Market traded firm in positive terrain in early afternoon trade on positive global cues. At 12:15 IST, the barometer index, the S&P BSE Sensex rose 171.32 points or 0.55% at 31,463.17. The Nifty 50 index advanced 48.60 points or 0.5% at 9,814.15. Market sentiment was positive on renewed hopes of US tax reform by the Trump administration. Earlier, key indices had opened higher and traded in a narrow range with modest gains so far.
The S&P BSE Mid-Cap index rose 0.92%. The S&P BSE Small-Cap index advanced 1.02%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,493 shares rose and 802 shares declined. A total of 105 shares were unchanged.
Auto stocks were mostly higher. Tata Motors (up 1.41%), Maruti Suzuki India (up 0.75%), Bajaj Auto (up 0.64%) and Mahindra & Mahindra (up 0.5%) gained. Eicher Motors (down 1.28%) and Hero MotoCorp (down 0.04%) declined.
Pharma stocks advanced. Dr Reddy's Laboratories (up 3.15%), Lupin (up 1.03%), Aurobindo Pharma (up 0.52%), Cipla (up 0.52%) and Divi's Laboratories (up 0.34%) edged higher. Sun Pharmaceutical Industries (down 0.07%) edged lower.
Glenmark Pharmaceuticals rose 0.65% at Rs 605.30 after the company announced that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Triamcinolone Acetonide Ointment USP, 0.1%, the generic version of Kenalog Ointment, 0.1%, of Mylan Pharmaceuticals Inc. The announcement was made before market hours today, 23 August 2017.
According to IMS Health sales data for the 12 month period ended June 2017, the Kenalog Ointment, 0.1% market achieved annual sales of approximately $26.3 million in the US.
CARE Ratings rose 1.42% at Rs 1,525 after net profit rose 16.44% to Rs 35.49 crore on 7.4% rise in net sales to Rs 61.38 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 22 August 2017.
Among other news, the proposed anti-profiteering authority that will monitor pricing behaviour of businesses under the Goods and Services Tax (GST) will be up and running in a fortnight, Central Board of Excise and Customs (CBEC) chairperson Vanaja N. Sarna? reportedly said yesterday, 22 August 2017.
During the two-year transition into the GST regime that started in July, the National Anti-profiteering Authority will step in and ask businesses that have not passed on full benefits of a reduced tax burden to consumers to make up for it with interest.
Overseas, most Asian stocks edged higher following overnight gains on Wall Street. In economic news, the manufacturing sector in Japan continued to expand in August, and at a faster pace, the latest survey from Nikkei revealed today, 23 August 2017 with a flash Manufacturing PMI score of 52.8. That's up from 52.1 in July.
US stocks closed higher yesterday, 22 August 2017 on renewed hopes of US tax reform. Reports suggested that President Donald Trump's top aides and congressional leaders have made significant strides in shaping a tax overhaul, moving far beyond the six-paragraph framework pushed out in July that stoked fears about their ability to deliver on one of the GOP's (Republican Party) top priorities. There is broad consensus on some of the best ways to pay for cutting both the individual and corporate tax rates, reports suggested.
Meanwhile, 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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