The movement for the key benchmark indices was confined to a narrow range in positive zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 223.81 points or 0.82% at 27,511.47. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 56.30 points or 0.68% at 8,308.
The market breadth indicating the overall health of the market was strong. On BSE, 1,434 shares rose and 948 shares fell. A total of 128 shares were unchanged. The BSE Mid-Cap index was up 0.28%. The BSE Small-Cap index was up 0.35%. Both these indices underperformed the Sensex.
Positive cues from global markets underpinned sentiment on the domestic bourses. Asian stocks extended a global stock market rally after the European Central Bank (ECB) signalled its readiness to expand its ongoing bond-buying program. After the conclusion of ECB's regular monetary policy meeting yesterday, 22 October 2015, ECB President Mario Draghi indicated that the central bank could move next month to expand stimulus measures in the face of sluggish global growth that is exacerbating worries about persistently low inflation in the eurozone. US stocks surged yesterday, 22 October 2015, rallying on economic data, better-than-expected earnings and dovish comments from Draghi.
IT shares were mixed. MindTree (up 0.9%), Oracle Financial Services Software (up 0.82%), Tech Mahindra (up 0.63%), Infosys (up 0.26%), TCS (up 0.24%) and CMC (up 0.03%), edged higher. HCL Technologies (down 0.04%), Hexaware Technologies (down 0.26%), Persistent Systems (down 0.96%) and MphasiS (down 1.36%) edged lower.
IT major Wipro was down 1.45% to Rs 569.50. The stock hit a high of Rs 577.80 and a low of Rs 566.35 so far during the day. The company's consolidated net profit rose 7% to Rs 2240 crore on 7% growth in gross revenue to Rs 12510 crore in Q2 September 2015 over Q2 September 2014. The results are as per International Financial Reporting Standards (IFRS). The company announced the results after market hours on Wednesday, 21 October 2015.
Wipro's revenue from IT services business rose 2.1% to $1.83 billion in Q2 September 2015 over Q1 June 2015. The sequential growth stood at 3.1% in constant currency terms. Wipro expects revenue from its IT services business to be in the range of $1.84 billion to $1.87 billion in Q3 December 2015. The company added 67 new customers in its IT services business in Q2 September 2015.
Most pharmaceutical shares gained. Piramal Enterprises (up 6.85%), Cadila Healthcare (up 2.44%), Strides Arcolab (up 1.76%), Aurobindo Pharma (up 1.66%), Glenmark Pharmaceuticals (up 1.59%), Wockhardt (up 1.16%), Cipla (up 1.01%), Lupin (up 0.90%) and Divi's Laboratories (up 0.09%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.14%), Dr. Reddy's Laboratories (down 0.24%) and IPCA Laboratories (down 0.82%), edged lower.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.68%. The company after market hours on Wednesday, 21 October 2015 said that the company along with its subsidiary has entered into a settlement agreement with Acorda Therapeutics. Inc. to resolve the pending patent litigation involving Ampyra (dalfampridine) extended-release tablets in the United States. The pending patent litigation was filed by Acorda Therapeutics in the US District Court for the District of Delaware in response to Sun Pharma's submission of an abbreviated new drug application (ANDA) to the US Food and Drug Administration (FDA), seeking marketing approval for a generic version of Ampyra. As a result of the settlement agreement, Sun Pharma will be permitted to market a generic version of Ampyra in the United States at a specified date in 2027, or potentially earlier under certain circumstances, the company said. Details of the settlement are confidential, and the parties will submit the agreement to the Federal Trade Commission and the Department of Justice, as required by federal law, Sun Pharma said. As per IMS MAT July 2015 data, Ampyra recorded annual sales of approximately $325 million in the US.
Shriram Transport Finance Company rose 2.28% to Rs 953.60 after the Reserve Bank of India withdrew restrictions on buying of shares of the company by foreign institutional investors after foreign shareholding fell below the revised threshold limit of 74% of the company's equity capital. The RBI issued the notification after market hours on Wednesday, 21 October 2015.
Blue Dart Express rose 1.96% to Rs 7,730 after net profit jumped 74.45% to Rs 53.75 crore on 11.99% rise in total income from operations (net) to Rs 651.45 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Wednesday, 21 October 2015.
Talwalkars Better Value Fitness (TBVF) gained 2.34% to Rs 271.10 after entering into a strategic partnership with Power World Gyms (PWG), a leading health and fitness chain based in Colombo, Sri Lanka. TBVF has acquired 49.5% of the total share capital of PWG in an all cash deal. PWG is the biggest health and fitness player in Sri Lanka providing Gym facilities to its members and has deep knowledge on the local market conditions.
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