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Market opens higher on positive global cues

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Key benchmark indices were trading higher in early trade on positive global cues. At 9:20 IST, the barometer index, the S&P Sensex, was up 60.96 points or 0.19% at 32,081.71. The 50 index was up 22.50 points or 0.23% at 9,908.85.

Among secondary barometers,the Mid-Cap index was up 0.34%. The Small-Cap index was up 0.28%. Both these indices outperformed the

The broad market depicted strength. There were more than two gainers against every loser on 779 shares rose and 298 shares fell. A total of 59 shares were unchanged.

Overseas, Asian stocks rose after the Dow and S&P 500 hit record highs on Friday, 14 July 2017, on bets the Federal Reserve's accommodative monetary policy will continue following lackluster US data. Japan's Nikkei 225 was shut for a public holiday.

US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.

Back home, Cadila Healthcare was up 2.40%. The company announced that it has received the tentative approval from the United States Food and Drug Administration (USFDA) to market Fingolimod Capsules, 0.5 mg. The drug is an immunomodulating drug, mostly used for treating multiple sclerosis and will be produced at the group's formulations manufacturing facility at the Pharma SEZ, in Ahmedabad. The sales of Fingolimod Capsules is estimated at $2.1 billion as per IMS Health data. The announcement was made after market hours on Friday, 14 July 2017.

The group now has more than 120 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.

Sunteck Realty was up 0.55%. The company announced that it has fixed 26 July 2017 as the record date for 2-for-1 stock split. The announcement was made after market hours on Friday, 14 July 2017.

Suzlon Energy was up 0.26%. The company announced on Saturday, 15 July 2017, the filing of voluntary liquidation of its Brazilian subsidiary Suzlon Energia Eolica do Brasil Ltda (SEOB). SEOB was established to manage business opportunities in Brazil in 2006. SEOB has taken this decision after carefully considering all options and as a consequence of multiple factors that are unique to Brazil, Suzlon said. The decision does not, in any way, alter Suzlon's global operations strategy, it added.

DCB Bank was up 0.87%. The bank's net profit rose 39% to Rs 65 crore on 34% rise in total income to Rs 319 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 15 July 2017.

Karnataka Bank was down 1.90%. The bank's net profit rose 10.13% to Rs 133.85 crore on 7.87% rise in total income to Rs 1547.94 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 15 July 2017.

Gruh Finance was down 2.51%. The company's net profit rose 20% to Rs 72.24 crore on 15% rise in total income to Rs 398.12 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 15 July 2017.

TCPL Packaging was down 1.96%. The company said that board of directors of the company approved issue, offer and allotment of 4 lakh equity shares of the company at a price of Rs 600 per share on a preferential basis through private placement, for a total consideration of Rs 24 crore. The announcement was made on Saturday, 15 July 2017.

Alkem Laboratories was up 2.12%. The company said that USFDA had conducted an inspection at the company's Bioequivalence facility located at Taloja, India from 10th July, 2017 to 14th July, 2017. At the end of the inspection, no Form 483 was issued. The announcement was made after market hours on Friday, 14 July 2017.

On the macro front, the monsoon session of Parliament kickstarts today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.

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

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