Key equity barometers trimmed gains after hitting fresh intraday high in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 394.56 points or 1.06% at 37,721.92. The Nifty 50 index was up 126.40 points or 1.15% at 11,158.85.
The S&P BSE Mid-Cap index was up 1.29%. The S&P BSE Small-Cap index rose 1.37%.
The market breadth was strong. On the BSE, 1554 shares rose and 659 shares fell. A total of 123 shares were unchanged.
Metal stocks were in demand. Vedanta (up 4.01%), JSW Steel (up 2.57%), Steel Authority of India (up 2.19%), Jindal Steel & Power (up 2%), Hindustan Copper (up 1.07%), Hindustan Zinc (up 1.01%), NMDC (up 0.88%) and Tata Steel (up 0.46%) advanced.
Hindalco Industries rose 0.91% ahead of its Q1 June 2019 result today.
National Aluminium Company (NALCO) rose 1.37%. NALCO signed an agreement with Mishra Dhatu Nigam (MIDHANI) to incorporate a joint venture company (JVC) with an objective for setting up of high end aluminium alloys plant for manufacturing of plates, sheets, etc.
MIDHANI and NALCO shall initially subscribe for shares in the JVC in equal proportion. JVC may agree to induct a technology partner/technology associate/technology provider with shareholding up to a maximum of 10% of the total paid up equity in the JVC during incorporation or else may dilute up to 10% of the total paid up equity (inequal proportion) to them. The announcement was made after market hours yesterday, 8 August 2019.
GMR Infrastructure gained 0.54%. The company announced raising of funds up to Rs. 2,500 crore in one or more tranche(s), through issue of equity shares or equity linked instruments, debentures or any other securities. The announcement was made after market hours yesterday, 8 August 2019.
Most pharma stocks advanced. Piramal Enterprises (up 4.49%), Aurobindo Pharma (up 2.41%), IPCA Laboratories (up 1.56%), Glenmark Pharmaceuticals (up 1.35%), Alkem Laboratories (up 1.22%), Divi's Laboratories (up 0.77%), Cipla (up 0.34%), Strides Shasun (up 0.34%), Lupin (up 0.25%) and Cadila Healthcare (up 0.17%) advanced.
Wockhardt (down 0.96%), GlaxoSmithKline Pharmaceuticals (down 0.7%) and Sun Pharmaceutical Industries (down 0.32%) declined.
Dr.Reddy's Laboratories rose 0.28%. The drug maker informed that the audit of its formulations manufacturing facility at Shreveport, Louisiana, USA by the US FDA, has been completed on 8 August 2019. No Form 483 was issued at the end of the inspection. The announcement was made during market hours today, 9 August 2019.
Alembic Pharmaceuticals gained 1.23%. The pharmaceutical company announced that the company has received tentative approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Bimatoprost Ophthalmic Solution, 0.01%. Bimatoprost Ophthalmic Solution, 0.01 % has an estimated market size of US$ 704 million for twelve months ending December 2018 according to IQVIA. The announcement was made during market hours today, 9 August 2019.
Indiabulls Housing Finance rose 11.17% while Lakshmi Vilas Bank hit 5% upper circuit at Rs 40.85. Media reports suggested that Indiabulls founder Sameer Gehlaut has promised the Reserve Bank of India (RBI) that he will relinquish all control and rights, have no say in the management, and bring the promoter group shareholding below 10% in the proposed bank to be formed after the merger of Indiabulls Housing Finance with Lakshmi Vilas Bank (LVB).
On derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.79% at 15.9650.
On the options front, Nifty option chain for 29 August 2019 expiry showed a maximum call open interest (OI) of 24.63 lakh contracts at the 11500 strike price. Maximum put OI of 37.43 lakh contracts was seen at 11000 strike price.
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