Cement stocks gain

Key indices were trading with small gains after regaining positive terrain in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, advanced 45 points or 0.13% at 33,523.35. The Nifty 50 index rose 1.35 points or 0.01% at 10,328.25. Firmness in Asian stocks supported gains on the domestic bourses.

The market had opened higher on firm Asian stocks. However, stocks soon pared gains and slipped into the red. Indices regained positive terrain in mid-morning trade.

The S&P BSE Mid-Cap index declined 0.31%, underperforming the Sensex. The S&P BSE Small-Cap index rose 0.19%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was negative. On BSE, 1,201 shares fell and 1,156 shares rose. A total of 122 shares were unchanged.

Most auto stocks gained. Mahindra & Mahindra (M&M) (up 1.2%), Maruti Suzuki India (up 0.51%), Bajaj Auto (up 1.14%), Hero MotoCorp (up 0.09%), Tata Motors (up 0.9%) and TVS Motor Company (up 1.12%) gained. Ashok Leyland (down 1.96%) and Eicher Motors (down 0.22%) declined.

Cement stocks also gained on renewed buying. ACC (up 0.61%), Shree Cement (up 1.12%), Ambuja Cements (up 0.59%), and UltraTech Cement (up 0.25%) gained.

Grasim Industries advanced 0.91%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Strides Shasun rose 0.48% after the company said it received US drug regulator's approval for Acetazolamide tablets. The announcement was made during trading hours today, 22 November 2017. Strides Shasun announced that its wholly-owned subsidiary Strides Pharma Global has received approval from the United States Food & Drug Administration (USFDA) for Acetazolamide tablets USP, 125 milligram (mg) and 250 mg, a generic version of Diamox tablets.

According to IMS data, the annual US market for Acetazolamide tablets is approximately $53 million. The approval, which was received in a short span of 11 months, demonstrates company's strategy of building a niche portfolio in regulated markets, having limited competition. The product, to be launched immediately, will be marketed by Strides Pharma Inc. in the US market.

Acetazolamide tablets is used to prevent and reduce the symptoms of altitude sickness. Acetazolamide is also used with other medications to treat a certain type of eye problem (open-angle glaucoma).

Overseas, Asian shares joined a global rally as strong world growth and rising corporate profits lured hordes of investors into equities. US stock-market indexes ended at records and near session highs yesterday, 21 November 2017, finding support on another round of strong earnings, with technology shares leading the way. The Chicago Fed national activity index rose to 0.65 in October from 0.36 in September. Sales of previously-owned homes jumped to a seasonally adjusted annual pace of 5.48 million in October.

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