Key indices managed to hold onto the gains in mid-afternoon trade despite European stocks started sessions' trade lower. At 14:20 IST, the barometer index, the S&P BSE Sensex was up 92.21 points or 0.31% at 29,951.01. The Nifty 50 index was up 36.90 points or 0.4% at 9,322.20. Most capital goods stocks gained. Pharma stocks also rose.
The Sensex was trading below the psychological 30,000-mark after having regained that mark during mid-morning trade. Earlier, key indices hovered in a narrow range in positive terrain after regaining strength and hitting fresh intraday high in mid-morning trade tracking firm Asian stocks following Emmanuel Macron's victory as France's next president. Indices had trimmed initial gains after opening with small gains.
The BSE Mid-Cap index rose 0.65%. The BSE Small-Cap index gained 0.78%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On BSE, 1,613 shares rose and 1,053 shares fell. A total of 168 shares were unchanged.
Most capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 2.09%), Havells India (up 1.83%), ABB India (up 1.04%), Bharat Electronics (up 1.06%), and Thermax (up 2.22%) gained. L&T (down 0.8%) and Siemens (down 0.32%) declined.
Pharma stocks gained. Sun Pharmaceutical Industries (up 0.48%), Aurobindo Pharma (up 1.15%), Cipla (up 0.47%), Lupin (up 1.26%), Dr Reddy's Laboratories (up 0.06%), Glenmark Pharmaceuticals (up 0.49%) and Cadila Healthcare (up 0.43%) gained. Wockhardt (down 1.42%) and Divi's Laboratories (down 0.05%) declined.
Caplin Point Laboratories rose 3.15% after the company got Establishment Inspection Report from the USFDA for its sterile injectable site at Gummidopoondi, Tamil Nadu. The announcement was made during market hours today, 8 May 2017.
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Great Eastern Shipping Company lost 3.5% after the company reported consolidated net loss of Rs 34.16 crore in Q4 March 2017, compared with net profit of Rs 24.15 crore in Q4 March 2016. The result was announced after market hours on Friday, 5 May 2017. The consolidated total income rose 0.29% to Rs 874.57 crore in Q4 March 2017 over Q4 March 2016.
Overseas, European stocks pulled back from 21-month high after centrist candidate Emmanuel Macron has won the French presidential election with about 66.1% of the votes, against 33.9% for rival Marine Le Pen, according to official tallies.
The victory on Sunday, 7 May 2017 for the 39-year-old Macrona staunch supporter of the European Unionis likely to placate anxious global market investors, who have fretted for weeks that far-right candidate Le Pen would win and make good on promises to yank France out of the EU, potentially unsettling the eurozone and world markets.
Most Asian stocks rose led by gains in Japanese stocks amid optimism on improving global growth following Emmanuel Macron's victory as France's next president. Japan's Nikkei Average closed 2.31% higher as the index was also playing catch-up with other markets in the region, having been shut since Wednesday, 3 May 2017 for public holidays.
China's April exports rose 8% from a year earlier while imports expanded 11.9%, official data showed. That left the country with a trade surplus of $38.05 billion for the month, the General Administration of Customs said.
US stocks closed at a record Friday, 5 May 2017 on better-than-forecast data on American jobs.
Data in US showed some 211,000 people found new jobs in April as hiring rebounded from a wobbly showing in early spring, offering fresh evidence the economy is still growing at healthy clip and paving the way for the Federal Reserve to raise interest rates soon. Unemployment rate, meanwhile, dipped to 4.4% from 4.5% to match the lowest level since May 2007.
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