Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade as firmness in European stocks boosted sentiment. At 14:20 IST, the barometer index, the S&P BSE Sensex was up 111.34 points or 0.39% at 28,335.04. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was up 45.30 points or 0.52% at 8,751.70.
The market breadth indicating the overall health of the market was strong. On BSE, 1,638 shares rose and 886 shares fell. A total of 215 shares were unchanged. The BSE Mid-Cap index was currently up 0.96%. The BSE Small-Cap index was currently up 1.03%. Both these indices outperformed the Sensex.
The Sensex gained 127.30 points or 0.45% at the day's high of 28,351 in mid-afternoon trade. The barometer index fell 25.40 points or 0.08% at the day's low of 28,198.3 in mid-morning trade. The Nifty gained 45.45 points or 0.52% at the day's high of 8,755.80 in mid-afternoon trade. The index shed 3.25 points or 0.03% at the day's low of 8,703.15 in mid-morning trade.
In overseas stock markets, European stocks rose with investor sentiment buoyed by a rally in the banking sector. Investors track developments ahead of a meeting of members and non-members of the Organization of the Petroleum Exporting Countries (OPEC) today, 28 September 2016. Most Asian stocks dropped led by losses in Japanese stocks. Japan's Nikkei Average settled 1.31% lower.
US stocks rose yesterday, 27 September 2016 after the first presidential debate between Democratic candidate Hillary Clinton and Republican contender Donald Trump and a number of stronger-than-expected economic reports. Stocks are rising on the prospect of a Clinton presidency because the Democrat is viewed as a known quantity while some view Trump as being more unpredictable, a bad thing for stock investors. Additionally, US consumer confidence rose to 104.1 in September, the highest level since August 2007. The Case-Shiller home price index rose 5% for the year in July, while house prices rose 0.6%. The Markit flash services purchasing managers index for September rose to 51.9 in September from 51 in August.
Most pharma stocks gained. Aurobindo Pharma (up 1.61%), Lupin (up 0.76%), Wockhardt (up 0.58%), Dr Reddy's Laboratories (up 0.92%), Glenmark Pharmaceuticals (up 1.19%) and Cadila Healthcare (up 0.08%) gained. Sun Pharmaceutical Industries (down 0.57%), Cipla (down 0.49%), and Divi's Laboratories (down 0.41%) declined.
Shares of power generation and power distribution companies gained. NTPC (up 0.66%), NHPC (up 0.01%), Tata Power Company (up 0.87%), Adani Power (up 0.37%), Power Grid Corporation of India (up 1.22%), Reliance Infrastructure (up 0.79%) and Reliance Power (up 0.39%) gained. Torrent Power declined 0.11%.
Mangalore Chemicals and Fertilisers rose 7.64% after the company said its shareholders rejected the proposed transaction with Zuari Agro Chemicals. Shareholders, however, approved appointment of Suresh Krishnan as managing director of Mangalore Chemicals and Fertilisers. Zuari Fertilisers and Chemicals, the wholly-owned subsidiary of Zuari Agro Chemicals, held 53.03% stake in Mangalore Chemicals and Fertilisers as of 30 June 2016. Its shareholding increased from 16.47% to 53.03% in 2015 after acquisition of shares through open offer.
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