Key benchmark indices continued to trade with small gains in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex was up 63.37 points or 0.23% to 27,993.58. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 30.25 points or 0.35% at 8,655.95. The Sensex was currently trading below the psychologically important 28,000 level after regaining that mark in early afternoon trade. Data released today, 1 November 2016 showing that the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) has climbed to a 22-month peak in October 2016 boosted sentiment on the domestic bourses.
The market breadth indicating the overall health of the market was positive. On BSE, 1,550 shares rose and 1,259 shares fell. A total of 112 shares were unchanged. The BSE Mid-Cap index was currently up 0.18%. The BSE Small-Cap index was currently up 0.08%. Both these indices outperformed the Sensex.
Among macro economic data, data released by Markit Economics today, 1 November 2016 indicated that the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) climbed to a 22-month peak to 54.4 in October from 52.1 in September supported by stronger contributions from three of its five sub-components - new orders, output and stocks of purchases. The latest reading was indicative of a robust improvement in manufacturing business conditions that was in line with the long-run series average, Markit Economics said.
Index heavyweight and housing finance major HDFC advanced 3.47% to Rs 1,428.75. The stock hit high of Rs 1,431.10 and low of Rs 1,377.70 so far during the day.
Pharma shares saw mixed trend. Sun Pharmaceutical Industries (down 1.13%), Cipla (down 0.76%), Alkem Laboratories (down 0.22%), GlaxoSmithKline Pharmaceuticals (down 1.15%), Aurobindo Pharma (down 0.89%) fell. Wockhardt (up 1.14%), Dr Reddy's Laboratories (up 0.03%), Glenmark Pharmaceuticals (up 4.15%) and Lupin (up 0.53%) rose.
Cadila Healthcare rose 1.7% after the company said that new data of Saroglitazar will be presented at The Liver Meeting being held at Boston from 11 to 15 November 2016. Cadila Healthcare said that Saroglitazar (Lipaglyn), a novel agonist having predominant PPAR alpha activity, was launched in India as a prescription medicine for the treatment of Hypertriglyceridemia and Diabetic Dyslipidemia in patients with Type 2 Diabetes not controlled by statins. Saroglitazar is currently being evaluated in several clinical trials in India and other countries. The announcement was made yesterday, 31 October 2016.
Strides Shasun rose 1.13% after the company said it received US drug regulator's approval for Abacavir tablets. The announcement was made during trading hours today, 1 November 2016.
FMCG stocks saw mixed trend. Jyothy Laboratories (down 0.24%), Bajaj Corp (down 1.47%), Colgate-Palmolive (India) (down 0.92%), Dabur India (down 0.19%), Godrej Consumer Products (down 1.49%), Hindustan Unilever (down 0.21%), Marico (down 1.27%), Nestle India (down 0.46%) fell. Britannia Industries (up 0.45%), GlaxoSmithkline Consumer Healthcare (up 0.72%), Tata Global Beverages (up 0.65%), Procter & Gamble Hygiene and Health Care (up 0.31%) rose.
SML Isuzu rose 0.75% after the company said its total sales rose 22.8% to 963 units in October 2016 over October 2015. The company announced the monthly sales volume data during market hours today, 1 November 2016.
The growth in the Index of Eight Core Industries stood at 5% in September 2016, stronger than the 3.2% growth seen in August, data released by the government yesterday, 31 October 2016 showed. The Eight Core Industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP).
In overseas stock markets, European stocks were trading mixed as upbeat Chinese data lifted market sentiment and investors focused on a fresh batch of earnings reports. Chinese stocks ended higher after the release of encouraging purchasing managers index data from China. Other Asian stocks were trading mixed. China's official manufacturing PMI rose to 51.2 in October from 50.4 in September, adding to signs that the world's second-largest economy is stabilizing. China's official non-manufacturing purchasing managers index, a measure of activity outside factory gates, edged up to 54 in October from 53.7 in September. The Caixin manufacturing PMI for China was 51.2 in October, up from 50.1 in September. Japan's central bank largely held fire in a policy update today, 1 November 2016. The Bank of Japan (BOJ) said it would keep its deposit rate steady at -0.1%, and would continue to target a zero yield for 10-year Japan government bonds. Its only notable move was to push back the timeline for achieving 2% inflation by one year, to fiscal 2018. US stocks closed lower yesterday, 31 October 2016 as stronger-than-expected consumer spending data underlined the view that the economy is growing at a steady pace, while a drop in oil prices and election uncertainty weighed on the minds of investors. The Federal Open Market Committee (FOMC)'s two-day meet on monetary policy will conclude tomorrow, 2 November 2016. FOMC in its September meet had kept policy rate unchanged.
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