Key benchmark indices trimmed gains in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex gained 264.31 points or 0.84% at 31,652.70. The Nifty 50 advanced 92 points or 0.94% at 9,888.05. Today's rally was led by index heavyweights Reliance Industries, HDFC and HDFC Bank. Positive global stocks boosted sentiment on domestic bourses.
Domestic stocks saw a gap-up opening triggered by mostly positive Asian stocks. Key indices held firm till early afternoon trade.
The S&P BSE Mid-Cap index rose 1.45%. The S&P BSE Small-Cap index gained 1.35%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were over two gainers against every loser. On the BSE, 1,789 shares rose and 679 shares fell. A total of 132 shares were unchanged.
Capital goods stocks rose. BEML (up 1.8%), Bharat Electronics (up 2.65%), L&T (up 1.13%), Punj Lloyd (up 0.53%), Bharat Heavy Electricals (Bhel) (up 0.79%) and Siemens (up 0.18%) gained. ABB India (down 0.4%) and Thermax (down 0.98%) fell.
Pharma shares rose. Cadila Healthcare (up 2.04%), Cipla (up 0.26%), Dr Reddy's Laboratories (up 0.53%), Glenmark Pharmaceuticals (up 0.17%), Sun Pharmaceutical Industries (up 0.65%), Alkem Laboratories (up 1.31%), Aurobindo Pharma (up 0.72%) and Wockhardt (up 1.72%) gained. GlaxoSmithKline Pharmaceuticals (down 0.73%) fell.
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Lupin rose 0.36%. Lupin announced that its Japanese subsidiary Kyowa Pharmaceutical Industry Co., announced the listing of the NHI (National Health Insurance) drug price for Bipresso (generic name: Quetiapine Fumarate) extended release 50mg and 150 mg tablets for the treatment of depressive symptoms associatedwith bipolar disorder. Based on the agreement between Astellas and Kyowa made in February 2017, Kyowa will distribute, sell and promote Bipresso Extended-Release Tablets exclusively in Japan. The announcement was made during market hours today, 30 August 2017.
Jenburkt Pharmaceuticals fell 3.13% after the company reported net loss of Rs 2.88 crore in Q1 June 2017, compared with net profit of Rs 3.53 crore in Q1 June 2016. Jenburkt Pharmaceuticals' total income fell 21.4% to Rs 18.10 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 30 August 2017.
Tata Elxsi rose 1.06% after the company said it partnered V-Nova to provide high performance end-to-end video delivery. The announcement was made during trading hours today, 30 August 2017.
Tata Elxsi has already integrated V-Nova's technology within the set-top-box (STB) of a satellite TV operator in Europe, enabling rapid deployment and immediate benefits.
Overseas, European stocks were trading higher as investors tried to oust any nerves surrounding North Korea tensions and took advantage of the positive sentiment seen overseas. Most Asian stocks edged higher after US President Donald Trump's measured response to North Korean missile launches and comments from Kim Jong Un suggested geopolitical tensions will ease off.
In economic news, Japan's retail sales growth slowed in July as shoppers spent less on clothes and cars. Retail sales rose 1.9% in July from a year ago but still slower than a revised 2.2% increase in the year to May.
US stock benchmarks yesterday, 29 August 2017 staged a recovery from heavy selling earlier in the session that came after a North Korean missile test over Japanese airspace rattled investors and sent Wall Street trawling for assets perceived as safe. North Korea had fired a ballistic missile over Japan yesterday, 29 August 2017 in an act the latter called an unprecedented, grave and serious threat.
In economic news, consumers confidence in US strengthened in August to the second highest level since late 2000, a survey released showed. The consumer confidence index rose to 122.9, up from 120 in the prior month, the Conference Board said.
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