Buying momentum continued in mid-morning trade as key benchmark indices extended early gains and hit fresh intraday high. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 264.38 points or 0.80% at 33,213.59. The Nifty 50 index was up 85.80 points or 0.84% at 10,252.50.
The Sensex rose 277.36 points, or 0.84% at the day's high of 33,226.57 in mid-morning trade, its highest intraday level since 1 December 2017. The index rose 84.99 points, or 0.26% at the day's low of 33,034.20 at the onset of trading session. The Nifty rose 90.90 points, or 0.89% at the day's high of 10,257.60 in mid-morning trade, its highest intraday level since 1 December 2017. The index rose 28.55 points, or 0.28% at the day's low of 10,195.25 at the onset of trading session.
Most pharmaceutical shares were trading higher. Piramal Enterprises (up 3.76%), Divi's Laboratories (up 2.03%), Wockhardt (up 1.81%), Sun Pharmaceutical Industries (up 1.34%), Cipla (up 0.75%), Strides Shasun (up 0.73%), Glenmark Pharmaceuticals (up 0.62%), Aurobindo Pharma (up 0.52%), GlaxoSmithKline Pharmaceuticals (up 0.49%), IPCA Laboratories (up 0.49%), Cadila Healthcare (up 0.43%) and Lupin (up 0.43%), edged higher. Dr Reddy's Laboratories (down 0.17%) and Alkem Laboratories (down 0.89%), edged lower.
Grasim Industries was up 1.54%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Jet Airways (India) lost 3.55% after net profit fell 91% to Rs 49.63 crore on 3.2% growth in net sales to Rs 5626.61 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 7 December 2017.
Indian Hume Pipe Company lost 5.53% after net profit fell 61.4% to Rs 8.32 crore on 50.5% decline in net sales to Rs 214.17 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 7 December 2017.
Cadila Healthcare was up 0.62% to Rs 419.70. The company announced during trading hours today, 8 December 2017, that Zydus Pharmaceuticals (USA) Inc., a wholly owned subsidiary of Cadila Healthcare, has received the final approval from the USFDA to market Clozapine Tablets in strengths of 25 mg, 50 mg, 100 mg, and 200 mg. The drug is used to treat schizophrenia. It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad. The group now has more than 175 approvals and has so far filed over 310 ANDAs since the commencement of the filing process in FY 2003-2004.
Overseas, Asian stocks were trading higher following a broad-based rally in US equities. Japan's economy grew at a much faster pace than initially estimated in the July-September quarter. The nation's gross domestic product grew at an annualized pace of 2.5% from the previous three months, according to government data released Friday.
US stocks closed higher Thursday, with the S&P 500 snapping a four-session losing streak on the back of gains in the technology, industrials and materials sectors. Traders looked ahead to the monthly jobs report due Friday. Initial US jobless claims, a way to measure layoffs, fell by 2,000 to 236,000 in the seven days ended 2 December 2017. The S&P 500 index rose 0.29%, while the Dow Jones Industrial Average added 0.29%, to 24,211.48. The tech-heavy Nasdaq Composite Index rose 0.54%.
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