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Market Update

Sensex in India Gains as Volatile Emerging Markets Look Beyond Fed

Author: Mukesh Buch
Last Update: 11:25 AM ET September 23 2015

6:00 PM Mumbai Sensex in Mumbai jumped 0.7% despite the persistent selling of stocks in emerging markets by foreign investors. Pfizer plans to sell its plant in Thane, Maharashtra to Gujarat-based Vidhi Research and Development for ₹178 crore. Pidilite plans to expand its business in the emerging Asian and African markets.

Stocks in Mumbai rebounded and the benchmark Sensex index jumped at the open bur faced volatile trading in the late afternoon.

Rupee weakened 10 paisa to 65.97 against one U.S. dollar.

The Sensex Index increased 171.15 or 0.7% to close at 25,822.99. The CNX Nifty rose 33.95 or 0.4% to 7,845.95.

Gainers & Losers

Pfizer Limited dropped 2.4% to ₹2,573 after the pharmaceutical products maker plans to sell its Thane plant to Gujarat-based Vidhi Research and Development for ₹178 crore.

Pidilite Industries Limited edged up 0.1% to ₹553.65 after the adhesive and paint maker said its construction chemicals division plans to expand its business in the Asian and African markets.

Sterlite Technologies Limited advanced 2.7% to ₹82.80 after the power transmission company agreed to acquire Mauritius-based Elitecore Technologies, a telecom software developer.

Steel Strips Wheels Limited decreased 1.2% to ₹348.90 after the steel wheel rims maker signed an agreement with the South Korea based Kalink Co to establish a new alloy wheel manufacturing unit in Gujarat.

The company received an export order from Canada.

Tara Jewels Limited increased 3% to ₹33.85 after the jewellery retailer signed an exclusive manufacturing and supply agreement with the U.S.-based Sterling Jewelers Inc.

Tide Water Oil Co. jumped 3.5% to ₹17,636 after the lubricating oil maker agreed to sell 26% stake to a privately held rival Standard Greases & Specialities.

Ujaas energy limited soared 4.4% to ₹16.23 after the solar power maker won an order for hydroelectric power plant in West Bengal.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc