Key benchmark indices drifted higher in early trade, with the barometer index, the S&P BSE Sensex, regaining the psychological 25,000 mark in opening trade. At 9:26 IST, the Sensex was up 109.90 points or 0.44% at 25,062.64. The 50-unit Nifty 50 index was up 37.05 points or 0.49% at 7,641.40.
The market breadth indicating the overall health of the market was strong. On BSE, 871 shares rose and 376 shares fell. A total of 63 shares were unchanged. The BSE Mid-Cap index was currently up 0.34%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.54%, outperforming the Sensex.
In overseas markets, Asian stocks were trading on a mixed note. US stocks closed higher during the previous trading session on Friday, 18 March 2016, extending the rally that followed the Federal Reserve's accommodative policy decision during the week.
Telecom stocks rose. Bharti Airtel (up 0.93%), Idea Cellular (up 0.49%), Tata Teleservices (Maharashtra) (up 0.33%) and Reliance Communications (up 0.29%) rose. MTNL shed 0.86%.
Shares of Hero MotoCorp fell 0.74% to Rs 2,812 after turning ex-dividend today, 21 March 2016, for an interim dividend of Rs 40 per share for the year ending 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 1.41% based on the closing price of Rs 2,832.90 on BSE on Friday, 18 March 2016.
Bank of Baroda (BoB) rose 1.15%. The bank said on Saturday, 19 March 2016 that credit rating agency Brickwork Ratings India revised rating outlook on the bank's upper Tier II bonds of Rs 1000 crore issued in two tranches of Rs 500 crore each to BWR AAA with negative outlook from earlier rating of BWR AAA with stable outlook.
Aurobindo Pharma rose 1.64% after the company announced that it has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Naproxen Sodium Tablets USP, 220 mg (OTC). Aurobindo Pharma said it expects to launch this product in Q1 June 2016. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Aleve Tablets, of Bayer Healthcare LLC (Bayer). Naproxen Sodium Tablets is used in the treatment and prevention of osteoporosis in postmenopausal women. According to IMS data, the approved product has an estimated market size of $96 million in the United States for the twelve months ended January 2016. The announcement was made on Saturday, 19 March 2016.
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