Key indices extended intraday gains and hit fresh intraday high in mid-morning trade as firmness in Asian stocks boosted sentiment. At 11:20 IST, the barometer index, the S&P BSE Sensex advanced 171.82 points or 0.52% at 33,531.72. The Nifty 50 index rose 50.75 points or 0.49% at 10,349.50.
Sighting firm Asian cues, market had opened with modest gains and held firm in morning trade.
The S&P BSE Mid-Cap index rose 0.49%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.77%, outperforming the Sensex.
The market breadth depicted strength. There were more than two gainers against every loser on BSE. 1,569 shares rose and 750 shares declined. A total of 133 shares were unchanged.
Shares of power generation and power distribution companies gained. NTPC (2.97%), Torrent Power (up 1.47%), NHPC (up 0.36%), Tata Power Company (up 2.56%), Reliance Infrastructure (up 2.29%) and Reliance Power (up 1.61%) gained. Adani Power (down 0.43%) and Power Grid Corporation of India (down 0.79%) declined.
Shares of psu coal mining major Coal India lost 0.92%.
Most cement stocks also gained. ACC (up 0.86%), Ambuja Cements (up 0.72%), and UltraTech Cement (up 0.01%) gained. Shree Cement declined 1.44%.
Grasim Industries dropped 0.9%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Dr Reddy's Laboratories rose 2.09%. The company said that it has received the establishment inspection report (EIR) from the US drug regulator for its manufacturing facility at Duvvada, Vishakhapatnam, Andhra Pradesh after the audit conducted in March.
In the cover letter to the EIR, it has explained that the inspection has not closed, and the site's status remains unchanged, but that United States Food & Drug Administration (USFDA) has released the EIR in order to be transparent about its regulatory process. The company is planning to request a re-inspection in 2018 after further discussion on scheduling with USFDA. The announcement was made during market hours today, 21 November 2017.
Quick Heal Technologies rose 0.73% after the company said that it entered into a collaboration with Jetico to develop encryption solution. The announcement was made after market hours yesterday, 20 November 2017.
Quick Heal Technologies said that its enterprise security solutions brand, Seqrite, has entered into a technology collaboration with Jetico, a Finnish company developing data protection software, to develop superior encryption solutions and expand its enterprise security portfolio. Through this collaboration, Seqrite gains the rights to integrate the technology from Jetico's whole disk encryption software and deliver the finest 'Endpoint Encryption' solution to its customers. Encryption is regarded as the most critical tool to safeguard data from internal as well as external threats.
Overseas, Asian stocks gained as investors took heart from further evidence of strength in the global economy. US stock market closed higher yesterday, 20 November 2017, as investors continued to focus on corporate earnings and prospects for tax cuts. The leading economic index surged 1.2% in October and suggested no letup in a steadily growing US economy with the end of the year fast approaching.
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