Key benchmark indices were hovering in a narrow range in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, advanced 226.16 points or 0.68% at 33,472.86. The Nifty 50 index rose 85.10 points or 0.83% at 10,337.20.
Key indices started the session on a firm footing after the exit polls predicting a clear win for the BJP in the assembly elections for Gujarat and Himachal Pradesh lifted investor spirits. Indices hovered with modest gains so far.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.92%. The S&P BSE Small-Cap index advanced 1.29%. Both the indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. On the BSE, 1,713 shares rose and 810 shares declined. A total of 138 shares were unchanged.
Most pharmaceutical shares rose. Wockhardt (up 2.32%), IPCA Laboratories (up 2.20%), Sun Pharmaceutical Industries (up 1.40%), Cadila Healthcare (up 1.34%), Lupin (up 1.31%), Dr Reddy's Laboratories (up 1.27%), Piramal Enterprises (up 1.03%), Strides Shasun (up 0.98%), Aurobindo Pharma (up 0.89%), Glenmark Pharmaceuticals (up 0.75%) and Alkem Laboratories (up 0.09%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.1%), Divi's Laboratories (down 0.35%) and Cipla (down 0.71%), edged lower.
Most FMCG shares rose. Tata Global Beverages (up 1.39%), Bajaj Corp (up 1.38%), Procter & Gamble Hygiene & Health Care (up 0.76%), Marico (up 0.63%), Jyothy Laboratories (up 0.49%), Colgate Palmolive (India) (up 0.40%), Godrej Consumer Products (up 0.15%) and Britannia Industries (up 0.13%), edged higher. Nestle India (down 0.02%), GlaxoSmithKline Consumer Healthcare (down 0.45%), Hindustan Unilever (down 0.5%) and Dabur India (down 0.62%), edged lower.
Goodluck India rose 1.42% after net profit advanced 39.3% to Rs 5 crore on 22.9% rise in total income to Rs 312.70 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 December 2017.
Renaissance Jewellery was locked in 20% upper circuit at Rs 274.85 after consolidated net profit surged 129% to Rs 16.90 crore on 34% rise in revenue to Rs 383.50 crore in Q2 September 2017 over Q2 September 2016. Consolidated Ebitda (earnings before interest, taxes, depreciation and amortization) rose 65% to Rs 26.60 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 December 2017.
Royal Orchid Hotels gained 3.87% after the company announced that it has opened a new hotel in Dwarka. Royal Orchid Hotels announced the opening of its new hotel in Dwarka 'Regenta Inn The Dwarika taking the number of properties under Royal Orchid group to 46. Situated at a walking distance of just 800 meters from the main shrine of Dwarikesh temple also known as Jagat Mandir in the historical city of Dwarka, Regenta Inn The Dwarika is an ideal place for all those who wish to spend a quiet and peaceful time in the enchanting kingdom of Lord Krishna. This city is one of the most frequently visited pilgrimage sites in India. With the finest amenities, guests can choose from a wide range of category of rooms, including, deluxe rooms, executive rooms, royal suites, club rooms and family suites, company added. The announcement was made during market hours today, 15 December 2017.
On the macro front, in a boost to Narendra Modi led NDA government at the centre, a host of exit polls predicted a clear victory for the Bharatiya Janata Party (BJP) in the recently concluded assembly elections for Gujarat and Himachal Pradesh. Exit polls predicted that the BJP will retain Gujarat while wresting power from the Congress in Himachal Pradesh. Counting of votes for these two states is scheduled on Monday, 18 December 2017.
The winter session of the Parliament began today, 15 December 2017. This session will have a total of 14 working days. The session concludes on 5 January 2018. The government has a slew of important Bills on its agenda in this session. The Financial Resolution and Deposit Insurance Bill, 2017 is slated to come up in this session of Parliament. This Bill aims to limit the impact of the failure of financial institutions like banks and NBFCs. It has also been cleared by the standing committee.
Overseas, Asian stocks edged lower after US markets closed in the red. US stocks closed lower yesterday, 14 December 2017, as two GOP Senators raised some concerns about the tax bill.
The European Central Bank (ECB) has hiked its growth forecasts, but admitted that inflation still won't be on target by 2020. In its final meeting of 2017 held yesterday, 14 December 2017, the eurozone's central bank voted to leave interest rates on hold - and repeated its commitment to running an asset-purchase stimulus programme until at least next September.
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