Key indices firmed up in morning trade, backed by firmness in pharmaceuticals and auto shares. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 120.50 points or 0.36% at 33,469.81. The Nifty 50 index was up 34.35 points or 0.34% at 10,064.35.
Among secondary barometers, the BSE Mid-Cap index was up 0.67%. The BSE Small-Cap index was up 0.91%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1334 shares rose and 577 shares fell. A total of 100 shares were unchanged.
Pharmaceutical shares were in demand. Dr Reddy's Laboratories (up 5.66%), Wockhardt (up 4.14%), Lupin (up 3.72%), Strides Shasun (up 3.4%), Aurobindo Pharma (up 2.42%), Sun Pharmaceutical Industries (up 1.98%), GlaxoSmithKline Pharmaceuticals (up 1.84%), Cadila Healthcare (up 1.56%), Glenmark Pharmaceuticals (up 1.04%), IPCA Laboratories (up 1.01%), Alkem Laboratories (up 0.81%) and Piramal Enterprises (up 0.52%), edged higher.
Divi's Laboratories was up 12.72%. Net profit of Divi's Laboratories rose 92.31% to Rs 397.65 crore on 44.35% rise in net sales to Rs 1285 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 27 October 2018.
Drug major Cipla rose 1.29%. The company announced before trading hours hours today, 29 October 2018, that it has received final approval for its Abbreviated New Drug Application (ANDA) for Metoprolol ER Tablets 50mg, 100mg, 200mg from the United States Food and Drug Administration (USFDA). According to IQVIA (IMS Health), Toprol XL and its generic equivalents had US sales of approximately $464 million for the 12-month period ending Aug 2018.
Auto stocks rose. Tata Motors (up 2.43%), Escorts (up 1.76%), Mahindra & Mahindra (up 1.65%), Maruti Suzuki India (up 0.88%), Hero MotoCorp (up 0.51%), Bajaj Auto (up 0.50%), TVS Motor Company (up 0.50%), Ashok Leyland (up 0.18%) and Eicher Motors (up 0.02%), edged higher.
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On the macro front, India's exports rose by 9.8%, in financial year 2017-18, which is the highest rate of growth in six years. This positive growth in exports has taken place at a time when there is a lot of negative headwinds globally. This was stated by Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, at the Export Summit 2018 organised by Confederation of Indian Industry in New Delhi today. The Minister further stated that Commerce Ministry is working on a strategy to revitalize India's exports and is working with key exporting ministries to formulate sectoral, commodity and territory specific export strategy. Meetings with concerned ministries have already been held where different ministries and stakeholders have been consulted after which a matrix of specific action points have been prepared sector wise, commodity wise and territory wise.
Suresh Prabhu further stated that he is personally monitoring the progress and regular meetings are being held with sectoral ministries, export promotion councils and exporters. Certain issues which were affecting growth of exports have been specifically taken up with Department of Revenue and Ministry of Environment. The Commerce Minister also said that the soon to be unveiled agri export policy will give a major boost to the agricultural sector and will pave the way for Indian farmer's income to be doubled. India produces 600 MT of agricultural produce and has the capacity to export the excess production to the world.
Overseas, Asia markets were mixed Monday. Investors will likely follow the latest geopolitical developments around the world.
In Brazil, far-right candidate Jair Bolsonaro was declared the next president of Latin America's biggest country. Reports said that with 96% of ballots counted, Bolsonaro has 55.5% of the votes.
Meanwhile in Germany, Chancellor Angela Merkel's junior coalition partners gave her conservative Christian Democrats until next year to deliver more policy results, threatening to end their alliance if there is no improvement. Both parties suffered in a regional election on Sunday.
US stocks closed lower Friday with the S&P 500 and the Dow Jones Industrial Average turning red for the year in the wake of disappointing results from a handful of mega-cap companies.
Investors were wary ahead of the weekend amid persistent worries about slowing global growth, rising interest rates and concerns that companies have seen peak earnings growth. Trade worries were also simmering after US officials reportedly said talks with China won't resume until Beijing comes up with solid proposals over forced technology transfers and other economic issues.
On the data front, the Commerce Department reported that the US economy grew 3.5% in the third quarter. Second-quarter growth held at 4.2%. Meanwhile, the University of Michigan's consumer sentiment index came in at 98.6.
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