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Key benchmarks hold firm at higher level

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Key benchmark indices were trading higher after hitting fresh intraday in afternoon trade. At 13:16 IST, the barometer index, the S&P Sensex, was up 157.08 points or 0.50% at 31,872.72. The 50 index was up 53.25 points or 0.54% at 9,824.30. Both the and the hit record high in afternoon trade. Positive global stocks boosted sentiment on the domestic bourses.

The S&P Mid-Cap index was up 0.11%. The S&P Small-Cap index was up 0.39%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,396 shares rose and 1,179 shares fell. A total of 139 shares were unchanged.

Most metal shares rose. Hindalco Industries (up 2.09%), Hindustan Zinc (up 1.79%), Jindal Steel & Power (up 1.37%), Hindustan Copper (up 0.99%), Vedanta (up 0.69%), Bhushan Steel (up 0.52%), NMDC (up 0.34%) and Tata Steel (up 0.08%), edged higher. Steel Authority of India (down 0.08%), National Aluminium Company (down 0.59%) and JSW Steel (down 0.64%), edged lower.

Meanwhile, copper price edged September in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.38% at $2.6575 per pound on the COMEX.

Pharmaceutical shares were mixed. Cipla (down 1.58%), GlaxoSmithKline Pharmaceuticals (down 0.78%), Piramal Enterprises (down 0.6%), Alkem Laboratories (down 0.48%), Dr Reddy's Laboratories (down 0.37%), Aurobindo Pharma (down 0.35%), IPCA Laboratories (down 0.27%) and Glenmark Pharmaceuticals (down 0.13%), edged lower. Strides Shasun (up 0.25%), Lupin (up 0.46%), Sun Pharmaceutical Industries (up 0.72%), Wockhardt (up 0.75%), Cadila Healthcare (up 1.17%) and Divi's Laboratories (up 1.53%), edged higher.

Biocon was up 1.29% to Rs 325.40, with the stock recovering after recent slide triggered by reports that the French health regulator found lapses in quality compliance at its Bangalore plant during a March inspection.

Shares of Biocon had fallen 5.43% in the preceding two trading sessions to settle at Rs 321.25 yesterday, 10 July 2017, from its closing of Rs 339.70 on 6 July 2017. The stock settled lower by 4.69% in a single trading session yesterday, 10 July 2017 on reports that the French health regulator found lapses in quality compliance at its Bangalore plant during a March inspection.

In a stock exchange filing on Sunday, 9 July 2017, Biocon said the French inspecting authority (ANSM) conducted pre-approval inspection audits of the company's Bangalore drug substance and drug product sites related to the pending EMA Marketing Authorization Applications for Trastuzumab, Pegfilgrastim and related to Insulin Glargine (pen assembly only). While there were no critical observations mentioned in the final report, ANSM notified Biocon that the receipt of a GMP compliance certificate for the drug product facility will require a follow up inspection from ANSM to verify implementation of the proposed corrective and preventive actions (CAPAs).

ANSM has reviewed the proposed CAPA plan and Biocon is progressing towards completion of the implementation of these CAPAs. Biocon, with its partner Mylan, will work with the French and European regulatory authorities with regard to the follow-up inspection of the drug product facility and the Marketing Authorization Applications with the goal of an early re-inspection. ANSM has issued GMP compliance certificates for Biocon's two drug substance manufacturing facilities in Bangalore. This is important as the drug substance manufacture is core to the production of the actual biologic product in GMP compliance, Biocon said in a statement.

Overseas, most European stocks edged higher ahead as investors look ahead to a new earnings season.

Most Asian stocks were trading higher as investors hold on to their big bets ahead of the earnings season in the US. However, there was caution in Europe and Asia ahead of scheduled appearances by US Federal Reserve officials this week. Investors are watching for more cues from the Fed on the pace of interest-rate increases. Fed Gov. Lael Brainard was due to speak in New York on Tuesday, ahead of Chairwoman Janet Yellen's testimony to congressional committees on Wednesday and Thursday.

In US stocks, the Nasdaq and the S&P 500 finished higher yesterday, 10 July 2017 as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower.

US President Donald Trump's effort to roll back Obamacare faced growing obstacles on Monday as Republicans remained divided over how to curb the costs of their proposed healthcare bill and prevent millions from losing coverage.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 11 2017. 13:16 IST