Key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 87.87 points or 0.25% at 35,623.66. The Nifty 50 index was up 18.75 points or 0.17% at 10,825.25. Pharma shares gained. Sentiment was boosted after exit polls reportedly showed that the Bharatiya Janata Party could emerge as the single largest party in Karnataka.
Domestic stocks drifted higher in early trade on positive Asian stocks.
The S&P BSE Mid-Cap index was off 0.16%. The S&P BSE Small-Cap index was up 0.01%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1,025 shares rose and 1,058 shares fell. A total of 112 shares were unchanged.
Pharma shares gained. Dr Reddy's Laboratories (up 2.37%), Glenmark Pharmaceuticals (up 0.55%), Lupin (up 2.42%), Sun Pharmaceutical Industries (up 2.84%), Cadila Healthcare (up 0.78%), Cipla (up 0.02%), GlaxoSmithKline Pharmaceuticals (up 0.23%), Aurobindo Pharma (up 1.77%) and Wockhardt (up 2.13%) rose. Alkem Laboratories (down 0.03%) fell.
Cement stocks saw mixed trend. Ambuja Cements (up 0.16%) and UltraTech Cement (up 0.87%) rose. ACC (down 0.71%) and Shree Cement (down 0.48%) fell.
Grasim Industries was off 0.16%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
On the macro front, the government will announce consumer price inflation (CPI) and wholesale price inflation (WPI) for April 2018 today, 14 May 2018. CPI and WPI stood at 4.28% and 2.47%, respectively, in March 2018.
India's industrial production (base year 2011-12=100) moderated to five-month low of 4.4% in March 2018 over March 2017, after healthy growth in the range of 7% to 8.5% for last four straight months. The deceleration in industrial production growth has moderated mainly driven by moderation in the manufacturing sector's production growth to 4.4% in March 2018. However, the growth of electricity generation output accelerated to 5.9%, while the mining output rebounded 2.8% in March 2018 after 0.4% decline in February 2018. The data was announced by government after market hours on Friday, 11 May 2018.
On the political front, exit polls reportedly showed that Karnataka could return a split verdict with the Bharatiya Janata Party as the single largest party. The Karnataka Assembly elections in a single-phase polling were held on Saturday, 12 May 2018. Polling was held in 222 constituencies of the 224-member assembly. Results will be announced tomorrow, 15 May 2018. Karnataka is one of only three states to be ruled by the Congress.
Overseas, Asian stocks were trading higher on signs the United States and China were toning down their trade war rhetoric. US stocks edged higher on Friday, 11 May 2018 amid growing conviction that inflation will remain tame and as trade tensions eased.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
