Sensex Ends 267 Points Higher on Broad-Based Buying

Sensex Ends 267 Points Higher on Broad-Based Buying
3:30 p.m.: The Sensex ended 267 points higher at 23,649 and the 50-share Nifty closed 83 points higher at 7,192.

3:12 p.m.: Pharma index was the top sectoral gainer, up 2 per cent. Dr Reddy’s Labs, Lupin, Cadila Healthcare, Piramal Enterprises, Sun Pharma and Cipla were among the top gainers from this space, up 1-5 per cent each.

2:41 p.m.: The Sensex was up 187 points at 23,569 and Nifty was up 55 points at 7,163.

2:03 p.m.: Selling pressure visible in select power, realty, auto and metal stocks on the back of profit booking.

2:01 p.m.: European markets open on a muted note. Britain’s FTSE 100 slips 0.5 per cent, French CAC40 index was down 0.08 per cent and Germany’s DAX was up 0.08 per cent.

Meanwhile, Nasdaq futures and S&P 500 futures were trading with a negative bias, down 0.15 per cent each.

1:46 p.m.: The stock markets were trading firmly higher in the afternoon deals. The Sensex advanced 184 points to 23,566 and Nifty was up 52 points at 7,160.

1:28 p.m.: Sun Pharma has launched generic Gleevec in US under exclusivity. The launch is at only 10 per cent discount to branded products as against Street expectation of 30 per cent discount to innovator. Generic Gleevec is a cancer drug worth $2 billion in size. Shares of Sun Pharma traded 1.36 per cent higher at Rs 866.

1:19 p.m.: Shares of agri-biotechnology major Monsanto India fell by 4 per cent today after fair trade regulator CCI ordered a detailed probe against its US-parent joint venture Mahyco Monsanto Biotech India Limited (MMBL).

Finding prima-facie violation of competition law, CCI has ordered a detailed probe into alleged abuse of dominance by the Indian arm of the US-based genetically modified seed giant Monsanto.(Read)

1:10 p.m.: Cipla has completed acquisition of generic business in US. It has acquired two US-based companies- InvaGen Pharma & Exelan Pharma. The combined revenue for two companies for year-end 2015 is over $230 million. Shares advance 0.9 per cent to Rs 523.90.

1:05 p.m.: Just Dial, Quick Heal Technologies, Axis Bank, ICICI Bank and Larsen & Toubro were among the most actively traded shares on the National Stock Exchange.

1:01 p.m.: Bank Nifty has also come off the intraday high levels in noon deals. The Bank Nifty which advanced as much as 1.88 per cent was up 0.67 per cent at 14,214. Axis Bank, Canara Bank, Yes Bank, State Bank of India and Bank of India were among the laggards, down 0.5-2.15 per cent each.

12:40 p.m.: Nifty 7,200 strike price call option was the most active options contract on the National Stock Exchange. The premium on the contract was up 20 per cent at Rs 53.20. As many as 4,357 contracts were closed from the open interest of 62,244 contracts.

12:21 p.m.: The market breadth remained positive as 1,460 stocks were advancing while 789 were declining.

12:03 p.m.: The BSE mid-cap index which advanced over 1 per cent earlier in the day was up 0.5 per cent. JP Associates, Tata Communications, Bharat Forge, Divis Labs and Container Corp were also among the losers.

11:51 a.m.: BHEL, Asian Paints, Maruti Suzuki, Idea Cellular, GAIL India, HDFC and Bharti Airtel were among the losers in the Nifty.

11:42 a.m.: The stock markets came off the intraday high levels in the late morning deals. The Sensex was up 225 points at 23,606 and Nifty advanced 65 points to 7,173.

11:37 a.m.: Nifty seen forming bottom around 6,800, says market expert Ajay Bagga.

11:28 a.m.: Glenmark Pharmaceuticals surges 5.5 per cent to hit intraday high of Rs 761.85 after the company informed the stock exchanges that it has received abbreviated new drug application approval for Azelaic Acid Gel.

11:15 a.m.: Asian stocks rose across the board on Thursday as crude oil extended gains on hopes that big producers will cap output, improving investor sentiment for riskier assets.

Spread betters expected a mixed open for European shares, with Britain’s FTSE seen dipping on some nervousness as British Prime Minister David Cameron holds “now or never” talks to keep his country in the European Union.

11:06 a.m.: BSE capital goods index was the top sectoral gainer, the index advanced nearly 3 per cent; Sterlite Technologies, Larsen & Toubro, Mahindra CIE, Crompton Greaves, BEML, Bharat Electronics, AIA Engineering, Pipavav Defence and FAB Engineering were among the gainers, up 2-5 per cent each.

