Key benchmark indices hovered in a small range in positive zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 60.54 points or 0.21% at 28,986.90. The Nifty 50 index was currently up 14 points or 0.16% at 8,931.95. The Sensex was currently trading below the psychologically important 29,000 level. The Sensex alternately moved above and below the mark since early afternoon trade.
The Sensex rose 92.39 points or 0.31% at the day's high of 29,018.75 in afternoon trade. The barometer index lost 71.80 points or 0.25% at the day's low of 28,854.56 at onset of the trading session, its lowest level since 6 September 2016. The Nifty rose 22.90 points or 0.25% at the day's high of 8,940.85 in afternoon trade. The index lost 21.95 points or 0.25% at the day's low of 8,896 at onset of the trading session, its lowest level since 6 September 2016.
In overseas stock markets, European stocks gained ahead of the European Central Bank (ECB)'s monetary policy decision later in the global day. The ECB is reportedly expected to leave interest rates unchanged, but may announce an extension of its quantitative easing program. Asian stocks were trading on a mixed note following mixed lead overnight from Wall Street. US stocks ended on a mixed note yesterday, 7 September 2016, as investors digested the release of the Federal Reserve's Beige Book, a key indicator of the US economic health, which said economic activity continued to expand at a modest pace from July through late August.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,546 shares rose and 1,075 shares declined. A total of 185 shares were unchanged. The BSE Mid-Cap index was currently up 0.04%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.73%, outperforming the Sensex.
Pharma stocks gained on renewed buying. Sun Pharmaceutical Industries (up 2.51%), Cipla (up 2.13%), Cadila Healthcare (up 0.96%), Dr Reddy's Laboratories (up 0.72%), Glenmark Pharmaceuticals (up 1.43%), Lupin (up 1.11%), Alkem Laboratories (up 0.36%), Aurobindo Pharma (up 0.99%) and Wockhardt (up 2.07%) rose. GlaxoSmithKline Pharmaceuticals fell 0.09%.
FMCG stocks rose. Hindustan Unilever (up 1.52%), Marico (up 1.43%), GlaxoSmithkline Consumer Healthcare (up 0.79%), Dabur India (up 0.67%), Godrej Consumer Products (up 0.23%), Nestle India (up 0.02%), Tata Global Beverages (up 0.35%), Jyothy Laboratories (up 1.24%) and Bajaj Corp (up 0.09%) gained. Procter & Gamble Hygiene and Health Care (down 0.08%), Colgate-Palmolive (India) (down 0.02%) and Britannia Industries (down 0.4%) fell.
Yes Bank lost 4.58% to Rs 1,341 after the private sector bank launched a qualified institutional placement of shares to raise up to $1 billion. The announcement was made after market hours yesterday, 7 September 2016. Yes Bank announced opening of qualified institutions placement (QIP) of equity shares of face value Rs 10 each by the bank yesterday, 7 September 2016. The bank announced Rs 1,371.84 per share as the floor price. The bank may at its discretion offer a discount of up to 5% on the floor price in the QIP, Yes Bank said.
Orient Paper & Industries rose 7.24% after the company said that its board will consider rights issue of shares and restructuring of business at its board meeting on 15 September 2016. The announcement was made after market hours yesterday, 7 September 2016.
Solar Industries India rose 1.08% after consolidated net profit rose 13.1% to Rs 47.11 crore on 10.6% rise in net sales to Rs 423.75 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.
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