Key benchmark indices were trading higher after hitting fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 136.31 points or 0.43% at 31,847.30. The Nifty 50 index was up 39.15 points or 0.40% at 9,866.30.
The Sensex rose 174.18 points, or 0.55% at the day's high of 31,885.17 in morning trade. The index rose 82.73 points, or 0.26% at the day's low of 31,793.72 in early trade. The Nifty rose 48.45 points, or 0.49% at the day's high of 9,875.60 in morning trade. The index rose 24.50 points, or 0.25% at the day's low of 9,851.65 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.59%. The BSE Small-Cap index was up 0.81%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1452 shares rose and 591 shares fell. A total of 102 shares were unchanged.
Metal shares were in demand. Bhushan Steel (up 2.20%), Hindalco Industries (up 2.05%), Jindal Steel & Power (up 1.57%), National Aluminium Company (up 1.31%), Vedanta (up 0.84%), JSW Steel (up 0.74%), Tata Steel (up 0.49%), Hindustan Zinc (up 0.43%), Steel Authority of India (up 0.40%), Hindustan Copper (up 0.38%) and NMDC (up 0.25%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2017 delivery was currently down 0.24% at $2.724 per pound on the COMEX.
Also Read
Pharmaceutical shares rose. Strides Shasun (up 2.37%), Divi's Laboratories (up 1.61%), Dr Reddy's Laboratories (up 1.47%), Cipla (up 1.43%), Lupin (up 1.31%), Sun Pharmaceutical Industries (up 1.29%), Wockhardt (up 1.11%), Glenmark Pharmaceuticals (up 1.06%), Alkem Laboratories (up 0.97%), Piramal Enterprises (up 0.64%) and IPCA Laboratories (up 0.41%), edged higher. GlaxoSmithKline Pharmaceuticals was down 0.29%.
Aurobindo Pharma surged 5.64% to Rs 775.15 after the company said it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800mg. Sevelamer Carbonate tablets, are therapeutic equivalent generic version of Genzyme's Renvela tablets. The announcement was made before market hours today, 19 July 2017.
The product is being launched immediately. Sevelamer Carbonate tablets are indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis. The approved product has an estimated market size of $1.9 billion for the twelve months ending May 2017 according to IMS.
Cadila Healthcare was up 1.70% to Rs 533.85. The company said it commercially launched its Mesalamine Delayed Release Tablets USP, 1.2g in the US market. It was the first to file an Abbreviated New Drug Application (ANDA) for a generic version of Lialda and is currently the only generic available to patients in the US. The drug is indicated for the treatment of mild to moderate ulcerative colitis which affects approximately 700,000 people within the US. The group has received 26 final ANDA approvals from the US Food and Drug Administration (USFDA) and 2 tentative ANDA approvals since January 2017. The group now has more than 130 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in the financial year 2003-2004. The announcement was made before market hours today, 19 July 2017.
Majesco advanced 3.67% to Rs 374.50 after the company said its insurance arm has secured a contract from a leading provider of financial protection benefits globally. The announcement was made after market hours yesterday, 18 July 2017.
Majesco said that Majesco, USA, (Majesco) the insurance arm and a subsidiary of Majesco announced about the selection of the Majesco CloudInsurer platform by a leading provider of financial protection benefits globally, to transform their collections operation across multiple geographies. In the first phase, they will implement Majesco CloudInsurer to modernize their collection operations in one country to be followed by other Latin America countries and additional territories in the Middle East and Asia.
Overseas, Asian shares were mostly higher as the dollar nursed losses after it hit 10-month lows overnight on dimmed prospects for US health care reforms.
The US stock market ended mixed yesterday, 18 July 2017, but the Nasdaq Composite Index marked its first closing high since June. But the overall market was weighed by a slump in some of the US's biggest banks led by a decline in shares of Dow-component Goldman Sachs Group Inc. The S&P 500 index edged up 1.47 points to close at 2,460.61. The Nasdaq Composite Index rose 29.87 points, or 0.5%, to end at 6,344.31. The Dow Jones Industrial Average fell 54.99 points, or 0.3%, to finish at 21,574.73.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content