10:49 a.m.: Shares of software provider Quick Heal Technologies, which raised Rs. 451 crore through its initial public offer (IPO), saw a choppy debut today on stock exchanges. Its shares opened nearly 5 per cent lower at Rs. 305 on the NSE, against issue price of Rs. 321. Later, the shares recovered to rise nearly 3 per cent at day’s high of Rs. 330, before sliding again.(Read)

10:42 a.m.: The small-cap index was up 1.3 per cent; ABG Shipyard was the top gainer from this space, up 14 per cent at Rs 51.55. Gujarat NRE Coke DVR, Bliss GVS Pharma, Shreyas Shipping, Control Print, Gokaldas Exports and Vitual Global Education were also among the gainers, 8-12 per cent.

10:13 a.m.: Asian Paints, Adani Ports, Bharti Airtel, Yes Bank, Idea Cellular, HDFC and Power Grid were among the notable losers in the Nifty.

10:05 a.m.: Quick Heal Technologies shares rise nearly 3 per cent to Rs 330 on listing against issue price of Rs 321.

9:57 a.m.: Banking shares were witnessing buying interest. The Bank Nifty advanced 1.7 per cent; Bank of Baroda, ICICI Bank, Bank of India, Punjab National Bank, State Bank of India, Canara Bank and Axis Bank were among the gainers, up 1.9-3.3 per cent each.

9:52 a.m.: ABG Shipyard shares rallied as much as 20 per cent to hit high of Rs 54.30 on reports that the debt-ridden ABG Shipyard is at an advanced stage of negotiations with interested parties for a strategic investment into the company, which will see the management divesting its majority control.

9:46 a.m.: Market breadth is extremely positive as 1,375 stocks were advancing while only 224 stocks were declining on the Bombay Stock Exchange.

9:40 a.m.: Gaurang Shah of Geojit BNP Paribas says PSU banks will emerge stronger after clean up; SBI, Union Bank, Bank of Baroda can do well.

9:30 a.m.: Market analyst Sharmila Joshi says traders will look to exit at 7,200-7,250 to make small gains as there is no confidence about the pullback.

9:25 a.m.: Jindal Steel was the top gainer from the mid-cap space. The stock advanced 4.3 per cent to Rs 59.50. Crompton Greaves, Pidilite Industries, Union Bank of India, Oberoi Realty, Wockhardt, Glenmark and JSW Energy were also among the gainers, up 2.6-3.4 per cent each.

9:20 a.m.: The Sensex rallied over 300 points and Nifty moved closer to its crucial psychological level of 7,200 on the back of positive global cues.

Buying was visible across the sectors. Capital goods, oil & gas, banking, FMCG, realty, metal and pharma indices rose above over 1 per cent each.

The broader markets were also witnessing buying interest. The BSE mid-cap and small-cap indices advanced over a per cent each.

From the Nifty-50 basket of stocks, 47 stocks were gaining while only 3 were declining.

Bank of Baroda was the top Nifty gainer, up 4.6 per cent to Rs 145. Hindalco, Vedanta, Dr Reddy’s Labs, Cairn India, Tata Motors, Larsen & Toubro, ICICI Bank, State Bank of India and ONGC also advanced 2.2-3.8 per cent each.

8:10 a.m.: The Sensex and Nifty are likely to open on a positive note in trades today tracking gains on Nifty futures traded on the Singapore Stock Exchange amid firm global cues.

The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was up 0.64 per cent or 45 points at 7,181.

Meanwhile, Asian stocks rose on Thursday and safe-haven government bond prices fell as crude oil prices extended gains on hopes that big producers will cap production, improving investors’ appetite for riskier assets.

Crude remained the main market driver, with oil prices up as much as 3 percent in early Asian trade following a 7 percent jump on Wednesday after Iran voiced support for a Russia-Saudi-led move to freeze production to deal with the market glut that had pushed prices to 12-year lows.

Japan’s Nikkei advanced 2.47 per cent, Hong Kong’s Hang Seng rose 2.3 per cent and China’s Shanghai Composite was up 0.5 per cent.

Overnight, US stocks rallied their third straight session of gains on Wednesday, led by energy shares as oil prices jumped, while better-than-expected economic data helped allay growth fears.

Nine of the 10 major S&P sectors closed higher, with energy rising 2.9 percent.

The S&P 500 posted its first three-day rally of 2016, and ended with its biggest three-day percentage rise since August. With Wednesday’s performance, the Dow industrials had erased nearly all its losses for February.

The Dow Jones industrial average rose 257.42 points, or 1.59 percent, to 16,453.83, the S&P 500 gained 31.24 points, or 1.65 percent, to 1,926.82 and the Nasdaq Composite added 98.11 points, or 2.21 percent, to 4,534.07.

Back home, foreign institutional investors sold shares worth Rs 560 crore while domestic institutional investors bought shares worth Rs 384.53 crore on Wednesday.

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