After trimming intraday gains in morning trade, key benchmark indices partially recovered those gains in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex rose 74.68 points or 0.24% at 31,333.53. The Nifty 50 index advanced 28.60 points or 0.29% at 9,782.95.
The Sensex rose 225.43 points or 0.72% at the day's high of 31,484.28 in early trade. It lost 17.35 points or 0.05% at the day's low of 31,241.50 in morning trade. The Nifty rose 74.10 points or 0.75% at the day's high of 9,828.45 in early trade. It lost 1.75 points or 0.01% at the day's low of 9,752.60 in morning trade.
Key indices opened the session higher on bargain hunting after registering losses in the preceding two trading sessions. The indices witnessed volatility even as they almost confined to positive territory so far. Higher Asian stocks also helped key indices to trade with gains.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.06%. The S&P BSE Small-Cap index lost 0.26%. Both these indices underperformed the Sensex.
Overseas, Asian stocks edged higher as investors turned their attention to the US Federal Reserve's annual symposium in Jackson Hole at the end of the week. US stocks closed slightly higher yesterday, 21 August 2017, but a decline in tech and financials kept a lid on gains.
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.
Closer home, the breadth, indicating the overall health of the market, was negative. On the BSE, 1,325 shares declined and 850 shares rose. A total of 105 shares were unchanged.
Cement stocks edged lower. Ambuja Cements (down 1%), UltraTech Cement (down 0.3%) and ACC (down 0.17%) declined. Grasim Industries (up 0.89%) and Shree Cement (up 0.17%) edged higher.
Auto stocks dropped. Hero MotoCorp (down 1.38%), Maruti Suzuki India (down 0.21%) and Mahindra & Mahindra (down 0.11%) declined. Tata Motors (up 0.57%) and Eicher Motors (up 0.24%) gained.
Bajaj Auto declined 0.41% at Rs 2,759.35. Promoter Rahul Bajaj's sister Suman Jain, in her press release addressed to the company stated that her name should be excluded from the list of promoters/insiders of the company and also her holdings from the holdings by the promoter & promoter group with immediate effect in the company's filings with the stock exchanges. She has cited Sebi's rules to this effect. The announcement was made after market hours yesterday, 21 August 2017. Suman Jain held 0.36% stake in Bajaj Auto as on 30 June 2017 in the promoter category.
Dr Reddy's Laboratories (DRL) rose 0.93% after the company through its wholly owned subsidiary Promius Pharma, LLC, has out-licensed the future development, manufacturing, and commercialization rights of DFD-06, a topical high potency steroid, to Encore Dermatology Inc. The drug is intended to be used for treatment of moderate to severe plaque psoriasis. The announcement was made during market hours today, 22 August 2017.
Under the terms of the agreement, Encore will be responsible for the commercialization of DFD-06 in the United States. Promius Pharma is eligible to receive certain pre and post-commercialization milestone payments of up to $32.5 million, followed by fixed royalty payments on net sales.
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