Key benchmark indices held firm in positive zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 429.08 points or 1.65% at 26,393.05. The 50-unit CNX Nifty was up 130.15 points or 1.65% at 8,029.30. The Sensex was currently trading above the psychological 26,000 level after surpassing that level in early trade. The Nifty was currently trading above the psychological 8,000 level. The Sensex hit its highest level in more than 2-1/2-weeks when it jumped 466.81 points at the day's high of 26,430.78 in intraday trade. The Nifty also hit its highest level in more than 2-1/2-weeks when it rose 144.05 points at the day's high of 8,043.20 in intraday trade.
In overseas markets, Asian markets outside Japan edged higher. US stocks closed lower yesterday, 17 September 2015, after the Federal Reserve cited concerns about global economic growth in its decision to hold off on raising interest rates. At the end of the two-day monetary policy meeting yesterday, 17 September 2015, the US central bank held rates steady amid concerns about the global economic growth, financial market volatility and sluggish inflation at home, but it left open the possibility of a modest policy tightening later this year.
Closer home, broad market depicted strength. There were more than three gainers against every loser on BSE. 1,610 shares rose and 463 shares declined. A total of 70 shares were unchanged. The BSE Mid-Cap index was up 1.51%. The BSE Small-Cap index was up 1.46%. Both these indices underperformed the Sensex.
Realty stocks surged. Indiabulls Real Estate (up 5.48%), Housing Development and Infrastructure (up 6.74%), DLF (up 4.77%), D B Realty (up 3.85%), Oberoi Realty (up 3.94%), Sobha (up 1.83%), Unitech (up 3.7%), Godrej Properties (up 2.31%) and Prestige Estates Projects (up 3.08%) edged higher.
Telecom stocks advanced. Tata Teleservices (Maharashtra) (up 2.53%), Mahanagar Telephone Nigam (up 1.62%), Reliance Communications (up 1.61%) and Idea Cellular (up 0.82%) edged higher. Bharti Airtel (down 0.58%) edged lower.
Tata Steel was up 1.54% at Rs 233.75. Tata Motors was down 2.43% at Rs 329.70. Tata Steel during market hours today, 18 September 2015 said that the company as part of its portfolio restructuring has today, 18 September 2015, sold 3.85 crore shares of Tata Motors to institutional investors over the stock exchange for a total consideration of Rs 1250.69 crore.
Granules India rose 5.07% at Rs 121.25 after the US Food and Drug Administration (FDA) approved its abbreviated new drug application (ANDA) for Ibuprofen tablets USP, 400 mg, 600 mg and 800 mg. C Krishna Prasad, Chairman & Managing Director of Granules India said that USFDA completed the review of Ibuprofen ANDA filed by the company and has given its final approval. It will further strengthen the company's base business and enable it to increase product offering to customers in USA, C Krishna Prasad said. The announcement was made after market hours on Wednesday, 16 September 2015.
On the macro front, the Reserve Bank of India (RBI) has granted in-principle approval to 10 applicants to set up small finance banks under the "Guidelines for Licensing of Small Finance Banks in the private sector" (Guidelines) issued on 27 November 2014. The in-principle approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI.
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