After a range bound movement in afternoon trade, key benchmark indices trimmed gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 45.19 points or 0.16% at 28,645.31. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty was currently up 28.05 points or 0.32% at 8,807.90. The market breadth indicating the overall health of the market was positive. On BSE, 1,402 shares rose and 1,225 shares declined. A total of 199 shares were unchanged. The BSE Mid-Cap index was currently up 0.55%. The BSE Small-Cap index was currently up 0.58%. Both these indices outperformed the Sensex. Gains in global stock markets aided the upmove on the domestic bourses.
In overseas stock markets, European shares edged higher led by gains in banking and energy shares. Asian stocks rose with sentiment driven by a rebound in oil prices while traders were also keeping an eye on crucial monetary policy decisions due from the US and Japan later this week. Japan stock market remained closed for a holiday. US stocks registered modest losses on Friday, 16 September 2016, with financials and energy shares lagging. The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. The Fed is expected to keep its benchmark interest rate unchanged in the wake of recent downbeat US economic indicators. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.
Pharma stocks gained. Alkem Laboratories (up 2.29%), Aurobindo Pharma (up 1.22%), Glenmark Pharmaceuticals (up 0.66%), GlaxoSmithkline Pharmaceuticals (up 0.35%), Cipla (up 0.66%), Strides Shasun (up 0.79%), Ipca Laboratories (up 0.95%), Dr Reddy's Laboratories (up 0.36%), Cadila Healthcare (up 0.31%) and Lupin (up 0.35%) edged higher. Wockhardt (down 1.71%), Sun Pharmaceutical Industries (down 0.22%) and Divi's Laboratories (down 0.68%) edged lower.
Power generation and distribution stocks were mixed. Reliance Infrastructure (up 1.36%), NTPC (up 0.75%), JSW Energy (up 0.44%), Jaiprakash Power Ventures (up 0.67%) and GMR Infrastructure (up 0.14%) edged higher. Torrent Power (down 1.2%), CESC (down 0.57%), Adani Power (down 0.36%), NHPC (down 0.56%) and Reliance Power (down 0.29%) edged lower.
Power Grid Corporation of India rose 0.43% at Rs 176.30 after the company said that the company's board of directors at a meeting held on 16 September 2016 accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.
Shares of state-run coal mining giant Coal India were up 0.85% at Rs 327.75.
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