Amid sustained buying demand, the key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 113.21 points or 0.44% to 25,920.31. The Nifty 50 index was currently up 40.70 points or 0.51% at 7,948.95. Gains in pharma and oil & gas stocks boosted sentiment on domestic bourses.
After a positive start, key indices build onto gains as trading for the day progressed. The Sensex rose 147.71 points or 0.57% at the day's high of 25,954.81 in mid-morning trade. The index fell 3.91 points or 0.02% at the day's low of 25,803.19 at the onset of the session. The Nifty rose 49.60 points or 0.63% at the day's high of 7,957.85 in mid-morning trade. The index declined 4.55 points or 0.06% at the day's low of 7,903.70 at the onset of the session.
In side indices, the BSE Mid-Cap index was currently up 1.07%. The BSE Small-Cap index was currently up 0.86%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,359 shares rose and 773 shares fell. A total of 131 shares were unchanged.
Pharma shares gained on renewed buying. Cipla (up 1.72%), Dr Reddy's Laboratories (up 0.75%), Lupin (up 1.84%), Sun Pharmaceutical Industries (up 1.02%), Alkem Laboratories (up 0.74%), Cadila Healthcare (up 0.56%), Aurobindo Pharma (up 2.02%) and Wockhardt (up 0.25%) rose. GlaxoSmithKline Pharmaceuticals (down 0.47%) fell.
Glenmark Pharmaceuticals rose 1.37% after the company said it received abbreviated new drug application approval for Tretinoin capsules. The announcement was made during trading hours today, 27 December 2016.
Glenmark Pharmaceuticals Inc., USA (Glenmark) received final approval from the United States Food & Drug Administration (USFDA) for Tretinoin capsules, 10 milligrams (mg), the generic version of Vesanoid capsules, 10 mg, of Hoffmann La Roche, Inc. (which is no longer being marketed in the United States).
According to IMS Health sales data for the 12 month period ending October 2016, the Vesanoid Capsules, 10 mg market achieved annual sales of approximately $22 million.
Divi's Laboratories rose 1.57% to Rs 777.30 on bargain hunting after a recent slump. Shares of Divi's Laboratories fell 33.28% in three trading sessions to settle at Rs 765.30 yesterday, 26 December 2016, from its close of Rs 1,147.10 on 21 December 2016. The recent slump was triggered by media reports of adverse observations from the US drug regulator made on its Vizag facility in Andhra Pradesh.
Cement stocks rose. Ambuja Cements (up 1.11%), ACC (up 0.27%), UltraTech Cement (up 0.08%) gained. Shree Cement (down 0.16%) fell.
Grasim Industries was up 0.1% at Rs 814.65. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
D-Link (India) rose 6.3% to Rs 113 as Prusik Asian Smaller Companies Fund Public bought 2.03 lakh shares of the company at Rs 107.13 per share in a bulk deal on the NSE yesterday, 26 December 2016.
Overseas, Asian stocks were trading with slim gains, in thin trade and with little to guide them as most major markets were closed yesterday, 26 December 2016 for Christmas holidays. Markets in Australia, New Zealand and Hong Kong remain shut today, 27 December 2016 while those in the US and the UK will resume trading after the Christmas break.
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