Key benchmark indices hovered in a small range in mid-morning trade. At 11:25 IST, the S&P BSE Sensex was up 80.28 points or 0.28% at 28,294.04. The Nifty 50 index was currently up 25.25 points or 0.29% at 8,769.20. Positive Asian stocks boosted sentiment on domestic bourses. The Sensex rose 105.75 points or 0.37% at the day's high of 28,326.73 in morning trade. The barometer index rose 17.11 points or 0.06% at the day's low of 28,238.09 at onset of the day's trading session. The Nifty rose 30.85 points or 0.35% at the day's high of 8,774.80 in morning trade. The index lost 2.60 points or 0.03% at the day's low of 8,741.35 at onset of the day's trading session.
In overseas stock markets, Asian stocks rose as a healthy US economic report and rising oil prices overnight bolstered investor optimism. Markets in mainland China were closed for a weeklong holiday. US stocks rose yesterday, 5 October 2016 on positive economic data. Activity at US service companies expanded in September at the fastest pace in nearly a year, according to a private report. The Institute for Supply Management's services index jumped to 57.1 last month, its highest since October last year, adding to evidence that the world's biggest economy is strengthening and raising expectations the Federal Reserve will soon raise rates from ultralow levels.
Closer home, the broad market depicted strength. There were almost two gainers against every loser on BSE. 1,617 shares gained and 842 shares fell. A total of 114 shares were unchanged. The BSE Mid-Cap index was up 0.61%. The BSE Small-Cap index was up 0.62%. Both these indices outperformed the Sensex.
Pharma shares rose. Glenmark Pharmaceuticals (up 1.34%), Lupin (up 0.26%), Sun Pharmaceutical Industries (up 0.7%), Alkem Laboratories (up 0.45%), GlaxoSmithKline Pharmaceuticals (up 0.33%), Aurobindo Pharma (up 2.49%), Cadila Healthcare (up 0.77%), Cipla (up 0.2%) and Wockhardt (up 0.41%) rose. Dr Reddy's Laboratories (down 0.29%) and Strides Shasun (down 0.41%) fell.
Yes Bank lost 1.23% on reports that Sebi has found reasons enough to launch adjudication proceedings against the bank over its abortive $1 billion qualified institutional placement. According to reports, initial investigations by the stock market regulator Securities & Exchange Board of India (Sebi) found that Yes Bank had violated key norms of the listing obligations and disclosure rules (LODR) relating to misrepresentation of facts and adequate disclosure before it proceeded with the qualified institutional placement (QIP) last month. It may be recalled that Yes Bank had announced on 8 September 2016 its decision to defer the earlier planned QIP of shares citing extreme volatility during trading day on 8 September 2016 because of misinterpretation of new QIP guidelines. The bank had on 7 September 2016 announced opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. Yes Bank had fixed Rs 1,371.84 per share as the floor price at that time. Meanwhile, in its clarification issued to the stock exchanges during market hours today, 6 October 2016, Yes Bank said that as a matter of policy, it does not comment on such speculative stories.
Realty stocks edged higher. Oberoi Realty (up 3.07%), D B Realty (up 6.83%), Sobha (up 3.93%), Godrej Properties (up 1.02%), Housing Development and Infrastructure (up 0.18%), Prestige Estates Projects (up 0.9%), Unitech (up 0.17%), and Parsvnath Developers (up 0.07%) rose. DLF (down 0.47%) and Indiabulls Real Estate (down 0.42%) fell.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
