Volatility ruled the roost in early afternoon trade as key benchmark indices once again regained positive zone after hitting intraday low in mid-morning trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 17.09 points or 0.05% at 37,708.98. The Nifty 50 index was up 6.20 points or 0.05% at 11,393.30. Pharma shares fell.
Stocks trimmed initial gains amid mild volatility in early trade. The Sensex and the Nifty, both, scaled record high in early trade. Indices hovered with small gains in a tidy range in morning trade. Key benchmark indices reversed gains and hit intraday low in negative zone in mid-morning trade.
The S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.22%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1095 shares rose and 1360 shares fell. A total of 106 shares were unchanged.
Coal India (down 2.09%), Bharti Airtel (down 0.78%), Axis Bank (down 0.67%), Reliance Industries (down 0.58%) and TCS (down 0.5%) edged lower from the Sensex pack.
Pharma shares fell. Glenmark Pharmaceuticals (down 1.78%), Cadila Healthcare (down 0.95%), Cipla (down 0.85%), Lupin (down 0.66%), Alkem Laboratories (down 1.05%), GlaxoSmithKline Pharmaceuticals (down 0.26%), Aurobindo Pharma (down 0.71%) and Wockhardt (down 2.18%) declined. Dr Reddy's Laboratories (up 0.48%) rose.
Sun Pharmaceutical Industries shed 0.62%. The company announced that it launched Kapspargo Sprinkle (metoprolol succinate) extended release capsules in the US, for the treatment of hypertension (to lower blood pressure), angina pectoris (chest pain), and heart failure (to reduce the risk of cardiovascular mortality and heart-failure hospitalization in patients with heart failure). The announcement was made after market hours yesterday, 6 August 2018.
Avanti Feeds lost 8.45% after consolidated net profit fell 39.54% to Rs 89.99 crore on 4.21% increase in net sales to Rs 1040.24 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 6 August 2018.
Overseas, most Asian stocks rose on positive leads from earnings-led gains on Wall Street. The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway impressing and Facebook lifting the Nasdaq after a report it was planning new services.
Meanwhile, the Trump administration moved to restore some US sanctions on Iran and reaffirmed plans to impose tougher penalties on the country's oil sales in November. President Donald Trump signed an executive order on Monday restricting purchases of dollar banknotes by Iran, preventing the government from trading gold and other precious metals and blocking the nation from selling or acquiring various industrial metals. The measures, which take effect from today, also target the auto industry, and will ban imports of Persian carpets and pistachios to the U.S.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
