Domestic stocks drifted higher in early trade tracking positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 44.51 points or 0.13% at 34,439.57. The Nifty 50 index was up 14.65 points or 0.14% at 10,563.35.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.27%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 858 shares rose and 485 shares fell. A total of 51 shares were unchanged.
Overseas, Asian stocks rose as an encouraging US earnings season underscored resilient growth. 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.
Back home, Wipro (up 1.33%), Yes Bank (up 0.63%) and Asian Paints (up 0.59%) edged higher from the Sensex pack.
Cement major ACC rose 0.52% ahead of its Q1 March 2018 result today, 18 April 2018.
Lupin rose 0.39% after the company 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.
It is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone. Testosterone Gel, 1.62% (20.25 mg/1.25 gm actuation) had annual sales of approximate $956.90 million in the US (IQVIA MAT January 2018).
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