Key barometers firmed up and hit the day's high in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 198.50 points or 0.58% at 34,406.55. The Nifty 50 index added 61.15 points or 0.61% at 10,152.80.
The broader market was trading firm. The S&P BSE Mid-Cap index rose 1.25% while the S&P BSE Small-Cap index gained 1.32%.
The market breadth was strong. On the BSE, 1661 shares rose and 611 shares fell. A total of 129 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 366.57 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,131.27 crore in the Indian equity market on 18 June, provisional data showed.
Buzzing Index:
The Nifty Pharma index gained 0.57% to 10,032.45. The index ended almost flat on Thursday.
Piramal Enterprises (up 11.29%), Glenmark Pharmaceuticals (up 1.47%), Sun Pharmaceutical Industries (up 0.8%), IPCA Laboratories (up 0.44%), Dr Reddy's Laboratories (up 0.23%) and GlaxoSmithKline Pharmaceuticals (up 0.21%) advanced.
Abbott India (down 0.65%), Strides Pharma Science (down 0.51%), Aurobindo Pharma (down 0.39%), Wockhardt (down 0.34%), Lupin (down 0.32%), Alkem Laboratories (down 0.12%), Cadila Healthcare (down 0.11%) and Divi's Laboratories (down 0.05%) declined.
Cipla rose 0.36% to Rs 643.85 after the company and Roche Products (India) entered into an agreement to provide better access to innovative medicines for patients in India. Under this agreement, Cipla will be responsible for marketing and distribution of Roche Pharma's key trademark oncology drugs viz.,Trastuzumab (Herclon), Bevacizumab (Avastin) and Rituximab (Ristova).
Alembic Pharmaceuticals gained 1.57% to Rs 922.60 after the company informed that its joint venture Aleor Dermaceuticals (Aleor) has received approval from the US Food & Drug Administration for its Abbreviated New Drug Application (ANDA) Adapalene Gel. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Differin Gel, 0.3%, of Galderma Laboratories. Adapalene Gel is indicated for the topical treatment of acne vulgaris in patients 12 years of age and older. According to IQVIA, Adapalene Gel has an estimated market size of $34 million for twelve months ending March 2020.
Global Markets:
Asian stocks edged higher on Friday as they shrugged off concerns over fresh spike in global coronavirus cases. On the whole, markets have reportedly been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover for the pandemic.
Meanwhile, China is grappling with its worst outbreak since the initial one in Wuhan. In Beijing, a new round of cases has reportedly prompted school closures and canceled flights into and out of the city, though authorities have said the outbreak is under control.
On Thursday around 400 workers at a slaughterhouse in northern Germany tested positive for the virus.
The US stocks finished mixed after swinging between slight gains and losses in a choppy trading session on Thursday, 18 June 2020, as risk sentiments were muted after stubbornly high jobless claims data and reports of rising Covid-19 case counts in several states.
The number of Americans filing for unemployment benefits edged down last week, the Labor Department said on Thursday, though applications remained historically high at 1.5 million.
Several US states have seen a spike in coronavirus cases, and Texas, Arizona, and North Carolina this week have reported record numbers of COVID-19-related hospitalizations. Investors are nervous that increasing cases will undermine efforts to restore the economy by relaxing lockdowns.
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