Key barometers turned range bound in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 116.21 points or 0.32% at 36,636.17. The Nifty 50 index was up 44.30 points or 0.40% at 11,052.35.
After opening higher, the market pared gains in mid-morning trade. The Sensex rose 227.91 points, or 0.62% at the day's high of 36,747.87 in early trade. The index rose 64.60 points, or 0.18% at the day's low of 36,584.56 in morning trade. The Nifty rose 68.15 points, or 0.62% at the day's high of 11,076.20 in early trade. The index rose 25.75 points, or 0.23% at the day's low of 11,033.80 in morning trade.
Broader market reversed early gains on profit booking. Among secondary barometers, the BSE Mid-Cap index was down 0.60%. The BSE Small-Cap index was down 0.11%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,022 shares rose and 1,097 shares fell. A total of 98 shares were unchanged.
Most IT shares rose. MphasiS (up 1.98%), Oracle Financial Services Software (up 1.75%), Persistent Systems (up 1.54%), HCL Technologies (up 1.30%), Tech Mahindra (up 0.96%), MindTree (up 0.75%), Wipro (up 0.65%) and TCS (up 0.11%), edged higher. Infosys (down 0.69%) and Hexaware Technologies (down 1.16%), edged lower.
Pharmaceutical shares were mixed. Glenmark Pharmaceuticals (down 2.42%), Lupin (down 2.22%), Strides Shasun (down 2.22%), Cipla (down 1.38%), Wockhardt (down 1.29%), Dr Reddy's Laboratories (down 0.82%), Aurobindo Pharma (down 0.45%) and Sun Pharmaceutical Industries (down 0.24%), edged lower. Divi's Laboratories (up 0.07%), Alkem Laboratories (up 0.12%), IPCA Laboratories (up 0.14%), GlaxoSmithKline Pharmaceuticals (up 0.18%), Cadila Healthcare (up 0.50%) and Piramal Enterprises (up 1.29%), edged higher.
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Zee Entertainment Enterprises rose 1.63% after the company reported 31.27% rise in consolidated net profit to Rs 325.88 crore on 11.1% rise in total income to Rs 1823.54 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 17 July 2018.
On a consolidated basis, Zee Entertainment Enterprises' earnings before interest, taxes, depreciation and amortization (EBITDA) rose 16.8% to Rs 565.70 crore in Q1 June 2018 over Q1 June 2017. EBITDA margin stood at 31.9%.
Advertising revenue for the quarter was Rs 1146 crore, recording a growth of 18.6% YoY. Domestic advertising revenue grew by 22.3% YoY to Rs 1087 crore. International advertising revenue for the quarter was Rs 59 crore. Subscription revenue for the quarter was Rs 518.60 crore. Domestic subscription revenue grew by 12.3% YoY to Rs 425.20 crore. International subscription revenue was Rs 93.40 crore.
On the political front, the Monsoon Session of Parliament begins today, 18 July 2018 and will conclude on 10 August 2018. The Session will provide a total of 18 sittings spread over a period of 24 days. Government has listed a substantive legislative business for the session. This includes 48 items, including 46 Bills and two financial matters. The bills prioritised by the government include The Muslim Women (Protection of Rights on Marriage) Bill or the anti-instant triple talaq bill and The Constitution (123rd Amendment) Bill, that gives Constitutional status to the National Commission for Backward Classes.
Overseas, Asian shares were trading higher, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony.
US stocks closed higher on Tuesday, extending a recent upswing after Fed's Powell indicated the US central bank would not move too quickly in changing monetary policy, and that it would be flexible in the face of changing conditions. Traders also digested the latest round of corporate earnings, which came in mixed but nevertheless showed strong growth.
Appearing in front of the Senate Banking Committee, Powell said the best way forward is to keep gradually raising the federal-funds rate for now. In a cautious note, however, Powell said that it is difficult to predict the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the recent changes in fiscal policy.
On the US data front, industrial production rose 0.6% in June to more than offset a similarly sized decline in May. The National Association of Home Builders' monthly confidence index was unchanged at 68 in July.
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