goa plant leading to closure of all outstanding inspections of the facility.
PNB was up nearly 5% post the listing of its housing finance arm.
PNB Housing Finance listed at Rs 863 on the BSE, an 11% premium over its issue price of Rs 775 per share. PNB Housing Finance, promoted by Punjab National Bank (PNB), raised Rs 3,000 crore through initial public offer (IPO). The issue was oversubscribed 29.55 times at a price band of Rs 750-775 per share.
Among others, Seshasayee Paper & Boards has moved higher to its new high of Rs 840, up 20% on BSE in early morning trade, after the company reported an over four-fold jump in net profit at Rs 30.70 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material and finance cost. The company had posted a profit of Rs 7.19 crore in the same quarter last fiscal.
(Updated at 9:20am)
Benchmark share indices edged higher in early trades on Monday, amid firm global cues, after reports suggest that the FBI cleared democratic presidential candidate Hillary Clinton post its investigation over the new emails.
At 9:20am, the S&P BSE Sensex was up 221 points at 27,495 and the Nifty50 was up 72 points at 8,506.
Foreign institutional investors were net sellers in equities worth Rs 343 crore on Friday, as per provisional stock exchange data.
Stocks
Lupin was the top gainer up over 7% after the pharma major announced that it has received notification that the inspection carried out by the US FDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR).
Punjab National Bank was up over 4% ahead of the listing its housing finance arm, PNB Housing Finance.
ICICI Bank was up 1.7% ahead of its second quarter earnings due for release today.
Among other index heavyweights, Infosys and Reliance Industries were up 0.9%-1.1% each
ITC extended gains and was up over 0.5% after the Goods and Services Tax (GST) Council's propose to place tobacco products in the 28% tax slab and an additional cess. The current rate of taxation on cigarettes is around 64% and 81% on chewing tobacco.
Global Markets
Asian shares edged higher on Monday after reports suggest that the FBI that it has not changed its view on the closure of the investigation into the alleged email scandal of Democratic presidential candidate Hillary Clinton after its review of new emails. Stocks in Japan were the top gainers in the region with the benchmark Nikkei up 1.3% followed by Straits Times and Hang Seng which gained over 0.5% each while China's Shanghai Composite was trading flat with positive bias.
US stocks ended marginally lower on Friday, amid a volatile trading session, as investors turned cautious ahead of the Presidential elections. The S&P 500 lost for the ninth straight session, the longest losing streak since 1980. The benchmark index ended down 0.2% at 5,046, the Dow Jones industrial average ended down 0.2% at 17,888 and the Nasdaq settled 0.2% lower at 2,085. However, the US stock futures were trading around 1% higher today.
