The S&P BSE Midcap index closed at new lifetime high of 12,968, after the minutes of the latest US Federal Reserve meeting indicated that a rate hike from the Fed was unlikely at the Fed's September policy meeting.
Moody’s Investor Service in its latest assessment of the global economy, retained India’s growth forecast at 7.5% for 2016 and said that the outlook for emerging market economies has stabilized.
The S&P BSE Smallcap index ended 1% higher at 12,404, is slightly away from its 52-week high of 12,423 touched in August 1, in intra-day trade.
In the past one-month, the BSE500 index up 3% as compared to 1.4% rise in the S&P BSE Sensex. The midcap index gained 7.6%, while smallcap index up 4% during the same period.
Since July 18, the foreign institutional investors have made net inflow of Rs 12,573 crore in equities, the stock exchange data shows.
Five state-owned companies stocks – Indian Bank, NHPC, NMDC, NTPC and Power Grid Corporation – hit their respective 52-week highs.
Jubilant Life Sciences rallied 12% to Rs 489 on the BSE. In past seven trading sessions, the stock of pharmaceutical company surged 48% from Rs 330 on August 8, after reported a healthy margin expansion. The Ebitda (earnings before interest, taxes, depreciation and amortisation) margin expanded by 350 basis points at 26.2% for the quarter ended June 2016 (Q1FY17), up from 22.7% in the same quarter last year.
Piramal Enterprises gained 5.5% to Rs 1,946, extending its past two days 10% surge, after the company on Tuesday said it has bought Ash Stevens Inc., a US-based contract developer and manufacturer of drugs, in an all-cash deal for $43 million (Rs 286 crore).