Key indices were trading near day's high in mid afternoon trade. The Nifty hovered around 11,950 level. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 260.88 points or 0.65% at 40,547.36. The Nifty 50 index was up 76.70 points or 0.65% at 11,948.80.
In the broader market, the S&P BSE Mid-Cap index was up 0.82%. The S&P BSE Small-Cap index rose 0.11%.
The market breadth, indicating the overall health of the market, continued to be negative. On the BSE, 1162 shares rose and 1329 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 28 stocks advanced while 22 stocks declined.
Buzzing Index:
The Nifty Pharma index was trading 2.1% higher at 7,750.60, snapping its four-day losing streak.
Aurobindo Pharma (up 4.54%), Cipla (up 3.36%), Alkem Laboratories (up 1.55%), Sun Pharmaceuticals (up 1.48%), Piramal Enterprises (up 1.43%), Cadila Healthcare (up 1.05%), Lupin (up 0.92%), Wockhardt (up 0.91%) and Dr Reddy's Laboratories (up 0.29%) advanced.
Divi's Laboratories jumped 5.14% after the USFDA successfully completed cGMP inspection of company's Unit-I facility at Lingojigudem, Telangana. The company received zero 483 observations from USFDA. The inspection was carried out from 11 November 2019 to 15 November 2019.
Glenmark Pharmaceuticals spurted 7.33% to Rs 303 after reporting consolidated net profit of Rs 255.54 crore in Q2 September 2019 as against net profit of Rs 414 crore in Q2 September 2018. The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year
Stocks in Spotlight:
Prime Focus was locked in a lower circuit of 20% at Rs 67.35 after company's subsidiary in United Kingdom, DNEG Plc, decided to postpone its initial public offering due to on-going market uncertainty. Earlier, DNEG announced it will go public on 15 October 2019.
Shares of NBCC (India) were trading 1.34% lower at Rs 36.8. NBCC (India) signed a Memorandum of Understanding (MoU) with Government of Andhra Pradesh (AP) at Vijaywada on 15 November 2019. Under this MoU, Government of Andhra Pradesh has retained NBCC as Project Management Consultant for monetization of their vacant land parcels across the state and also for implementing Government's flagship programmes.
Shares of GIC Housing Finance were trading 2.59% lower at Rs 148.85. GIC Housing Finance had received show cause notice from National Housing Bank (NHB) in connection with the inspection carried out for Financial Year 2017-18. Based on inspection and reply submitted by Company, NHB has directed the company to pay a penalty of Rs.15,000 (plus GST) which has been paid by the company.
Numbers to track:
The yield on 10-year benchmark federal paper rose to 6.516% at 14:09 IST compared with 6.515% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.7750, compared with its close of 71.9650 during the previous trading session.
In the commodities market, Brent crude for January 2020 settlement was up 5 cents at $62.33 a barrel. The contract fell 0.14% to settle at $62.28 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement fell 0.67% to Rs 38,011.
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