Key benchmark indices extended gains and hit intraday high in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 74.81 points or 0.21% at 35,545.16. The Nifty 50 index was up 22.20 points or 0.21% at 10,784.65. Cement stocks advanced. Telecom stocks saw mixed trend.
Domestic stocks cut initial losses triggered by negative Asian stocks. Volatility ruled the roost in morning trade as the key benchmark indices trimmed almost entire intraday gains after staging a pullback from lower levels.
The S&P BSE Mid-Cap index was down 0.02%. The S&P BSE Small-Cap index was down 0.27%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 848 shares rose and 1344 shares fell. A total of 109 shares were unchanged.
Cement stocks advanced. Ambuja Cements (up 1.43%), ACC (up 2.31%), UltraTech Cement (up 2.52%) and Shree Cement (up 3.23%) gained.
Grasim Industries was up 1.6%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks saw mixed trend. Bharti Airtel (up 1.55%), Tata Teleservices (Maharashtra) (up 1.65%) and Idea Cellular (up 2.02%) rose. MTNL (down 1.17%) and Reliance Communications (down 0.68%) fell.
Shares of Bharti Infratel rose 0.62%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Aurobindo Pharma rose 1.08%. Aurobindo Pharma announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Ertapenem injection 1 g/vial. Aurobindo's Ertapenem injection is a generic equivalent of Merck Sharp & Dohme Corp's Invanz injection. The product will be launched in July 2018.
The approved product has an estimated market size of $387 million for the twelve months ending April 2018 according to IQVIA. Ertapenem injection is used for the treatment of moderate to severe infections caused by susceptible bacteria. Also indicated in adults for the prophylaxis of surgical site infection following elective colorectal surgery.
Overseas, Asian stocks fell as investors continued to worry about an escalating exchange of trade and investment restrictions, triggered by the Trump administration. US stocks closed sharply lower yesterday, 25 June 2018 as President Donald Trump's threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
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