Key benchmark indices nudged higher in morning trade after seeing volatility in early trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 113.57 points or 0.3% at 38,131.88. The Nifty 50 index was up 20.90 points or 0.18% at 11,497.85. Pharma shares gained.
Stocks drifted higher in early trade as buying resumed in index pivotals after recent slide.
The S&P BSE Mid-Cap index was up 0.43%. The S&P BSE Small-Cap index was up 0.34%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1338 shares rose and 668 shares fell. A total of 111 shares were unchanged.
Overseas, most Asian stocks were trading lower amid ongoing trade-related concerns. US stocks closed mostly lower Wednesday as tech stocks dropped after Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation.
The US and Canada are reportedly set to restart high-stakes efforts to resolve differences as they work toward recasting the North American Free Trade Agreement.
On the US data front, the trade deficit jumped almost 10% in July, hitting the highest level in five months and keeping the US on pace to record the largest annual gap in a decade.
Back home, pharma shares gained. Cadila Healthcare (up 1.36%), Cipla (up 1.14%), Dr Reddy's Laboratories (up 1.7%), Glenmark Pharmaceuticals (up 0.41%), Lupin (up 1.61%), Sun Pharmaceutical Industries (up 0.54%), GlaxoSmithKline Pharmaceuticals (up 0.44%) and Wockhardt (up 2.22%) rose. Alkem Laboratories (down 1.06%) fell.
Aurobindo Pharma gained 4.3% after the company announced the signing of a definitive agreement to acquire certain assets from Sandoz Inc., USA (Sandoz), a Novartis division, comprising a market leading dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US. The announcement was made before trading hours today, 6 September 2018.
Nandan Denim rose 15.21%. Nandan Denim announced that the application made by company for sanction of various incentives (interest, power, VAT / GST) under Gujarat State Textile Policy, 2012 has been approved. The company expects to save Rs 65 crore on account of interest and power subsidy over a period of five years starting from December 2016. Further, the company is entitled for GST / VAT refund of upto Rs 340 crore for a period of eight years starting from December 2016. The announcement was made after trading hours yesterday, 5 September 2018.
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