Key benchmark indices regained positive terrain and hit fresh intraday high in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 63.05 points or 0.24% at 26,180.59. The 50-unit Nifty 50 index was up 18.80 points or 0.24% at 7,965.15. The Sensex and Nifty, both, hit highest level in more than four weeks in mid-afternoon trade. The Sensex hit more than four-week high when it rose 72.49 points or 0.27% at the day's high of 26,190.03 in mid-afternoon trade, its highest level since 2 December 2015. The index lost 109.34 points or 0.41% at the day's low of 26,008.20 in early trade. The Nifty hit more than four-week high, when it rose 24.05 points or 0.3% at the day's high of 7,970.40 in mid-afternoon trade, its highest level since 2 December 2015. The Nifty dropped 36.55 points or 0.45% at the day's low of 7,909.80 in early trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,921 shares rose and 748 shares fell. A total of 122 shares were unchanged. The BSE Mid-Cap index was currently up 0.88%. The BSE Small-Cap index was currently up 0.92%. Both these indices outperformed the Sensex.
In overseas equity markets, European markets remained closed today, 1 January 2016 on account of New Year holiday. Asian stocks were mixed amid many markets remaining close for New Year holiday. US stocks closed lower yesterday, 31 December 2015, with trading seen lighter than usual ahead of the New Year's Day holiday.
Bank stocks gained. Among public sector banks, Punjab National Bank (up 1.82%), Bank of Baroda (up 1.82%), State Bank of India (SBI) (up 1.87%), Union Bank of India (up 2.19%), and Bank of India (up 2.09%) edged higher.
Canara Bank gained 2.1% after the bank announced after market hours yesterday, 31 December 2015, that the bond committee has decided to raise Basel III compliant Tier-II bonds amounting to Rs 1500 crore by way of private placement. Accordingly, the bank has successfully raised Rs 1500 crore under Basel-III compliant Tier-II bonds on 31 December 2015 with a coupon of 8.4% per annum.
Among private sector banks, Axis Bank (up 0.66%), ICICI Bank (up 0.48%), HDFC Bank (up 0.66%), Kotak Mahindra Bank (up 0.83%), and IndusInd Bank (up 0.13%) edged higher.
Yes Bank rose 1.2% after the bank announced after market hours yesterday, 31 December 2015, that it successfully raised Rs 1500 crore of Basel III compliant Tier II bonds. The issue closed on 31 December 2015. The issue was rated "ICRA AA+ hyb" by ICRA and "CARE AA+" by CARE. The bonds will be listed on the BSE.
Sun Pharma Advanced Research Company (SPARC) shed 0.88% after the company said it expects further delay in start of royalty income from its two new drug applications. The announcement was made after trading hours yesterday, 31 December 2015. SPARC's two new drug applications (NDAs), Xelpros (an eye drop) and Elepsia XR (an anti-epileptic drug), are to be manufactured at Sun Pharmaceutical Industries' Halol plant, which has recently received a warning letter from the US food and Drug Administration (USFDA).
Consequent to above development, the management expects a possible further delay in the projected royalty income for the company from the above mentioned products, Sun Pharma Advanced Research Company (SPARC) said in a regulatory filing. The company's management is closely monitoring the development and has initiated steps to mitigate the possible adverse impact on the company, it added.
Mahindra & Mahindra (M&M) gained 0.19% after the company said total auto sales rose 4% to 37,915 units in December 2015 over December 2014. Domestic sales rose 1% to 34,839 units in December 2015 over December 2014. Exports jumped 65% to 3,076 units in December 2015 over December 2014. The announcement was made during market hours today, 1 January 2016.
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