Stocks extended gains and hit fresh intraday high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 74.99 points or 0.21% at 35,507.38. The Nifty 50 index was up 23.10 points or 0.22% at 10,764.20. Most pharma shares rose.
Domestic stocks edged lower in early trade on negative Asian stocks. Volatility struck bourses in morning trade as the key benchmark once again dipped in negative zone after staging an intraday recovery. Stocks traded with small losses in mid-morning trade after alternately swinging between positive and negative zone. Key benchmark indices once regained positive zone in early afternoon trade.
The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was down 0.1%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,016 shares rose and 1,333 shares fell. A total of 141 shares were unchanged.
Most pharma shares rose. Sun Pharmaceutical Industries (up 1.97%), Alkem Laboratories (up 0.9%), Cadila Healthcare (up 0.33%), Cipla (up 0.84%), Dr Reddy's Laboratories (up 0.45%), Glenmark Pharmaceuticals (up 0.37%) and Lupin (up 0.57%) rose. GlaxoSmithKline Pharmaceuticals (down 0.17%), Aurobindo Pharma (down 0.14%) and Wockhardt (down 0.62%) fell.
Tata Consultancy Services (TCS) shed 0.47%. TCS announced it has been selected as the strategic partner for digital re-imagination and transformation program by Saipem, leader in services for the energy industry and infrastructure. The announcement was made during market hours today, 22 June 2018.
TCS will be supporting Saipem's digital transformation as the company faces a constantly evolving and increasingly competitive market. TCS will be managing cyber security for the Saipem, while also improving user experience through cloud and automation, leveraging machine learning and cognitive automation through ignio, and managing Saipem's ecosystem of IT suppliers through Digital Service Management.
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Overseas, Asian stocks were trading lower as trade tensions between the US and China remained high. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy.
In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.
In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.
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