Domestic stocks drifted higher in early trade on last trading day of calendar year 2017. At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 128.37 points or 0.38% at 33,976.40. The Nifty 50 index was up 36.45 points or 0.35% at 10,514.35.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.62%. The S&P BSE Small-Cap index gained 0.7%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,380 shares rose and 372 shares fell. A total of 79 shares were unchanged.
Overseas, Asian stocks were trading mixed. South Korean markets were closed today, 29 December 2017. US stocks rose yesterday, 28 December 2017, with the Dow Jones industrial average closing at a record high buoyed mostly by gains in bank shares and a slight pick up in energy and materials.
In US economic data, the advance trade deficit in goods increased to $69.7 billion in November from $68.1 billion in October. The purchasing managers index for Chicago showed a rise of 67.6 in December from 63.9 in the previous month. Any reading above 50 indicates expansion.
In Europe, Italy's President Sergio Mattarella dissolved parliament yesterday, 28 December 2017 and called elections for early March 2018, a vote that will highlight the economic and political problems still stalking Europe and the country's role as the weakest flank in the currency union.
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Back home, Tata Steel (up 0.95%), L&T (up 0.86%) and Axis Bank (up 0.77%) edged higher from the Sensex pack.
Lupin rose 1.38% after the company announced that it has received final approval from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex Scalp Solution, 0.005% of Leo Pharmaceutical Products. The announcement was made after market hours yesterday, 28 December 2017.
Lupin's Calcipotriene Topical Solution, 0.005% (scalp solution) is the AT rated generic equivalent of Leo Pharmaceutical Products' Dovonex Scalp Solution, 0.005%. It is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Calcipotriene Topical Solution, 0.005% (scalp solution) had annual sales of approximately $5.9 million in the US as per IMS MAT October 2017.
Among macro economic data, India's infrastructure output data for the month of November 2017 will be released today, 29 December 2017. Infrastructure output in India increased 4.7% year-on-year in October of 2017, following a downwardly revised 4.7% rise in the previous month.
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