Key benchmark indices edged higher in early trade after posting strong gains in the previous session with mood being lifted after Goods & Service Tax (GST) came into effect from 1 July 2017. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 56.13 points or 0.18% at 31,277.75. The Nifty 50 index was up 24 points or 0.25% at 9,639.
The S&P BSE Mid-Cap index rose 0.38%. The S&P BSE Small-Cap index gained 0.54%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 935 shares gained and 342 shares fell. A total of 51 shares were unchanged.
Tata Motors (up 1.21%) and Hindustan Unilever (up 0.99%) gained from the Sensex pack.
Ambuja Cements gained 1.96% after the company said it has participated in the e-auction tender of limestone block for Nandgaon Ekodi Limistone block in Chandrapur district of Maharashtra by the state government of Maharashtra.
The company has secured an estimated limestone of 42 million tones at a final bid price of 125.05% of value of mineral dispatched. The company is expecting a formal communication vesting the said block in its favour shortly, it said. The announcement was made after market hours yesterday, 3 July 2017.
Sun Pharmaceutical Industries rose 0.31% after the company and Samsung BioLogics announced a strategic long-term manufacturing agreement for Tildrakizumab. The agreement was entered into by Sun Pharma's wholly-owned subsidiary and Samsung BioLogics. According to the agreement, Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis.
Filings for this novel investigational biologic has been accepted for review by the US Food and Drug Administration (USFDA) in May 2017 and the European Medicines Agency (EMA) in March 2017. The agreement was signed at Samsung BioLogics' headquarter in Incheon, South Korea. The approximate value of the contract will be $55.5 million, other financial details of the agreement are confidential. The announcement was made before market hours today, 4 July 2017.
NTPC gained 1.21% after the company announced that second unit of 195 megawatts (MW) of Muzaffarpur Thermal Power Station Stage-II 390 megawatts (MW) of Kanti Bijlee Utpadan Nigam, a subsidiary of NTPC is declared on commercial operation from 1 July 2017.
With this, the commercial capacity of Muzaffarpur Thermal Power Station has become 610 MW and that of NTPC group has become 47488 MW. The announcement was made after market hours yesterday, 3 July 2017.
Yes Bank rose 0.63% after the bank said its board will meet on 26 July 2017 to consider stock split. The announcement was made after market hours yesterday, 3 July 2017.
Overseas, Asian stocks declined after North Korea launched a missile. North Korea launched a ballistic missile into the waters between Korea and Japan Tuesday morning its first such launch in more than a month which comes on the eve of Independence Day in the US.
Most US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.
American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
