Key benchmark indices hovered in negative zone in early afternoon trade. At 12:35 IST, the barometer index, the S&P BSE Sensex, was off 44.23 points or 0.13% at 33,105.12. The Nifty 50 index was off 17.45 points or 0.17% at 10,209.10. Pharma shares edged lower. Many Power generation stocks fell.
Key benchmark indices edged higher in early trade boosted by data showing India's economic growth has bounced back in the July-September quarter boosted sentiment. Stocks hovered in positive zone in morning trade. A bout of volatility was witnessed in mid-morning trade as key benchmark indices reversed intraday gains to hit intraday low in negative zone.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.41%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,493 shares rose and 993 shares fell. A total of 135 shares were unchanged.
Pharma shares edged lower. Glenmark Pharmaceuticals (down 0.98%), Cipla (down 0.65%), Lupin (down 0.63%), Sun Pharmaceutical Industries (down 0.87%), Alkem Laboratories (down 0.38%), GlaxoSmithKline Pharmaceuticals (down 0.82%) declined. Aurobindo Pharma (up 0.04%), Cadila Healthcare (up 0.17%) and Wockhardt (up 0.91%) rose.
Dr. Reddy's Laboratories fell 0.98%. Dr. Reddy's Laboratories through its wholly owned subsidiary Promius Pharma, LLC, today 1 December 2017 announced its fifth consecutive, first-cycle NDA approval for the Proprietary Products Group, a substantial milestone within the pharmaceutical industry. The announcement was made during market hours today, 1 December 2017.
Impoyz (clobetasol propionate) Cream, 0.025% is a high potency topical steroid approved for the treatment of moderate to severe plaque psoriasis in patients 18 years of age or older. Impoyz, formerly referred to as DFD-06, had been recently licensed to Encore Dermatology Inc. for the commercialization of the product in the United States.
Many Power generation stocks fell. Tata Power Company (down 1.8%), CESC (down 0.69%), Reliance Infrastructure (down 0.62%), Torrent Power (down 0.93%), NHPC (down 0.88%) and Jaiprakash Power Ventures (down 0.14%) edged lower. NTPC (up 0.25%), Reliance Power (up 0.13%), Adani Power (up 0.99%) and JSW Energy (up 2.81%) rose.
Maruti Suzuki India rose 0.79% after the company said its total sales rose 14.1% to 1.54 lakh units in November 2017 over November 2016. The announcement was made during trading hours today, 1 December 2017.
Maruti Suzuki India's domestic sales rose 15% at 1.45 lakh units in November 2017 over November 2016. Export sales rose 0.8% at 9,300 units in November 2017 over November 2016.
UFO Moviez India lost 4.36% after consolidated net profit fell 47.77% to Rs 10.20 crore on 13.04% decline in total income from operations to Rs 139.18 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 November 2017.
On the macro front, India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was released by government after market hours yesterday, 30 November 2017.
The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced after market hours yesterday, 30 November 2017.
Overseas, most Asian stocks were trading higher buoyed by record highs in US equities. Growth in China's manufacturing sector slowed in November, according to a private gauge. The Caixin China manufacturing purchasing managers' index fell to 50.8 in November, its lowest level in five months, from 51 in October, Caixin Media Co. and research firm Markit said today, 1 December 2017.
US stocks rallied yesterday, 30 November 2017 with the Dow finishing above 24,000 for the first time in history, as investors grew more optimistic about the prospects for a tax overhaul out of Washington.
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