After seeing a bout of volatility in mid-morning trade, key indices turned range bound in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 186.56 points or 0.72% at 25,965.22. The 50-unit CNX Nifty was up 47.10 points or 0.6% at 7,890.40. The Sensex was currently trading below the psychological 26,000 mark, having alternately moved above and below that level in intraday trade so far. The Sensex pierced the psychological 26,000 mark in intraday trade as gains in Asian stocks and US index futures lifted sentiment on the domestic bourses.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,516 shares gained and 774 shares declined. A total of 111 shares were unchanged. The BSE Mid-Cap index was up 1.02%. The BSE Small-Cap index was up 0.91%. Both these indices outperformed the Sensex.
In overseas markets, stocks in Japan and Hong Kong led gains in Asian markets amid expectations for more monetary and fiscal stimulus from Japan after the latest data showed that Japanese industrial output fell unexpectedly for the second straight month in August. Trading in US index futures indicated that the Dow could gain 139 points at the opening bell today, 30 September 2015. US stocks finished mostly higher yesterday, 29 September 2015, as a stronger-than-expected reading on consumer confidence and rising house prices pointed to a stronger US economy.
Closer home, pharma stocks edged higher on renewed buying. Dr Reddy's Laboratories (up 2.28%), Glenmark Pharmaceuticals (up 1.07%), Lupin (up 0.9%), Cadila Healthcare (up 1.23%), Cipla (up 0.33%), Aurobindo Pharma (up 1.19%) and Wockhardt (up 5.4%) gained. GlaxoSmithKline Pharmaceuticals shed 0.15%.
Sun Pharmaceutical Industries rose 1.43% after the company said it has commenced a tender offer through its indirect wholly owned subsidiary, Thea Acquisition Corporation, for acquisition of all of the outstanding shares of InSite Vision Incorporated for $0.35 per share in cash, without interest and less any required withholding taxes. The company made the announcement after market hours yesterday, 29 September 2015. It may be recalled that Sun Pharma had on 16 September 2015 announced plans to acquire InSite Vision. For the six months period ended 30 June 2015, InSite Vision recorded revenue of $3.8 million, an EBITDA loss of $6.4 million and a net loss of $7.5 million.
IT stocks edged higher on renewed buying. Infosys (up 2.39%), Wipro (up 1.44%), HCL Technologies (up 1.65%), Oracle Financial Services Software (up 1.94%), Hexaware Technologies (up 2.08%) and MphasiS (up 1.33%) gained. Tech Mahindra (down 1.41%) and TCS (down 0.66%) fell.
Blue Star Infotech (BSIL) was locked at 20% lower circuit at Rs 231.10. Blue Star Infotech after market hours yesterday, 29 September 2015, announced the sale of its IT business to Infogain Inc., a ChrysCapital portfolio company, for an aggregate consideration of Rs 180.80 crore. BSIL and Blue Star Limited also announced that BSIL will be merged with Blue Star after the completion of the transaction for the sale of IT business of BSIL in favour of Infogain Inc. Shareholders of BSIL on the record date will be issued equity shares in Blue Star as per the share swap ratio of 7 shares of Blue Star for every 10 shares held in BSIL. Shares of Blue Star were up 6% at Rs 352.
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