Sensex closes up 107 points as IT, power stocks gain, Nifty hits the 8,400 mark


Indian shares edged up on Thursday, led by IT stocks on hopes US President-elect Donald Trump may not proceed with stringent visa rules. Gains were, however, limited as pharma stocks fell on Trump’s comment that drug makers were “getting away with murder” in what they charge the government for medicines, and promised that would change.

However, he did not make any announcements on potentially tougher visa rules for software services exporters, a concern for the sector ever since his election. “IT companies valuations have come down over concerns related to US H1B1 visas and visa fees. Something was expected to be announced in relation to this by Trump on Wednesday and that did not happen, so the market took the positive cues,” said KK Mital, vice president of Venus India. The Nifty IT index rose as much as 1.6%, accounting for most of the gains, and led by Infosys Ltd which was up 2.26%. Oracle Financial Services was up 2.15%.

However, Tata Consultancy Services, which is expected to report December-quarter results later in the day, fell 0.51%. Pharma stocks were the biggest losers with the Nifty Pharma index shedding as much as 2.24%, heading for its first drop in three sessions. Among top losers, Cadila Healthcare Ltd shares were down 1.91%, while Aurobindo Pharma Ltd shares was 1.43% lower.

3,30pm: BSE IT index rises by 1.92%, BSE utilities index rises by 3.22% and BSE power index is up by 3.19%. BSE Sensex trades higher by 107 points, or 0.39%, to 27,247, while the Nifty 50 rises 27 points, or 0.32%, to 8,407

3.10pm: BSE Sensex trades higher by 110 points, or 0.41%, to 27,251, while the Nifty 50 rises 32 points, or 0.38%, to 8,413.

1.50pm: BSE Sensex trades higher by 79 points, or 0.29%, to 27,220, while the Nifty 50 rises 17 points, or 0.20%, to 8,398.

1.00pm: Power Grid shares trade up 4.64% (at 1.05pm) to trade at Rs198.55 against the previous session’s closing of Rs189.75. BSE Sensex trades higher by 86 points, or 0.32%, to 27,226, while the Nifty 50 rises 23 points, or 0.27%, to 8,403.

12.30pm: BSE Sensex trades higher by 72 points, or 0.27%, to 27,213, while the Nifty 50 rises 15 points, or 0.18%, to 8,396.

11.20am: BSE Sensex trades higher by 88 points, or 0.32%, to 27,229, while the Nifty 50 rises 21 points, or 0.24%, to 8,401.

11.10am: MMTC Ltd shares rise 4% to Rs71.85 after the company said, in a notice to BSE, that the mining lease agreement for iron ore was signed by NINL-JV, promoted by company.

11.05am: NTPC Ltd shares rise 3% to Rs169.15 after Rajasthan government announced that it has agreed to transfer its 1,000 megawatt (MW) Chhabra thermal power plant to NTPC Ltd, a central government power utility, in an asset-for-equity deal. Mint had earlier reported that AES India, Adani Power, Tata Power-ICICI were in race for acquiring the Rajasthan power project.

11.00am: Oil India Ltd shares fall 4.4% to Rs346 after the stock turned ex bonus. The company has announced one bonus issue for three held by the stock holders.

10.45am: Larsen & Toubro Ltd shares rise 1.7% to Rs1436.60 after Broking firm Bank of America Merrill Lynch has upgraded the stock to ‘Buy’ from ‘Neutral’.

10.20am: BSE Sensex trades higher by 75 points, or 0.28%, to 27,215, while the Nifty 50 rises 13 points, or 0.16%, to 8,394.

10.00am: Prakash Industries Ltd shares rise 5% to Rs66.30 after the company said—in a notice to BSE—that Odisha government has executed and registered a mining lease of iron and manganese ore in favour of Prakash Industries for a period of 50 years.

9.45am: Atlanta Ltd shares rise 3% to Rs81.10 after the company said it has declared lowest bidder for six laning road project in Gujarat by the National Highways Authority Of India. The cost of the order will be around Rs1,292 crore.

9.27am: BSE Sensex trades higher by 112 points, or 0.41%, to 26,253, while the Nifty 50 rises 23 points, or 0.28%, to 8,204.

9.25am: Biocon Ltd shares rise 3.8% to Rs1,039.90 after the company said US FDA has accepted its biologics license application for MYL-14010.

9.20am: Pharma stocks fall after US president-elect Donald Trump has attacked the pharmaceutical industry for high drug prices and for manufacturing overseas, saying he will create new procedures for bidding on drugs, reports AFP. Dr Reddy’s Laboratories Ltd shares fall 2.4%, Sun Pharmaceuticals Industries Ltd shares fall 2%, Lupin Ltd fall 1.4%, Cipla Ltd fall 1.1%, Natco Pharma Ltd fall 2.8%, Jubilant Lifescience fall 2.7%, Dishman Pharma fall 2.4%.

9.15am: The rupee opens at 68.11 a dollar. At 9.15m, the home currency trades at 68.11 a dollar, up 0.32% from Wednesday’s close of 68.33. So far this year it fell 0.3%.

9.10am: Infosys Ltd shares rise 1.9% to Rs987 ahead of its December quarter earnings on Friday.

9.05am: The 10-year bond yield trades at 6.383%, compared to Wednesday’s close of 6.394%. Bond yields and prices move in opposite directions.

9.00am: South Korean won was up 1.17%, Japanese yen 0.64%, Taiwan dollar 0.61%, China renminbi 0.38%, Indonesian rupiah 0.32%, Thai Baht 0.31%, Malaysian ringgit 0.3%, Philippines peso 0.12%. However, Singapore dollar was down 0.05%.