Key benchmark indices surged in early trade as firmness in Asian stocks boosted sentiment. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 303.93 points or 1.13% at 27,149.74. The 50-unit CNX Nifty was up 87.05 points or 1.07% at 8,216.40. The Sensex regained the psychological 27,000 mark. Realty, metal and banking stocks led gains on the bourses. All the sectoral indices on BSE were in the green.
In overseas markets, Asian shares surged, taking their cue from overnight gains in US stocks after the minutes of the Federal Reserve's latest meeting damped down expectations of an imminent Fed rate hike. Though the Fed said overseas turmoil had not materially altered economic prospects for the United States, the US central bank opted to hold interest rates steady after a monetary policy review last month. Riskier asset markets, which had risen when the Fed held off raising rates in September, got a further boost on confirmation policy makers won't rush to tighten rates at a time of slackening global growth.
Closer home, broad market depicted strength. On BSE, 1,029 shares rose and 179 shares declined. A total of 34 shares were unchanged. The BSE Mid-Cap index was up 0.82%. The BSE Small-Cap index was up 0.86%. Both these indices underperformed the Sensex.
Hindalco Industries gained 1.89%. The company said that CARE has revised long term rating of the company's non convertible debentures from AA+ to CARE AA. Hindalco Industries made the clarification after market hours yesterday, 8 October 2015 with respect to reports titled "CARE cuts rating for Hindalco debentures."
Power Grid Corporation of India rose 0.49% after the company said that it has incorporated a wholly owned subsidiary company named Grid Conductors to manufacture aluminium and aluminium alloy electricity conductors at an estimated cost of Rs 127.35 crore on 15 September 2015. The announcement was made after market hours yesterday, 8 October 2015.
Sun Pharmaceutical Industries rose 0.61% after the company announced that it has withdrawn its appeal in the lawsuit filed by erstwhile Ranbaxy Laboratories in November 2014 in a US District Court against US Food and Drug Administration (FDA). The company announced before market hours today, 9 October 2015. This lawsuit challenged FDA's revocation of Ranbaxy's tentative approvals for its generic versions of Nexium and Valcyte in the US. The company do not believe that the withdrawal of said lawsuit by Sun Pharma will have any materially adverse financial impact on the company.
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