Key benchmarks extended gains in mid-morning trade. The Nifty was trading above the 9300 mark. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 494.49 points or 1.57% at 31,937.87. The Nifty 50 index rose 137.15 points or 1.49% at 9,336.20.
In the broader market, the S&P BSE Mid-Cap index gained 0.81% while the S&P BSE Small-Cap index added 0.64%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1143 shares rose and 743 shares fell. A total of 131 shares were unchanged. In the Nifty 50 index, 39 shares advances and 11 shares declined.
COVID-19 Update:
Total Covid-19 confirmed cases worldwide stood at 38,47,047 so far with 2,69,594 deaths. India reported 37,916 active cases of COVID-19 infection and 1,886 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India
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Buzzing Index:
The Nifty Pharma index rose 1.74% to 9,307.45, reversing the losses incurred in the previous session. The index fell 0.86% to end at 9,148.10 on Thursday.
Sun Pharmaceutical Industries (up 2.13%), Divi's Laboratories (up 1.95%), IPCA Laboratories (up 1.71%), Lupin (up 1.3%), Alkem Laboratories (up 0.96%), Aurobindo Pharma (up 0.62%), Glenmark Pharmaceuticals (up 0.6%), Wockhardt (up 0.55%), Cipla (up 0.51%), GlaxoSmithKline Pharmaceuticals (up 0.39%) and Strides Pharma Science (up 0.29%) advanced.
Dr. Reddy's Laboratories jumped 4.84% to Rs 4020. The company informed that it has received the Establishment Inspection Report (EIR) for its API manufacturing plant located in Srikakulam, Andhra Pradesh from USFDA. The USFDA announced closure of the audit and the inspection classification of the facility was determined as "Voluntary Action Indicated (VAI). Earlier in November 2015, same site was issued a warning letter and classified "Official Action Indicated" after conducting inspection in 2014.
Biocon gained 1.82% to Rs 356. The biotechnology company announced that has received the Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (FDA) for the Pre-Approval and Good Manufacturing Practise (GMP) inspection of its Small Molecules API Manufacturing Facility located at Biocon Park SEZ, Bommansandra, Bengaluru. The inspection was conducted between 20 January and 24 January 2020.
Cadila Healthcare added 0.12% to Rs 322. The pharmaceutical company has received final approval from the USFDA to market Deferasirox tablets for oral suspension. Deferasirox binds to iron and removes it from the bloodstream. The drug will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad.
Global Markets:
Overseas, Asian stocks were trading higher tracking overnight gains in US stocks. The Reserve Bank of Australia on Friday released its statement on monetary policy, where it highlighted that global GDP is expected to fall sharply in the first half of 2020.
In US, stock benchmarks closed in positive territory Thursday, finishing off their best levels, with a rally in shares of energy and financials powering the day's moves. A rally in the technology-related Nasdaq helped to drive the index retrace its coronavirus-induced selloff of the past two months.
Data on Thursday showed an unexpected surge in export activity in the world's second-largest economy in April, growing 3.5% from the previous year. That marked its first positive read since December just as the novel strain of coronavirus was identified in Wuhan, China. That said, imports were soft, falling 14.2% from the year-ago period.
Weekly jobless claims report showed that 3.2 million jobs were lost in April, bringing the total seeking jobless benefits in the U.S. over the past six weeks to 33 million, or approximately one out of every five eligible workers.
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