Shares continued hovering in positive terrain in mid-morning trade, taking cues from other Asian stocks. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 158.31 points or 0.47% at 33,785.28. The Nifty 50 index was up 49.60 points or 0.48% at 10,381.20.
After opening on a dull note, the market moved higher and hit fresh intraday high in morning trade. Indices turned range bound in mid-morning trade. The Sensex rose 180.96 points, or 0.54% at the day's high of 33,807.93 in morning trade, its highest intraday level since 15 March 2018. The index fell 48.06 points, or 0.14% at the day's low of 33,578.91 in early trade. The Nifty rose 59.65 points, or 0.58% at the day's high of 10,391.25 in morning trade, its highest intraday level since 15 March 2018. The index fell 3.10 points, or 0.03% at the day's low of 10,328.50 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.41%, underperforming the Sensex. The BSE Small-Cap index was up 0.67%, outperforming the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,595 shares rose and 742 shares fell. A total of 113 shares were unchanged.
IT shares were mixed. MindTree (up 1.55%), Oracle Financial Services Software (up 0.50%), TCS (up 0.35%), Wipro (up 0.32%), Tech Mahindra (up 0.14%) and HCL Technologies (down 0.09%), edged higher. Hexaware Technologies (down 0.2%), Persistent Systems (down 0.43%), Infosys (down 0.98%) and MphasiS (down 1.44%), edged lower.
Pharmaceutical shares were mixed. Divi's Laboratories (up 1.23%), Alkem Laboratories (up 1.16%), Glenmark Pharmaceuticals (up 1.16%), Wockhardt (up 0.68%), Cadila Healthcare (up 0.57%), Cipla (up 0.42%), GlaxoSmithKline Pharmaceuticals (up 0.33%), Dr Reddy's Laboratories (up 0.18%) and Sun Pharmaceutical Industries (up 0.16%), edged higher. IPCA Laboratories (down 0.07%), Lupin (down 0.41%), Strides Shasun (down 0.61%), Piramal Enterprises (down 0.71%) and Aurobindo Pharma (down 0.93%), edged lower.
Alembic Pharmaceuticals was up 0.58%. The company announced that it received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acyclovir ointment USP, 5%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Zovirax ointment 5%, of Valeant Pharmaceuticals North America LLC. Acyclovir ointment USP, 5% is indicated in the management of initial genital herpes and in limited non-life-threatening mucocutaneous Herpes simplex virus infections in immunocompromised patients. Acyclovir ointment USP, 5%, have an estimated market size of $145 million for twelve months ending December 2016 according to IMS. Alembic now has a total of 71 ANDA approvals (63 final approvals and 8 tentative approvals) from USFDA. The announcement was made before trading hours today, 9 April 2018.
Nitesh Estates rose 0.57% after the company said that it has settled the dispute in respect of the lease rights of land situated at Chennai. Under the settlement as decreed through the arbitral award, the company will receive Rs 15 crore, as per the terms of the award. The announcement was made after market hours on Friday, 6 April 2018.
Overseas, stocks in Asia were trading higher as investors looked past the trade worries that fueled Friday's declines on Wall Street. The stock moves came after President Donald Trump reportedly said in a tweet Sunday he expects China to lower trade barriers with the US acting reciprocally on taxes.
China has tightened restrictions on exports to North Korea of items with potential dual use in weapons of mass destruction and conventional arms. The ban on exports of potential dual-use items, including software, machinery and chemicals, is in line with UN Security Council resolution number 2375. That resolution was passed in September.
US stocks closed sharply lower on Friday, 6 April 2018, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight.
The selling pressure followed Federal Reserve Chairman Jerome Powell's speech in which he backed a patient approach to raising interest rates. The Fed chairman said going slow on rate hikes has also reduced the risk of an unforeseen blow to the economy that might have pushed the economy into recession.
Investors also digested a weaker-than-expected jobs report that showed that wage growth remains tepid. The US economy added just 103,000 new jobs in March. The unemployment rate was unchanged at 4.1%.
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