Key benchmark indices once again regained strength in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 205.76 points or 0.5% at 37,761.92. The Nifty 50 index was up 47.50 points or 0.42% at 11,408.30. Metal and mining stocks gained. Shares of HDFC Asset Management Company saw strong debut on the bourses.
Domestic stocks saw a gap-up opening on positive Asian stocks. Stocks trimmed gains soon after hitting fresh intraday high in morning trade. The Sensex and the Nifty, both, scaled record high in morning trade.
The S&P BSE Mid-Cap index was up 0.36%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.58%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,502 shares rose and 845 shares fell. A total of 148 shares were unchanged.
Metal and mining stocks gained. Tata Steel (up 1.29%), Steel Authority of India (Sail) (up 0.38%), Vedanta (up 0.95%), JSW Steel (up 0.79%), Hindustan Zinc (up 0.66%), Jindal Steel & Power ( up 0.8%), Hindalco Industries (up 0.24%), NMDC (up 0.37%) and Hindustan Copper (up 0.71%) edged higher. National Aluminium Company (down 0.08%) fell.
Shares of HDFC Asset Management Company were trading at Rs 1,807.95 on BSE, a premium of 64.36% over the initial public offer price of Rs 1,100. The stock debuted at Rs 1,739, a premium of 58.09% to the initial public offer (IPO) price. So far the stock hit a high of Rs 1,832 and low of Rs 1,730.
The IPO of HDFC Asset Management Company (HDFC AMC) received bids for 156.19 crore shares. The IPO was subscribed 83.06 times. The issue opened for subscription on 25 July 2018 and closed on 27 July 2018. The price band for the issue was Rs 1,095 to Rs 1,100 per share. HDFC Asset Management Company is an asset management company.
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Alembic Pharmaceuticals rose 2.98%. Alembic Pharmaceuticals announced that it has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Bimatoprost ophthalmic solution, 0.03%. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLQ), LATISSE ophthalmic solution, 0.03% of Allergan. Bimatoprost ophthalmic solution, 0.03% is indicated to treat hypotrichosis of the eyelashes by increasing their growth including length, thickness and darkness. The announcement was made during trading hours today, 6 August 2018.
Bimatoprost ophthalmic solution, 0.03% has an estimated market size of $63 million for twelve months ending December 2017 according to IQVIA. Alembic is currently in litigation with Allergan in District Court of New Jersey and the launch of this product will depend on the outcome of litigation.
Overseas, Asian stocks were trading higher as earnings seasons rolls on. US stocks closed higher Friday, 3 August 2018 as positive earnings surprises lifted shares.
On the data front, the US posted another solid spurt in hiring in July. Some 157,000 new jobs were created last month despite widespread complaints among businesses about a shortage of skilled labor, the Labor Department said Friday. The total number of new jobs created in June and May was upwardly revised by a combined 59,000. Unemployment, meanwhile, slipped below 4% again, to 3.9%, as more people found work. The jobless rate is at a nearly two-decade low.
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