Nifty holds 8,500; PNB Housing Finance lists at 11% premium :7-Nov-2016

VIEW OF BOMBAY STOCK EXCHANGE, INDIA'S OLDEST STOCK EXCHANGE.

Markets continued to hold on to their early gains with Lupin emerging as the top gainer after the USFDA clearance for it Goa unit.

At 10:40am, the S&P BSE Sensex was up 254 points at 27,528 and the Nifty50 was up 90 points at 8,523. In the broader markets, the BSE Midcap and Smallcap indices were up 1.5%-1.7% each. Market breadth was strong with 1888 gainers and 423 losers on the BSE.

Lupin was up 6% after the pharma major said that it has received Establishment Inspection Report (EIR) from the US health regulator for its Goa plant leading to closure of all outstanding inspections of the facility.

PNB was up nearly 5% post the listing of its housing finance arm.PNB Housing Finance listed at Rs 863 on the BSE, an 11% premium over its issue price of Rs 775 per share. PNB Housing Finance, promoted by Punjab National Bank (PNB), raised Rs 3,000 crore through initial public offer (IPO). The issue was oversubscribed 29.55 times at a price band of Rs 750- 775 per share.

Among others, Seshasayee Paper & Boards has moved higher to its new high of Rs 840, up 20% on BSE in early morning trade, after the company reported an over four-fold jump in net profit at Rs 30.70 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material and finance cost. The company had posted a profit of Rs 7.19 crore in the same quarter last fiscal.

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