Key benchmark indices hovered with small gains in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex rose 124.38 points or 0.4% at 31,383.23. The Nifty 50 index advanced 42.35 points or 0.43% at 9,796.70.
Key indices opened the session higher on bargain hunting after registering losses in the preceding two trading sessions. Later, the indices witnessed volatility even as they almost confined to positive territory so far. Higher Asian stocks also helped key indices to trade with gains.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.1%. The S&P BSE Small-Cap index lost 0.04%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,345 shares declined and 946 shares rose. A total of 137 shares were unchanged.
Pharma stocks gained. Divi's Laboratories (up 1.26%), Sun Pharmaceutical Industries (up 0.92%), Aurobindo Pharma (up 0.68%) and Cipla (up 0.4%) advanced. Alkem Laboratories (down 1.79%) and Cadila Healthcare (down 0.98%) declined.
Dr Reddy's Laboratories (DRL) rose 1.98% at Rs 1,971.50 after the company through its wholly owned subsidiary Promius Pharma, LLC, has out-licensed the future development, manufacturing, and commercialization rights of DFD-06, a topical high potency steroid, to Encore Dermatology Inc. The drug is intended to be used for treatment of moderate to severe plaque psoriasis. The announcement was made during market hours today, 22 August 2017.
Under the terms of the agreement, Encore will be responsible for the commercialization of DFD-06 in the United States. Promius Pharma is eligible to receive certain pre and post-commercialization milestone payments of up to $32.5 million, followed by fixed royalty payments on net sales.
Lupin advanced 2.08% at Rs 942 after the company announced that it has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupin's Aurangabad facility. The announcement was made after market hours yesterday, 21 August 2017.
IT stocks were mixed. Wipro (up 1.4%), HCL Technologies (up 1.28%) and Infosys (up 0.45%) edged higher. Oracle Financial Services Software (down 0.98%), Persistent Systems (down 0.22%) and TCS (down 0.03%) declined.
S Chand and Company lost 3.36% at Rs 475 after the company reported net loss of Rs 7.90 crore in Q1 June 2017, as compared with net loss of Rs 10.87 crore in Q1 June 2016. Net sales rose 86.11% to Rs 29.35 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 21 August 2017.
Overseas, Asian stocks edged higher as investors turned their attention to the US Federal Reserve's annual symposium in Jackson Hole at the end of the week. US stocks closed slightly higher yesterday, 21 August 2017, but a decline in tech and financials kept a lid on gains.
The annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.
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