Market firms up

The market firmed up once again in early afternoon trade. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 71.02 points or 0.19% at 37,407.87. The Nifty 50 index was up 12.55 points or 0.11% at 11,290.90.

The market opened higher and hit fresh intraday high in early trade. Indices sharply pared gains and were trading near flat line in morning trade. Indices bounced back after hitting fresh intraday low in mid-morning trade. Indices firmed up in early afternoon trade. The Sensex rose 159.95 points, or 0.43% at the day's high of 37,496.80 in early trade. The index fell 27.58 points, or 0.07% at the day's low of 37,309.27 in morning trade.The Nifty rose 31 points, or 0.27% at the day's high of 11,309.35 in early trade. The index fell 13.25 points, or 0.12% at the day's low of 11,265.10 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.17%, underperforming the Sensex. The BSE Small-Cap index was up 0.48%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1467 shares rose and 907 shares fell. A total of 135 shares were unchanged.

Most cement shares declined. ACC (down 0.92%) and Ambuja Cements (down 0.2%), edged lower. UltraTech Cement was up 0.67%.

Grasim Industries was down 0.98%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Telecom shares were mixed. Tata Teleservices (Maharashtra) (down 4.63%), Reliance Communications (down 1.21%) and MTNL (down 0.32%), edged lower. Bharti Airtel (up 1.11%) and Idea Cellular (up 3.19%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was up 0.14%.

Aurobindo Pharma was up 2.20%. The company announced during trading hours today, 30 July 2018, that it received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Bivalirudin injection, 250 mg/vial. The approved ANDA is a generic equivalent to the reference listed drug (RLD) product Angiomax Injection of The Medicines Company. The estimated market size of Bivalirudin injection is US$ 101 million for the twelve months ended May 2018 according to IQVIA. The product will be launched in September 2018.

Lupin was up 1.67%. The company announced during trading hours today, 30 July 2018, that it has received EDQM Attestation of Inspection from EDQM (European Directorate for the Quality of Medicines) for its Mandideep facility. The unit was inspected by EDQM during March 2018. The inspection was focused on the Application for Certificate of Suitability for the dossier of Cefaclor along with facility inspection for Quality Management Systems based on cGMP as laid under European Union rules governing Medicinal products.

Cadila Healthcare was up 1.64%. The company announced during trading hours today, 30 July 2018, that it received the tentative approval from the US Food & Drug Administration (USFDA) to market Vardenafil Hydrochloride Tablets (US RLD-Levitra) in the strengths of 2.5 mg, 5 mg, 10 mg and 20 mg. The drug is an erectile dysfitnction agent that works by blocking a certain enzyme (phosphodiesterasePDES) used to treat erectile dysfunction (impotence). It will be manufactured at the group's formulations manufacturing facility at SEZ. In line with this, the group now has 212 approvals and has so far filed over 330 ANDAs since the commencement of the filing process in FY 2003-04.

Overseas, Asian stocks declined as markets took cues from declines in Wall Street's last session, with focus this week shifting to the Bank of Japan.

The Bank of Japan (BoJ) will declare its interest rate decision on Tuesday, 31 July 2018. BoJ left its key short-term interest rate unchanged at -0.1% at its June 2018 meeting.

US stocks closed lower Friday, 27 July 2018, following disappointing results from Twitter Inc. and bellwethers, including Exxon and Intel.

US second-quarter GDP grew at 4.1%, with a jump in consumer spending and business investment contributing to the figure. That was the quickest pace of growth since 2014. Separately, consumer sentiment fell to a six-month low in July, the University of Michigan said.

Meanwhile, the Federal Reserve's Federal Open Market Committee will embark on its two-day meeting on Tuesday, with the central bank expected to announce its decision during Wednesday, 1 August 2018, US hours.

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