Broad market depicts strength

Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 84.05 points or 0.29% at 29,420.62. The Nifty 50 index was up 27.15 points or 0.3% at 9,130.65. Gains in HDFC, HDFC Bank and GAIL (India) boosted sentiment on the domestic bourses.

Domestic bourses edged higher in early trade on positive lead from Asian stocks. Key benchmark indices hovered in positive zone in morning trade.

The BSE Mid-Cap index was up 0.67%. The BSE Small-Cap index was up 0.98%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. On the BSE, 1,746 shares rose and 729 shares fell. A total of 138 shares were unchanged.

Pharma shares saw mixed trend. GlaxoSmithKline Pharmaceuticals (up 1.3%), Cadila Healthcare (up 0.7%), Dr Reddy's Laboratories (up 0.43%), Lupin (up 0.4%), and Wockhardt (up 0.22%) rose. Cipla (down 0.04%), Glenmark Pharmaceuticals (down 0.24%), Sun Pharmaceutical Industries (down 0.62%), Alkem Laboratories (down 0.43%), Aurobindo Pharma (down 0.69%) fell.

Sun TV Network rose 4.97% to Rs 885.60 after a foreign brokerage reportedly upgraded its rating on the stock to 'buy' from 'sell' and raised the target price of the stock to Rs 1,015 from Rs 661 earlier.

Jay Bharat Maruti surged 18.72% after net profit rose 72.1% to Rs 20.75 crore on 42.6% increase in net sales to Rs 483.67 crore in Q4 March 2017 over Q4 March 2016. Jay Bharat Maruti's net profit rose 35.1% to Rs 53.77 crore on 17.3% increase in net sales to Rs 1526.63 crore in the year ended March 2017 over the year ended March 2016. The result was announced after market hours yesterday, 19 April 2017.

Overseas, most Asian stock markets were trading higher as better-than-forecast trade figures in Japan and a recovery in crude oil prices lifted sentiment.

On the macro front, Japanese exports grew at the fastest rate in more than two years in March, supporting the bullish view in the debate over the health of the global economy. Meanwhile, the Federal Reserve's Beige Book report showed the US economy continued to expand steadily and Fed Vice Chairman Stanley Fischer painted a picture of brightening global growth that can better manage the spillover of gradual monetary tightening.

Among US stocks, the Dow industrials and the S&P 500 ended lower yesterday, 19 April 2017 as a drop in oil prices fueled a selloff in energy shares while a drop in International Business Machines Corp. was responsible for half the session's losses in the blue-chip average. On the other hand, the Nasdaq Composite rose with big gains from shares of Intuitive Surgical Inc. and Lam Research Corp.

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