Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 171.46 points or 0.66% at 26,010.17. The 50-unit Nifty 50 Nifty was currently up 52.95 points or 0.67% at 7,914. The Sensex was currently trading above the psychological 26,000 level. The barometer index alternately moved above and below that mark after crossing that psychological level in afternoon trade. The Sensex hit 3-1/2-week high when it rose 178.07 points or 0.68% at the day's high of 26,016.78 in mid-afternoon trade. The Sensex rose 18.15 points or 0.07% at the day's low of 25,856.86 at the onset of the trading session. The Nifty hit its highest level in almost four weeks when it rose 55 points or 0.69% at the day's high of 7,916.05 in mid-afternoon trade. The index rose 1.95 points or 0.02% at the day's low of 7,863, at the onset of the trading session.
In overseas stock markets, European stocks edged lower. Chinese stocks moved lower after the nation's top anti corruption agency yesterday, 27 December 2015, detained the chairman of state-run China Telecom Corp. in the latest of moves against executives at the country's top state-owned companies. In mainland China, the Shanghai Composite ended 2.59% lower. Hong Kong's Hang Seng index lost 0.99%. Other Asian markets witnessed a mixed trend. US stocks closed slightly lower in a truncated trading session on Thursday, 24 December 2015, as investors remained on the sidelines ahead of a long weekend.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,547 shares rose and 1,010 shares fell. A total of 246 shares were unchanged. The BSE Mid-Cap index was currently up 0.28%. The BSE Small-Cap index was currently up 0.54%. Both these indices underperformed the Sensex.
Realty stocks gained. DLF (up 0.52%), Sobha (up 0.19%), Indiabulls Real Estate (up 0.4%), Unitech (up 1.33%), Housing Development & Infrastructure (HDIL) (up 1.37%), Oberoi Realty (up 1.56%), Phoenix Mills (up 0.45%) edged higher.
Pharma stocks also rose. Sun Pharmaceutical Industries (up 1.73%), Cipla (up 0.46%), Lupin (up 1.11%), Wockhardt (up 0.15%), Dr Reddy's Laboratories (up 3.04%), Divi's Laboratories (up 0.76%) and Strides Shasun (up 0.86%) gained.
SMS Pharmaceuticals surged 7.72% after the company said that it has received approval from US Food & Drug Administration (USFDA) for the manufacturing facility (Unit-7) located at Kandivalasa Village in Andhra Pradesh against the inspection conducted in the third week of April 2015 by the USFDA authorities. The announcement was made after market hours on Thursday, 24 December 2015.
Lyka Labs rose 1.98% ahead of a meeting of the company's board of directors today, 28 December 2015, to consider raising funds by issuing securities. The announcement was made after market hours on Thursday, 24 December 2015. The stock market was shut on Friday, 25 December 2015, on account of Christmas.
Sunil Hitech Engineers rose 1.54% after the company's announcement that it has won a construction contract worth Rs 83 crore for a low cost housing project in Jharkhand. The project is to be executed over a period of 24 months.
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