Key benchmark indices were trading higher in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 54.16 points or 0.21% at 26,446.92. The Nifty 50 index was up 22.30 points or 0.27% at 8,165.45.
On macro front, a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) will conclude today, 7 December 2016. It will be interesting to watch RBI's monetary policy stance this time in a scenario of government's recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October.
The market breadth, indicating the overall health of the market, was strong. On BSE, 800 shares rose and 257 shares fell. A total of 40 shares were unchanged. The BSE Mid-Cap index was currently up 0.47%. The BSE Small-Cap index was currently up 0.43%. Both these indices outperformed the Sensex.
Overseas, Asian shares were trading higher. US stocks rose yesterday, 6 December 2016, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row.
ICICI Bank was up 0.48%. The bank announced after market hours yesterday, 6 December 2016, that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).
Adani Enterprises was up 1.07%. The company announced after market hours yesterday, 6 December 2016, that the company has incorporated a wholly owned subsidiary namely, Adani Cementation Limited (ACL) on 6 December 2016.
Lupin was up 0.79%. The company announced after market hours yesterday, 6 December 2016, that its US subsidiary, Lupin Pharmaceuticals, Inc. received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Inc's Topicort Ointment, 0.25%. It is indicated for the relief of the inflammatory and pruritic manifestations off corticosteroid responsive dermatoses. Topicort had annual US sales of $14.4 million as per IMS MAT September 2016 data.
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