Indices hover near day's high

Key indices were hovering in a range near the day's high level in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 217.46 points or 0.62% at 35,255.10. The Nifty 50 index was up 71.35 points or 0.67% at 10,660.45. Gains in benchmarks were supported by firmness in IT and pharmaceutical shares.

The market opened higher and firmed up further as the session advanced. Indices turned range bound at higher levels in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 1.35%. The BSE Small-Cap index was up 1.43%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1641 shares rose and 531 shares fell. A total of 91 shares were unchanged.

Most IT shares rose. MphasiS (up 3.15%), MindTree (up 2.74%), HCL Technologies (up 1.64%), Persistent Systems (up 1.45%), Infosys (up 0.34%) and TCS (up 0.16%), edged higher. Oracle Financial Services Software (down 0.93%), Hexaware Technologies (down 1.57%) and Tech Mahindra (down 2.83%), edged lower.

Wipro was up 1.09%. Wipro said it completed the divestment of Wipro Data Centre and Cloud Services, Inc., and data center business in Germany and UK on 27 June 2018, for a consideration of $399 million. The divestment of data center operations in India is likely to be completed during the quarter ending 30 September 2018, subject to receipt of requisite regulatory approvals and customary closing conditions. Upon completion of such divestment, the company will receive the remaining consideration of $6 million from Ensono. Further, Wipro LLC, a wholly owned subsidiary of Wipro, has completed the acquisition of 10.2% stake in Ensono Holdings, LLC on 27 June 2018. The announcement was made after market hours yesterday, 28 June 2018.

Most pharmaceutical shares rose. Divi's Laboratories (up 3.06%), IPCA Laboratories (up 1.95%), Lupin (up 1.52%), Piramal Enterprises (up 1.38%), Wockhardt (up 1.15%), Strides Shasun (up 0.65%), Glenmark Pharmaceuticals (up 0.63%), Cipla (up 0.62%), Sun Pharmaceutical Industries (up 0.47%), Aurobindo Pharma (up 0.42%) and Alkem Laboratories (up 0.18%), edged higher. Cadila Healthcare (down 0.18%), GlaxoSmithKline Pharmaceuticals (down 0.25%) and Dr Reddy's Laboratories (down 0.77%), edged lower.

Overseas, Asian stocks were trading higher. Japan's industrial production decreased in May following three consecutive months of improvement, government data showed Friday. Industrial output fell 0.2% in May from a month earlier, following April's 0.5% gain, according to the Ministry of Economy, Trade and Industry.

US stocks recovered from earlier declines on Thursday to finish the session higher on the back of gains in banks and technology stocks.

The growth in the US economy in the first quarter was trimmed to 2% from 2.2%. Meanwhile, weekly jobless claims rose by 9,000 in the latest week.

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