Key indices extended gains and hit fresh intraday high in mid-morning trade, tracking a recovery in other Asian stocks. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 212.19 points or 0.60% at 35,786.74. The Nifty 50 index was up 65.55 points or 0.61% at 10,815.30.
After opening lower, the indices bounced back and hit fresh intraday high in mid-morning trade. The Sensex rose 219.91 points, or 0.62% at the day's high of 35,794.46 in mid-morning trade. The index fell 42.34 points, or 0.12% at the day's low of 35,532.21 in early trade. The Nifty rose 65.90 points, or 0.61% at the day's high of 10,815.65 in mid-morning trade. The index fell 14.70 points, or 0.14% at the day's low of 10,735.05 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.75%. The BSE Small-Cap index was up 0.61%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,294 shares rose and 834 shares fell. A total of 109 shares were unchanged.
IT stocks were mixed. Wipro (down 1.09%), MindTree (down 1.05%), HCL Technologies (down 0.65%), Infosys (down 0.19%) and Oracle Financial Services Software (down 0.05%), edged lower. Tech Mahindra (up 0.09%), Hexaware Technologies (up 0.93%), TCS (up 1.03%), Persistent Systems (up 1.14%) and MphasiS (up 2.85%), edged higher.
Most pharmaceuticals rose. Lupin (up 1.31%), Aurobindo Pharma (up 1.27%), Wockhardt (up 0.73%), Cadila Healthcare (up 0.70%), IPCA Laboratories (up 0.61%), Sun Pharmaceutical Industries (up 0.40%), Strides Shasun (up 0.39%), Divi's Laboratories (up 0.36%), GlaxoSmithKline Pharmaceuticals (up 0.24%), Piramal Enterprises (up 0.22%) and Dr Reddy's Laboratories (up 0.16%), edged higher. Cipla (down 0.03%) and Alkem Laboratories (down 0.61%), edged lower.
Glenmark Pharmaceuticals was up 0.80%. The company announced that its subsidiary Glenmark Specialty S.A. has entered into an exclusive licensing agreement with Seqirus, part of Australia-based specialty biotechnology company CSL, to commercialize Ryaltris in Australia and New Zealand. Ryaltris (olopatadine hydrochloride (665 mcg) and mometasone furoate (25 mcg)) is a novel, investigational, fixed-dose combination nasal spray of an antihistamine and a steroid, indicated for treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. Under the terms of the agreement, Glenmark will be responsible for product supply and Seqirus will be responsible for regulatory filing and commercialization of the product in Australia and New Zealand. Glenmark will receive an upfront payment as well as regulatory and commercial milestone payments from Seqirus. The announcement was made before trading hours today, 6 May 2018.
Overseas, most Asian stocks recovered and entered positive terrain. The administration of US President Donald Trump on Friday, 6 July 2018, imposed 25% import tariffs on $34 billion worth of Chinese goods such as industrial robots, in what he described as retaliation for Chinese intellectual property abuses. In response, China's Ministry of Commerce said on its website that it "is forced to take necessary countermeasures" to safeguard the country's interests. According to reports, China is expected to retaliate with tariffs of the same magnitude, igniting an unprecedented trade war between the world's two largest economies. Trump threatened that ultimately, the US could impose tariffs on in excess of $500 billion worth of goods, if Beijing does retaliate.
US stocks settled higher on Thursday, in a broad rally that was led by the technology sector. The minutes from the US Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year. US central bankers expressed concerns global trade tensions could hit an economy that by most measures looked strong.
On the US data front, the private sector added 177,000 jobs in June, according to the ADP employment report. Separately, initial jobless claims rose by 3,000 in the latest week, although they remained near multi-decade lows. The final Markit services purchasing managers index for June came in at 56.5, compared with 56.8 in May. The Institute for Supply Management's non-manufacturing index for the same month came in at 59.1 from the previous month's reading of 58.6. A reading of at least 50 signals improving conditions.
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