Domestic stocks edged higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 63.34 points or 0.17% at 38,349.09. The Nifty 50 index was up 19.05 points or 0.16% at 11,589.95.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 930 shares rose and 605 shares fell. A total of 74 shares were unchanged.
Overseas, Asian stocks were mixed. US stocks slipped yesterday, 22 August 2018 halting a four-day advance as weakness in industrials outweighed gains in technology shares.
Meanwhile, US Treasury Undersecretary for International Affairs David Malpass and Chinese Vice Commerce Minister Wang Shouwen are meeting Wednesday and Thursday for the first face-to-face trade discussions held by the two sides since June. Hanging over the meetings will be the next round of tariffs on $16 billion of each nation's exports to the other.
Back home, Bharti Airtel (up 1.36%), Wipro (up 1.28%) and Sun Pharmaceutical Industries (up 1.25%) edged higher from the Sensex pack.
Housing Development Finance Corporation (HDFC) rose 1.02% after the company said it entered into an agreement for acquiring 30.52 lakh shares, representing 25.01% share capital of Good Host Spaces from Manipal Integrated Services. The cost of acquisition for this transaction is Rs 69.50 crore. Good Host Spaces is engaged in the business of managing and operating student housing facilities and related services. The announcement was made after market hours on Tuesday, 21 August 2018.
Lupin gained 2.62% after the company announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of Bayer HealthCare Pharmaceuticals Inc.'s Natazia tablets. Lupin's Nudovra (Estradiol Valerate tablets, 3 mg and 1 mg and Estradiol Valerate and Dienogest tablets, 2 mg/2 mg and 2 mg/3 mg) tablets is the generic versional Bayer HealthCare Pharmaceuticals Inc.'s Natazia tablets. The announcement was made on Wednesday, 22 August 2018.
It is an estrogen/progestin combined oral contraceptive (COC), indicated for use by women to prevent pregnancy. Nudovra (Estradiol Valerate tablets, 3 mg and 1 mg and Estradiol Valerate and Dienogest tablets, 2 mg/2 mg and 2 mg/3 mg) tablets had annual sales of approximately $31.40 million in the US (IQVIA MAT June 2018).
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