Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 110.31 points or 0.32% at 34,505.37. The Nifty 50 index was up 30.25 points or 0.29% at 10,578.95. Local stocks were boosted by positive global stocks.
Domestic stocks drifted higher in early trade tracking positive Asian stocks. Stocks turned volatile in morning trade as the key equity benchmark indices regained positive zone soon after hitting an intraday low in negative zone. Key benchmark indices extended gains and hit fresh intraday high in afternoon trade.
The S&P BSE Mid-Cap index was up 0.32%, matching the Sensex's gains in percentage terms. The S&P BSE Small-Cap index was up 0.27%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,291 shares rose and 1,184 shares fell. A total of 144 shares were unchanged.
Pharmaceutical shares were mixed. Cipla (up 1.18%), Sun Pharmaceutical Industries (up 0.30%), Alkem Laboratories (up 0.20%), GlaxoSmithKline Pharmaceuticals (up 0.20%), Glenmark Pharmaceuticals (up 0.17%) and Divi's Laboratories (up 0.03%), edged higher. Dr Reddy's Laboratories (down 0.33%), Wockhardt (down 0.42%), Piramal Enterprises (down 0.59%), Cadila Healthcare (down 0.62%), Aurobindo Pharma (down 0.7%), Strides Shasun (down 1.27%) and IPCA Laboratories (down 1.29%), edged lower.
Drug major Lupin was down 0.47%. Lupin announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of AbbVie Inc's AndraGel, 1.62%. Lupin's Testosterone Gel is the generic equivalent of AbbVie Inc.'s AndroGel. The announcement was made after market hours yesterday, 17 April 2018.
Astrazeneca Pharma India rose 3.71% after leading global science-led biopharmaceutical company AstraZeneca announced its decision of further investing $90 million over the next 5 years in India. The announcement was made following the signature of the bilateral innovation partnership for a sustainable future between Sweden and India. The announcement was made after market hours yesterday, 17 April 2018.
This investment commitment will span across AstraZeneca's diverse footprint in India with an aim to strengthen its manufacturing, clinical operations, patient safety & regulatory science, IT services and commercial operations. Furthermore this investment will support scientific data generation, quality manufacturing, science talent development and collaborative development of innovative solutions to improve the standard of care of non-communicable diseases in India.
Capital goods shares were mixed. AIA Engineering (down 1.5%), Thermax (down 1.01%), Praj Industries (down 0.97%), BEML (down 0.9%), Lakshmi Machine Works (down 0.45%), Crompton Greaves (down 0.42%), ABB India (down 0.34%), Reliance Defence and Engineering (down 0.34%), GE T&D India (down 0.23%) and SKF India (down 0.01%), edged lower. GE Power India (up 0.11%), Havells India (up 0.11%), Jindal Saw (up 0.15%), Bharat Electronics (up 0.58%), Bharat Heavy Electricals (up 0.63%), Siemens (up 0.69%), Punj Lloyd (up 0.81%) and Suzlon Energy (up 0.85%), edged higher.
Engineering and construction major Larsen & Toubro (L&T) was up 0.35% to Rs 1,365.
Overseas, European markets were trading higher as investors monitored a fresh batch of corporate earnings and economic data.
Asian stocks rose as an encouraging US earnings season underscored resilient growth. Japan's exports edged up in March, on strong demand for cars and equipment to make semiconductors, data from Japan's finance ministry showed. Exports rose 2.1% from a year ago, on a rebound in demand after a lull last month. The increase helped Japan log a 10.8% rise in exports for the business year ended March, the first annual rise in three years.
US stocks rallied yesterday, 17 April 2018 amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits. Meanwhile, a lack of escalation in the trade tensions between China and the US has also emboldened investors.
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