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Pharma shares edge lower

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Capital Market
Last Updated : Jul 31 2017 | 1:28 PM IST

Market traded with modest gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 144.63 points or 0.45% at 32,454.51. The Nifty 50 index rose 35.20 points or 0.35% at 10,049.70. Sentiment was positive on market buzz that the Reserve Bank of India could cut rates in its meet scheduled later this week on 2 August 2017.

After opening with small gains, key indices hovered within narrow range in the positive terrain till mid-morning trade. Later, indices hit intraday high in early afternoon trade.

The S&P BSE Mid-Cap index rose 0.1%. The S&P BSE Small-Cap index gained 0.12%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,318 shares rose and 1,207 shares fell. A total of 130 shares were unchanged.

Realty stocks were mixed. Prestige Estates Projects (up 3.49%), HDIL (up 1.11%), DLF (up 1.1%), Indiabulls Real Estate (up 0.27%) and D B Realty (up 0.34%) advanced. Oberoi Realty (down 1.61%), Unitech (down 0.79%), Sobha (down 0.83%) and Godrej Properties (down 0.66%) declined.

Pharma shares declined. Dr Reddy's Laboratories (down 2.91%), Sun Pharmaceutical Industries (down 2.52%), Glenmark Pharmaceuticals (down 2.25%), Lupin (down 2.13%), Cipla (down 1.16%), Cadila Healthcare (down 0.65%) and Aurobindo Pharma (down 0.33%) edged lower.

Gujarat Ambuja Exports slumped 11.77% at Rs 116.95 after net profit fell 66.1% to Rs 16.84 crore on 10.4% decrease in net sales to Rs 690.43 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.

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Overseas, European and Asian stocks witnessed mixed trend. Meanwhile, there was another missile launch by North Korea late Friday, 28 July 2017, and experts said it put the continental US in range of Pyongyang's arsenal.

On the data front, growth in China's manufacturing sector slowed marginally in July. The official Purchasing Managers' Index (PMI) stood at 51.4 in July, down from the previous month's 51.7 but still well above the 50-point mark that separates growth from contraction on a monthly basis.

Japanese industrial production rose 1.6% on month in June, the Ministry of Economy, Trade and Industry said. The increase came after a 3.6% drop in May. Industrial output rose 1.9% in the April-June period from the previous quarter.

In US, the S&P 500 index and Nasdaq Composite index both finished slightly lower on Friday, 28 July 2017 for weekly losses as Amazon.com shares slumped on disappointing earnings, while the Dow Jones Industrials Average finished at a record for a weekly gain.

On the data front in US, a second-quarter reading on gross domestic product rose 2.6%, below the expectations. First-quarter GDP growth was revised to 1.2% from 1.4%. The final reading of the University of Michigan's consumer-sentiment survey for July was lifted to 93.4 from a preliminary 93.1. That's a decline, however, from June's level of 95.1.

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First Published: Jul 31 2017 | 1:14 PM IST

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