Key benchmark indices continued to hover in positive terrain in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 120.67 points or 0.48% at 26,685.83. The 50-unit CNX Nifty was up 32.25 points or 0.4% at 8,083.05. All the twelve sectoral indices on BSE were in the green. Firmness in Asian stocks boosted sentiment. Domestic data showing that the index of eight core industries rose 3.2% in September 2015 also helped gains on the bourses.
The market breadth indicating the overall health of the market was strong. On BSE, 1,449 shares rose and 732 shares fell. A total of 75 shares were unchanged. The BSE Mid-Cap index was currently up 0.35%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.75%, outperforming the Sensex.
Meanwhile, latest data showed that the index of eight core industries comprising nearly 38% of the weight of items included in the index of industrial production (IIP) rose 3.2% in September 2015 over September 2014. The data was announced after market hours yesterday, 2 November 2015.
In overseas markets, Asian stocks gained after overnight gains in US stocks. US stocks rose yesterday, 2 November 2015, helped by gains across all sectors, led by beaten-down energy group and the acquisition-driven healthcare industry.
Shares of power generation and power distribution companies gained. Torrent Power (up 0.63%), NTPC (up 1.43%) NHPC (up 0.1%), Tata Power Company (up 0.36%), Reliance Infrastructure (up 0.56%) and Reliance Power (up 0.5%) gained.
Power Grid Corporation of India gained 1.71% ahead of its Q2 results today, 3 November 2015.
Cement stocks gained. ACC (up 1.61%), Shree Cement (up 0.44%), Ambuja Cements (up 0.26%), and UltraTech Cement (up 0.87%) gained.
Grasim Industries advanced 0.83%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
The core sector data released by the government after trading hours yesterday, 2 November 2015 showed that total cement production in India decreased by 1.5% in September 2015 over September 2014.
Lupin rose 0.25% after the company announced that it has received final approval for its Donepezil Hydrochloride Tablets, 23 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Eisai Inc.'s Aricept Tablets, 23mg. The announcement was made during market hours today, 3 November 2015. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product shortly in US.
Lupin's Donepezil Hydrochloride Tablets, 23 mg are the AB rated generic equivalent of Eisai Inc.'s Aricept Tablets, 23mg and is indicated for the treatment of dementia of the Alzheimer's type. Aricept had sales of $52.3 million in US as per the IMS MAT June 2015.
Lakshmi Machine Works rose 4.98% after net profit rose 20.58% to Rs 56.48 crore on 6.88% rise in net sales to Rs 608.22 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015.
eClerx Services rose 3.83% after consolidated net profit rose 26.59% to Rs 92.72 crore on 10.13% growth in net sales to Rs 328.51 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours yesterday, 2 November 2015. eClerx Services had acquired the entire shareholding of CLX Europe S.P.A a joint stock company based in Italy effective 22 April 2015 through its overseas subsidiary eClerx Investment (UK). Accordingly, the consolidated financial results for the quarter and half year ended 30 September 2015, also include the results of CLX Europe S.P.A for the period post acquisition and hence results are not comparative to that extent.
eClerx Services' board of directors at a meeting held yesterday, 2 November 2015, recommended 1:3 bonus issue.
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