Key indices were trading in a narrow range in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 79.89 points or 0.23% at 35,288.03. The Nifty 50 index was up 20.90 points or 0.20% at 10,736.40. The market extended gains for the second straight day on unabated buying by domestic institutional investors. Positive leads from Asian markets and overnight gains on the Wall Street also boosted sentiment.
Strength in ICICI Bank and ITC boosted indices higher while selling in Infosys and HDFC Bank capped higher gains.
Overseas, Asian markets were trading higher following firm leads from Wall Street. China's Shanghai Composite was up 0.67%. China's April exports rose 12.9% from a year earlier, rebounding from a drop in March, while imports grew 21.5%, both growing much faster than expected despite worries over an escalating trade dispute with the United States. That left the country with a trade surplus of $28.78 billion for the month, data showed on Tuesday, 8 May 2018.
US stock market settled higher on Monday, but well off the peak of the day, as energy shares pulled back following a late-afternoon tweet from President Donald Trump indicated that a decision was imminent on whether the US would decertify a 2015 Iran nuclear pact.
Trump tweeted that he would make an announcement on a possible decertification of the Iran nuclear agreement that the Obama administration had reached with the Middle Eastern country back in 2015. European leaders had urged Trump not to abandon the pact. Trump had until 12 May 2018 to decide whether to keep the deal intact. Abandoning it would trigger a reimposition of economic sanctions on Iran, hampering oil exports from the country and cutting global supply.
Back home, among secondary barometers, the BSE Mid-Cap index was up 0.05%, underperforming the Sensex. The BSE Small-Cap index was up 0.28%, outperforming the Sensex.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,151 shares rose and 1,130 shares fell. A total of 107 shares were unchanged.
ICICI Bank was up 6.65% to Rs 308.65. The bank's net profit dropped 49.62% to Rs 1020 crore on 20.24% rise in total income to Rs 19942.97 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 7 May 2018.
HDFC Bank was down 0.66% at Rs 1,966.70.
Index heavyweight and cigarette major ITC was up 0.82% to Rs 284.20.
IT shares were mixed. MindTree (up 2.88%), Hexaware Technologies (up 2.68%), TCS (up 1%), Tech Mahindra (up 0.63%) and Oracle Financial Services Software (up 0.38%), edged higher. Persistent Systems (down 0.48%), HCL Technologies (down 0.78%), Wipro (down 0.86%), Infosys (down 1%) and MphasiS (down 1.25%), edged lower.
Most pharma shares rose. Alkem Laboratories (up 1.44%), Piramal Enterprises (up 1.11%), Aurobindo Pharma (up 0.85%), Cadila Healthcare (up 0.64%), Dr Reddy's Laboratories (up 0.64%), Cipla (up 0.40%), Divi's Laboratories (up 0.38%), Glenmark Pharmaceuticals (up 0.06%) and Sun Pharmaceutical Industries (up 0.03%), edged higher. Wockhardt (down 0.01%), GlaxoSmithKline Pharmaceuticals (down 0.15%) and Strides Shasun (down 0.39%), edged lower.
Lupin was up 0.64%. The company announced that it has received final approval for its Clobetasol Propionate Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of Fougera Pharmaceuticals Inc.'s Temovate Ointment, 0.05%. Clobetasol Propionate Ointment USP, 0.05% had annual sales of approximately 120 million in the US (IQVIA MAT January 2018). The announcement was made after market hours yesterday, 7 May 2018.
Tata Coffee lost 6.06% after consolidated net profit dropped 62.54% to Rs 22.40 crore on 10.03% rise in total income to Rs 448.53 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 7 May 2018.
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