Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 178.10 points or 0.56% at 31,889.09. The Nifty 50 index was up 52.45 points or 0.53% at 9,879.60.
The Sensex rose 184.68 points, or 0.58% at the day's high of 31,895.67 in early afternoon 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 55.60 points, or 0.57% at the day's high of 9,882.75 in early afternoon 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 0.72%. The BSE Small-Cap index was up 1.01%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were two gainers against every loser on BSE. 1,621 shares rose and 810 shares fell. A total of 131 shares were unchanged.
Capital goods shares rose. Lakshmi Machine Works (up 2.92%), AIA Engineering (up 2.27%), GE Power India (up 1.70%), Jindal Saw (up 1.53%), Suzlon Energy (up 1.37%), Bharat Heavy Electricals (up 1.36%), ABB India (up 1.30%), Thermax (up 1.24%), Siemens (up 0.98%), Praj Industries (up 0.83%), Havells India (up 0.80%), Reliance Defence and Engineering (up 0.67%), BEML (up 0.52%), SKF India (up 0.33%), Punj Lloyd (up 0.26%) and Crompton Greaves (up 0.24%), edged higher. GE T&D India (down 0.36%) and Bharat Electronics (down 0.37%), edged lower.
Engineering and construction major Larsen & Toubro (L&T) was up 0.57% to Rs 1,184.95.
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Telecom shares were in demand. Idea Cellular (up 4.65%), Bharti Airtel (up 2.58%), Reliance Communications (up 1.90%), Tata Teleservices (Maharashtra) (up 1.48%) and MTNL (up 1.43%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 0.62%.
Glenmark Pharmaceuticals rose 2.07% after the company announced that it has entered into a development, license, manufacture and commercial supply agreement with Cyndea Pharma S.L., granting exclusive rights to use their technology for developing generic, soft-gelatin capsule formulations of certain pharmaceutical products. The announcement was made before market hours today, 19 July 2017.
Under this agreement, Glenmark receives exclusive rights to the United States and Canada markets for these soft-gelatin formulations in exchange for sharing development costs and profits from future sales. In addition, the agreement provides for the companies to add further soft-gelatin product candidates for development and commercialization, as new branded, softgelatin, capsule-based drug products become available in the marketplace. Cyndea Pharma specializes in the development and manufacturing of Women's Health Care and niche products.
Jay Bharat Maruti tumbled 7.67% after the company reported Q1 June 2017 results after market hours yesterday, 18 July 2017. Jay Bharat Maruti's net profit surged 43.7% to Rs 10.12 crore on 28.2% growth in net sales to Rs 377.29 crore in Q1 June 2017 over Q1 June 2016. Prior to the announcement of results, shares of Jay Bharat Maruti witnessed an impressive rally. The shares surged 9.34% in three trading sessions to settle at Rs 714.85 yesterday, 18 July 2017, from its close of Rs 653.75 on 13 July 2017.
Heritage Foods rose 3.2% after the company said its board will meet on 10 August 2017, to consider sub-division of equity shares. The announcement was made during market hours today, 19 July 2017.
Overseas, Asian shares edged higher as optimism on China's economy underpinned Asian shares and commodities.
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.
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