Cement, pharma stocks in demand

Stocks extended early gains and hit fresh intraday high in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 161.98 points or 0.46% at 35,605.65. The Nifty 50 index was up 54.90 points or 0.51% at 10,822.55. Pharma shares gained. Cement stocks rose. Shares of index heavyweight Reliance Industries advanced.

Trading for the week began on upbeat note as the key benchmark indices drifted higher in early trade.

The S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.84%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1472 shares rose and 591 shares fell. A total of 87 shares were unchanged.

Overseas, Asian stocks were trading on a mixed note, with limited fallout from a tumultuous G-7 meeting. Australia's markets are shut for a holiday. US equities held on to a Friday, 8 June 2018 afternoon rally as the risk-off sentiment that gripped investors late in the week subsided.

Back home, index heavyweight Reliance Industries rose 1.11% to Rs 994.35.

Pharma shares gained. Cadila Healthcare (up 1.59%), Cipla (up 1.31%), Dr Reddy's Laboratories (up 2.46%), Glenmark Pharmaceuticals (up 2.37%), Lupin (up 1.68%), Sun Pharmaceutical Industries (up 2.44%), Alkem Laboratories (up 0.36%), Aurobindo Pharma (up 1.3%) and Wockhardt (up 2.14%) rose. GlaxoSmithKline Pharmaceuticals (down 0.08%) fell.

Cement stocks rose. Ambuja Cements (up 1.9%), ACC (up 0.82%), UltraTech Cement (up 0.8%) and Shree Cement (up 0.24%) gained.

Grasim Industries was up 0.46%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

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