Key benchmark indices regained strength and hit fresh intraday high in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 39.87 points or 0.15% at 25,999.90. The 50-unit Nifty 50 index was up 16.55 points or 0.21% at 7,912.80. The Sensex was currently trading a tad lower from the psychological 26,000 mark after once again moving above that mark in mid-morning trade. The index had fallen below that mark after reclaiming the level at the onset of the session.
The market breadth indicating the overall health of the market was positive. On BSE, 1,316 shares rose and 947 shares fell. A total of 210 shares were unchanged. The BSE Mid-Cap index was currently up 0.06%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.27%, outperforming the Sensex.
In overseas markets, Asian stocks were mixed. US stocks ended lower yesterday, 30 December 2015, as a drop in oil resumed, dragging down energy company shares.
Pharma stocks declined. Glenmark Pharmaceuticals (down 0.58%), Cipla (down 0.32%), Lupin (down 0.89%), Divi's Laboratories (down 0.51%), and Sun Pharmaceutical Industries (down 0.27%) declined. Aurobindo Pharma (up 0.42%) and Dr Reddy's Laboratories (up 0.29%) rose.
Cadila Healthcare slumped 15.76% after the company said during market hours today, 31 December 2015 that it has received a warning letter issued by the USFDA relating to its Moraiya formulation facility and Ahmedabad API facility (Zyfine). It clarified that there are no products in the US market which use API of Zyfine facility. The company will respond to USFDA to address the The company said it takes quality and compliance matters very seriously and stand by commitment to fully comply with cGMP quality standards across all facilities. The company is working hard to ensure that the commitments made to the USFDA are fully completed. The company will continue to take all necessary steps to ensure that the USFDA is fully satisfied with remediation of the above facilities. The company stated that products in the market are safe and effective and it is committed to supply the quality products to customers across the globe. The company is committed to resolve all the issues and revamp quality systems and processes as the top most priority.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 0.13%), Maruti Suzuki India (up 0.01%), Eicher Motors (up 2.26%), Bajaj Auto (up 0.06%), and TVS Motor Company (up 0.62%) gained. Ashok Leyland (down 0.22%), Hero MotoCorp (down 0.21%), and Tata Motors (down 0.38%) declined.
GIC Housing Finance rose 0.86% after the company said that its board approved the proposal to acquire up to 16% in the paid up equity share capital of LIC Nomura Mutual Fund Asset Management Company for a consideration not exceeding Rs 22.68 crore. The announcement was made after market hours yesterday, 30 December 2015. The board also approved buying up to 16% in the paid up equity share capital of LIC Nomura Mutual Fund Trustee Company for a consideration not exceeding Rs 1.26 lakh, it added.
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