Key benchmark indices were trading higher in early trade, higher tracking positive leads from Asian markets and overnight gains on the Wall Street. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 71.04 points or 0.20% at 35,279.18. The Nifty 50 index was up 13.85 points or 0.13% at 10,729.35.
The market breadth indicating the overall health of the market was strong. On BSE, 658 shares rose and 352 shares fell. A total of 51 shares were unchanged.
Overseas, Asian markets were trading higher following firm leads from Wall Street. US stock market settled higher on Monday, but well off the peak of the day, as energy shares pulled back following a late-afternoon tweet from President Donald Trump indicated that a decision was imminent on whether the US would decertify a 2015 Iran nuclear pact.
Trump tweeted that he would make an announcement on a possible decertification of the Iran nuclear agreement that the Obama administration had reached with the Middle Eastern country back in 2015. European leaders had urged Trump not to abandon the pact. Trump had until 12 May 2018 to decide whether to keep the deal intact. Abandoning it would trigger a reimposition of economic sanctions on Iran, hampering oil exports from the country and cutting global supply.
Back home, ICICI Bank was up 4.39%. The bank's net profit dropped 49.62% to Rs 1020 crore on 20.24% rise in total income to Rs 19942.97 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 7 May 2018.
Pfizer was up 1.22%. The company's net profit surged 53.6% to Rs 104.51 crore on 18.06% rise in total income to Rs 551.18 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 7 May 2018.
Lupin was up 0.83%. The company announced that it has received final approval for its Clobetasol Propionate Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of Fougera Pharmaceuticals Inc.'s Temovate Ointment, 0.05%. Clobetasol Propionate Ointment USP, 0.05% had annual sales of approximately 120 million in the US (IQVIA MAT January 2018). The announcement was made after market hours yesterday, 7 May 2018.
Tata Metaliks was down 1.21%. The company said that there is no production at Kharagpur plant due to disruption of work by contractors' workers and service providers by not reporting to work and the same is currently continuing. The company is engaged in discussion with the representatives of the contractors' workers, facilitated by the representatives of government for resumption of work. The date of resumption of business operation will be intimated in due course. The announcement was made after market hours yesterday, 7 May 2018.
Unichem Laboratories was up 1.68%. The company announced that it has received ANDA approval from United States Food and Drug Administration (USFDA) for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg, which are therapeutically equivalent to DIOVANB (Valsartan) tablets, 40 mg, 80 mg, 160 mg and 320 mg of Novartis Pharmaceuticals Corp. This product will be commercialized from Unichem's Ghaziabad plant. The announcement was made after market hours yesterday, 7 May 2018.
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