Key benchmark indices firmed up once again and hit fresh intraday high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 183.74 points or 0.52% at 35,470.48. The Nifty 50 index was up 50.60 points or 0.47% at 10,761.05.
After opening higher, key indices pared gains in morning trade. Indices firmed up once again and hit fresh intraday high in mid-morning trade. The Sensex rose 194 points, or 0.55% at the day's high of 35,480.74 in mid-morning trade. The index rose 42.77 points, or 0.12% at the day's low of 35,329.51 in morning trade. The Nifty rose 52 points, or 0.49% at the day's high of 10,762.45 in mid-morning trade. The index rose 13.60 points, or 0.13% at the day's low of 10,724.05 in morning trade.
Among secondary barometers, the BSE Mid-Cap index and the BSE Small-Cap index were up by 0.32% each. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,210 shares rose and 994 shares fell. A total of 106 shares were unchanged.
Most IT shares declined. Wipro (down 1.17%), HCL Technologies (down 0.89%), MphasiS (down 0.58%), Tech Mahindra (down 0.4%), Oracle Financial Services Software (down 0.21%) and Hexaware Technologies (down 0.14%), edged lower. TCS (up 0.37%), Persistent Systems (up 0.50%) and MindTree (up 1.91%), edged higher.
Infosys was down 0.04%. The company announced that it has strengthened its footprint in France by establishing a Digital Center of Excellence in Marseille. The move is part of Infosys' efforts to bring its digital offerings to companies in France as they navigate the next stage in their business journey. In addition, the center will also deliver on a strategic seven-year partnership with CMA CGM Group the world leading container shipping organisation. This partnership was announced in September 2017 to simplify and transform the group's IT applications and improve customer service experience. The announcement was made after market hours yesterday, 19 June 2018.
Pharmaceutical shares were mixed. GlaxoSmithKline Pharmaceuticals (up 0.83%), Aurobindo Pharma (up 0.62%), Lupin (up 0.41%), Strides Shasun (up 0.28%), Alkem Laboratories (up 0.21%) and Glenmark Pharmaceuticals (up 0.05%), edged higher. Sun Pharmaceutical Industries (down 0.01%), Piramal Enterprises (down 0.18%), Wockhardt (down 0.37%), IPCA Laboratories (down 0.41%), Divi's Laboratories (down 0.61%), Cadila Healthcare (down 0.71%) and Dr Reddy's Laboratories (down 1.03%), edged lower.
Cipla was up 1.21%. The company announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Efavirenz Tablets 600mg from the United States Food and Drug Administration (US FDA). Cipla's Efavirenz Tablets 600 mg is AB-rated generic therapeutic equivalent version of Bristol-Myers Squibb Pharma Company's, Sustiva. It is indicated in combination with other antiretroviral agents for the treatment of human immunodeficiency virus type 1 infection in adults and in pediatric patients at least 3 months old and weighing at least 3.5 kg. According to IQVIA (IMS Health), Sustiva and its generic equivalents had US sales of approximately $105 million for the 12-month period ended April 2018. The product is available for shipping immediately. The announcement was made after market hours yesterday, 19 June 2018.
Sharda Cropchem rose 2.95% after the company scheduled a board meeting on 25 June 2018 to consider fund raising by way of issuance of equity shares or equity linked securities such as warrants, convertible securities, global depository receipt or American depository receipts or foreign currency convertible bonds including but not limited to through preferential issue and / or qualified institutions placement or through any other permissible mode and / or combination thereof. The announcement was made after market hours yesterday, 19 June 2018.
On the political front, President Ram Nath Kovind approved the imposition of governor's rule in Jammu and Kashmir, a day after the BJP pulled out of its alliance with the Peoples Democratic Party (PDP) in Jammu and Kashmir. Following the President's approval, governor NN Vohra will be presiding over the state.
Overseas, Asian stocks were mixed, with several regional stocks looking to stem sharp losses made in the previous session that were caused by elevated fears of a trade war between the US and China.
US stocks declined on Tuesday, as investors sold stocks following President Donald Trump's late-Monday threat to slap an additional $400 billion in tariffs on China goods. The announcement represented the latest escalation in a dispute between the two largest economies in the world, rattling investors.
After Beijing's retaliation against US planned tariffs on $50 billion worth of Chinese imports, Trump asked US Trade Representative Robert Lighthizer late Monday to identify $200 billion more in Chinese products that could be subject to tariffs of 10%. The US president also threatened to find $200 billion more worth of goods if China tried to retaliate against those additional tariffs.
A spokesperson from China's Ministry of Commerce reportedly said China will have no choice but to take comprehensive measures in response to the US's trade moves
On the US data front, Housing starts ran at a seasonally adjusted annual 1.35 million annual rate in May, the Commerce Department said Tuesday. Permits were at a 1.3 million seasonally adjusted annual rate.
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