After bouncing back from the day's low in early afternoon trade, key benchmark indices traded with small gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, rose 104.73 points or 0.33% at 31,875.62. The Nifty 50 index advanced 33.40 points or 0.34% at 9,930.70.
The Sensex and the Nifty reversed trend in mid-morning trade after hitting their highest levels in more than a week in morning trade.
Among other key indices, the S&P BSE Mid-Cap index rose 0.17%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.78%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On BSE, 1,431 shares rose and 971 shares fell. A total of 115 shares were unchanged.
Auto stocks edged lower. Maruti Suzuki India (down 0.64%), Bajaj Auto (down 0.58%), Hero MotoCorp (down 0.5%), Tata Motors (down 0.13%) and Mahindra & Mahindra (down 0.08%) declined. Ashok Leyland (up 1.39%) and Eicher Motors (up 0.98%) edged higher.
Pharma stocks were mixed. Divi's Laboratories (down 1.17%), Cipla (down 1.05%), Aurobindo Pharma (down 0.97%), Sun Pharmaceutical Industries (down 0.49%) and Lupin (down 0.1%) declined. Alkem Laboratories (up 1.58%), Dr Reddy's Laboratories (up 0.57%) and Wockhardt (up 0.18%) edged higher.
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Suven Life Sciences jumped 4.09% at Rs 164 after the company announced that it has secured process patents in Europe, Japan and New Zealand. The announcement was made during market hours today, 17 August 2017.
Overseas, European stocks edged lower in early trade as uncertainty surrounding internal US policy continued to weigh on investor sentiment despite lessening tensions from North Korea. Asian stocks witnessed a mixed trend.
In economic news, Japanese exports rose 13.4% in July from a year ago, helped by exports of cars and automotive components. It was the eighth straight monthly gain in exports, data from Japan's Ministry of Finance showed today, 17 August 2017.
In US, shares closed slightly higher on Wednesday, 16 August 2017, but backlash from the business community against President Donald Trump kept gains in check. US President Donald Trump unexpectedly said on Wednesday, 16 August 2017, he was disbanding two advisory councils comprising prominent business executives. The move came after several members of Trump's Strategic and Policy Forum and Manufacturing Jobs Initiative councils stepped down following the president's Tuesday press conference in which the president blamed "both sides" for violence at a white nationalist rally in Virginia.
Meanwhile, minutes from the Federal Open Market Committee's July meeting released on Wednesday, 16 August 2017, showed that while some Fed members said they were worried over the tightening labor market, others voiced their concern over low inflation rates in the US. The minutes also showed the central bank was prepared to trim its massive balance sheet, although the announcement of a start date was left for an upcoming meeting.
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