Key benchmark indices firmed up in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 134.75 points or 0.41% at 32,967.69. The Nifty 50 index was up 29.40 points or 0.29% at 10,151.20. The Sensex was trading a tad below 33,000 mark after crossing that level in opening trade.
The Sensex and the Nifty, both, bounced back after hitting their lowest intraday levels in more than 2-1/2 weeks in early trade. The Sensex rose 175.53 points, or 0.53% at the day's high of 33,008.47 at the onset of trading session. The index fell 47.18 points, or 0.14% at the day's low of 32,785.76 in early trade, its intraday lowest level since 15 November 2017. The Nifty rose 57.40 points, or 0.57% at the day's high of 10,179.20 at the onset of trading session. The index fell 26.10 points, or 0.26% at the day's low of 10,095.70 in early trade, its intraday lowest level since 15 November 2017.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,269 shares rose and 1,115 shares fell. A total of 137 shares were unchanged.
Pharmaceutical shares were mixed. Strides Shasun (up 1.40%), Wockhardt (up 0.38%), GlaxoSmithKline Pharmaceuticals (up 0.34%), Aurobindo Pharma (up 0.25%), Alkem Laboratories (up 0.17%), Lupin (up 0.17%) and Piramal Enterprises (up 0.10%), edged higher. Divi's Laboratories (down 0.2%), Sun Pharmaceutical Industries (down 0.37%), Cipla (down 0.55%), Cadila Healthcare (down 0.89%), Glenmark Pharmaceuticals (down 0.99%) and IPCA Laboratories (down 1.32%), edged lower.
Drug major Dr Reddy's Laboratories was up 0.67% after the company announced that it has received establishment inspection report from the US drug regulator for its facility in Hyderabad following the audit in September. The announcement was made after market hours on Friday, 1 December 2017.
On 21 September 2017, Dr Reddy's Laboratories had announced that the audit of its Custom Pharmaceutical Services (CPS) facility, Technology Development Centre (TDC-1) at Miyapur, Hyderabad, Telangana, by the United States Food & Drug Administration (USFDA) was completed on that day with zero observations.
Biocon spurted 9.30% to Rs 488.10 after the US drug regulator approved Mylan and Biocon's Ogivri, biosimilar for the treatment of HER2-positive breast and gastric cancers. The announcement was made after market hours on Friday, 1 December 2017.
Cement shares were mixed. Ambuja Cements (down 0.61%) and UltraTech Cement (down 0.86%), edged lower. ACC was up 0.21%. Grasim Industries was up 0.53%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Setco Automotive spurted 13.47% after net profit surged 1304.1% to Rs 13.76 crore on 31.1% growth in net sales to Rs 134.65 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 1 December 2017.
Overseas, Asian stocks were mixed as investors were trading cautiously after US stocks declined on Friday, 1 December 2017. US stocks ended lower on Friday, 1 December 2017, after news surrounding former national-security adviser Michael Flynn added an element of political uncertainty into markets. The Dow Jones Industrial Average and the S&P 500 fell 0.2% each while the Nasdaq Composite Index declined 0.4%.
Media reported that Flynn, the former national security adviser, would testify that he was directed to make contact with Russians during the presidential campaign in 2016. Flynn pleaded guilty to lying to the FBI about his post-election contacts with Russia's ambassador to the US.
Meanwhile, the US Senate approved a tax overhaul on Saturday, 2 December 2017, moving Republicans and President Donald Trump a big step closer to their goal of slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.
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