Shares climbed for a second day along with other Asian indices after positive US consumer confidence data rekindled optimism. The barometer index, the S&P BSE Sensex, rose 131.71 points or 0.45% to 29,541.23, as per the provisional closing data. The Nifty 50 index rose 43 points or 0.47% to 9,143.80, as per the provisional closing data. Robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, also boosted investors' sentiment.
Gains in banking pivotals pushed the key indices higher. Losses in pharmaceutical shares capped gains. Auto stocks fell after the Supreme Court reportedly banned sale of existing stocks of Bharat Stage III vehicles from 1 April 2017.
The Sensex rose 144.87 points, or 0.49% at the day's high of 29,554.39 in late trade, its highest intraday level since 24 March 2017. The index rose 29.90 points, or 0.10% at the day's low of 29,439.42 in morning trade. The Nifty rose 52.35 points, or 0.58% at the day's high of 9,153.15 in late trade, its highest intraday level since 16 March 2017. The index fell 8.30 points, or 0.09% at the day's low of 9,109.10 in morning trade.
Broader market lagged behind. The BSE Mid-Cap index provisionally rose 0.16%. The BSE Small-Cap index provisionally rose 0.28%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,641 shares fell and 1,192 shares rose. A total of 237 shares were unchanged.
Bank shares edged higher. ICICI Bank rose 1.97% to Rs 282.40. HDFC Bank rose 0.84% to Rs 1,430.65.
Motorcycle major Hero MotoCorp fell 2.92% to Rs 3,231. Auto stocks fell after the Supreme Court reportedly banned sale of existing stocks of Bharat Stage III vehicles from 1 April 2017. Public health more important than sale of existing stock, the apex court said adding that manufacturers were fully aware of the deadline in advance. The 2015 notification of the road transport and highways ministry made it mandatory for automakers to switch to BS-IV norms from 1 April 2017, but did not say whether the sale of BS-III inventory would be allowed.
Pharmaceutical shares declined. Alkem Laboratories (down 2.32%), Sun Pharmaceutical Industries (down 1.34%), Cadila Healthcare (down 1.27%), Aurobindo Pharma (down 1.13%), Wockhardt (down 1.08%), Strides Shasun (down 0.9%), Divi's Laboratories (down 0.85%), Glenmark Pharmaceuticals (down 0.62%), Dr Reddy's Laboratories (down 0.36%), Cipla (down 0.31%) and GlaxoSmithKline Pharmaceuticals (down 0.1%), edged lower. Piramal Enterprises (up 0.51%) and IPCA Laboratories (up 2.68%), edgd higher.
Drug major Lupin was down 0.24% to Rs 1,452.95. The company announced the launch of Abacavir and Lamivudine tablets, 600 mg/300 mg having received an approval from the United States Food and Drug Administration (FDA) earlier. The announcement was made during market hours today, 29 March 2017.
Lupin's Abacavir and Lamivudine tablets are the AB rated generic equivalent of ViiV Healthcare Company's Epzicom tablets. It is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection. Epzicom tablets had US sales of $388.1 million (IMS MAT December 2016).
Overseas, most European and Asian stocks edged higher following gains in US equities on the back of a strong consumer confidence survey.
British Prime Minister Theresa May will file formal Brexit divorce papers today, 29 March 2017, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union, the media reported.
US stock markets rose yesterday, 28 March 2017, after the Consumer Board Consumer Confidence Index hit 125.60 in March, up from 116.1 in February, and the strongest reading since 2001.
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