Key benchmark indices traded with modest gains in early trade as firmness in Asian stocks boosted sentiment. At 9:18 IST, the barometer index, the S&P BSE Sensex rose 162.63 points or 0.48% at 34,318.58. The Nifty 50 index gained 41.65 points or 0.4% at 10,542.55.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.6%, outperforming the Sensex. The S&P BSE Small-Cap index gained 0.36%, underperforming the Sensex.
The breadth, indicating the overall health of the market, was quite strong. On the BSE, 1,041 shares rose and 399 shares dropped. A total of 38 shares were unchanged.
Sun Pharmaceutical Industries rose 0.03%. The company's consolidated net profit fell 75.17% to Rs 365.39 crore on 16.04% decline in total revenue from operations to Rs 6653.23 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
Sun Pharma's bottom line in Q3 December 2017 was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.
Dilip Shanghvi, Managing Director, Sun Pharma, said that the company's Q3 performance reflects a gradual improvement in profitability over the first half of this year, despite a challenging US generic pricing environment. Sun Pharma continues to evaluate opportunities in the specialty segment to further enhance this business, he said.
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Adani Ports & Special Economic Zone (up 1.88%), ICICI Bank (up 1.35%) and HDFC (up 1.29%) gained.
On the macro front, the government will announce inflation data based on wholesale price index (WPI) for January 2018 today, 15 February 2018. Wholesale prices in India rose by 3.58% year-on-year in December of 2017.
Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.
It is a shortened week for greater China markets, with mainland China markets remaining closed from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are closed today for the Lunar New Year holiday.
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