Key benchmark indices held firm in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 229.38 points or 0.73% at 31,513.10. The Nifty 50 index was up 69.70 points or 0.71% at 9,858.30. Firmness in most of the global stocks boosted sentiment on domestic bourses.
Domestic stocks saw a gap-up opening tracking positive Asian stocks and record close for US stocks overnight, as trading resumed after a long weekend. Key benchmark indices traded firm in morning trade. Indices extended gains in mid-morning trade and held firm later during the session. Stock markets were closed on Monday, 2 October 2017 on account of Mahatma Gandhi Jayanti.
The S&P BSE Mid-Cap index was up 0.87%. The S&P BSE Small-Cap index was up 0.69%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1461 shares rose and 1,027 shares fell. A total of 118 shares were unchanged.
Pharma stocks gained for the third straight day. Sun Pharmaceutical Industries (up 0.01%), Lupin (up 0.8%), Wockhardt (up 0.43%), Divi's Laboratories (up 0.22%), Glenmark Pharmaceuticals (up 1.05%), Aurobindo Pharma (up 2.76%) and Cadila Healthcare (up 1.42%) gained. Cipla fell 0.11%.
Dr Reddy's Laboratories advanced 1.93% after the company announced the launch of Sevelamer Carbonate Tablets, 800 mg, a therapeutic equivalent of Renvela (sevelamer carbonate) Tablets approved by the United States Food & Drug Administration (USFDA) in the US market. Renvela is a trademark of Genzyme Corporation.
The Renvela brand and generic has US sales of around $1.88 billion for the most recent twelve months ended in July 2017, according to IMS Health. The announcement was made on Saturday, 30 September 2017.
Most capital goods stocks dropped. Bharat Heavy Electricals (Bhel) (down 0.18%), L&T (down 0.53%), Thermax (down 0.75%), Cg Power & Industries (down 0.19%) and Siemens (down 0.27%) declined. BEML (up 1.28%) and Havells India (up 2.26%) gained.
Ambuja Cements gained 1.26% after the company announced that it secured limestone block at Tehsil and District Nagaur, Rajasthan. The announcement was made during market hours today, 3 October 2017. The company has participated in the e-auction tender of 3D1, Harima Pithasar limestone block in Tehsil and District Nagaur in Rajasthan. The company has secured an estimated limestone resource of 200 million tonnes at a final bid price of 41.6% of mineral value.
On the macro front, the Nikkei India Manufacturing Purchasing Managers' Index, or PMI, stood at 51.2 in September, remaining unchanged from August. September saw a sustained expansion in the Indian manufacturing sector, supported by increases in both output and new orders. However, the rates of expansion eased slightly in both cases. The data was released during market hours today, 3 October 2017.
Overseas, European stocks were mixed. Asian stocks gained after strong factory data and the prospect of American tax cuts boosted confidence in the global economy. Markets in China and South Korea remain shut. US equities closed at record highs yesterday, 2 September 2017 as Wall Street kicked off the fourth quarter on a high note on optimism about a recovery in manufacturing.
In US economic data, the closely watched ISM manufacturing index was at 60.8 in September, representing the highest level for the economic reading since 2004 and up from 58.8% in August. A reading of 50 indicates expansion. A separate reading on manufacturing activity from IHS Markit came in at 53.1 for the same month, compared with 52.8 in the prior month.
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