The market pared gains in mid-morning trade as profit booking emerged at higher levels. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 82.82 points or 0.22% at 37,970.38. The Nifty 50 index was up 9.70 points or 0.08% at 11,459.70. The Sensex was trading a tad below the psychologically important 38,000 mark after moving above that level in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.24%, outperforming the Sensex. The BSE Small-Cap index was up 0.19%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1269 shares rose and 1018 shares fell. A total of 123 shares were unchanged.
ICICI Bank was up 5.59% after the bank issued clarification to the exchanges after market hours yesterday, 8 August 2018. With reference to the media report stating, 'ICICI Bank masked bad loans through change in accounting policy', the bank clarified that its accounts are audited by reputed statutory auditors whose audit report and audit opinion form part of the bank's annual report.
Most IT shares declined. Hexaware Technologies (down 1.83%), Tech Mahindra (down 0.79%), MindTree (down 0.75%), HCL Technologies (down 0.45%), Wipro (down 0.22%), TCS (down 0.11%) and Oracle Financial Services Software (down 0.05%), edged lower. MphasiS (up 0.31%), Persistent Systems (up 0.40%) and Infosys (up 1.58%), edged higher.
Most pharmaceutical shares rose. Strides Shasun (up 2.81%), IPCA Laboratories (up 1.55%), Sun Pharmaceutical Industries (up 1.28%), Lupin (up 1.12%), Glenmark Pharmaceuticals (up 1.04%), Cipla (up 0.97%), Cadila Healthcare (up 0.87%), Wockhardt (up 0.40%), GlaxoSmithKline Pharmaceuticals (up 0.37%) and Piramal Enterprises (up 0.25%), edged higher. Aurobindo Pharma (down 0.18%), Dr Reddy's Laboratories (down 0.26%), Alkem Laboratories (down 0.31%) and Divi's Laboratories (down 0.96%), edged lower.
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Overseas, Asian shares were mixed on Thursday amid rising trade tensions between the US and China. Beijing said on Wednesday that it will retaliate against the latest round of US tariffs on Chinese imports. The Chinese Ministry of Commerce announced a 25% tariff on $16 billion worth of American goods. The 333 goods being targeted by China include vehicles such as large passenger cars and motorcycles.
The announcement came after the US Trade Representative's office released a finalised list of $16 billion worth of Chinese goods that will be hit with tariffs, taking effect on 23 August 2018. The latest US list brings the total amount of Chinese goods facing a 25% tariff to $50 billion.
US stock-market indices closed mostly lower on Wednesday as investors grappled with a fresh round of tariff clashes between the Trump administration and China and a batch of weak earnings from high-profile firms such as Walt Disney Co. and Snap Inc.
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