Market trades with modest gains

After a higher opening on positive global cues, key benchmark indices traded with modest gains in the morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex rose 126.37 points or 0.4% at 31,418.22. The Nifty 50 index advanced 33.35 points or 0.34% at 9,798.90. Market sentiment was positive on renewed hopes of US tax reform by the Trump administration.

The S&P BSE Mid-Cap index rose 0.4%, matching the Sensex's gains in percentage terms. The S&P BSE Small-Cap index advanced 0.79%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,341 shares rose and 579 shares declined. A total of 83 shares were unchanged.

Realty stocks advanced. DLF (up 3.76%), HDIL (up 2.77%), Indiabulls Real Estate (up 2.65%), Unitech (up 1.26%), D B Realty (up 1.13%), Sobha (up 0.4%), Godrej Properties (up 0.39%) and Oberoi Realty (up 0.31%) gained. Prestige Estates Projects (down 0.14%) declined.

Telecom stocks gained. Bharti Airtel (up 1.55%), Reliance Communications (up 0.44%) and Idea Cellular (up 0.4%) rose. Bharti Infratel was down 1.02% at Rs 383.35. Bharti Infratel is a telecom tower infrastructure subsidiary of Bharti Airtel .

Gati jumped 5.93% at Rs 114.25 after consolidated net profit surged 258.32% to Rs 18.31 crore on 5.89% rise in total income to Rs 453.13 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 22 August 2017.

Glenmark Pharmaceuticals rose 0.5% at Rs 604.40 after the company announced that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Triamcinolone Acetonide Ointment USP, 0.1%, the generic version of Kenalog Ointment, 0.1%, of Mylan Pharmaceuticals Inc. The announcement was made before market hours today, 23 August 2017.

According to IMS Health sales data for the 12 month period ended June 2017, the Kenalog Ointment, 0.1% market achieved annual sales of approximately $26.3 million in the US.

Overseas, Asian stocks witnessed a mixed trend. In economic news, the manufacturing sector in Japan continued to expand in August, and at a faster pace, the latest survey from Nikkei revealed today, 23 August 2017 with a flash Manufacturing PMI score of 52.8. That's up from 52.1 in July.

US stocks closed higher yesterday, 22 August 2017 on renewed hopes of US tax reform. Reports suggested that President Donald Trump's top aides and congressional leaders have made significant strides in shaping a tax overhaul, moving far beyond the six-paragraph framework pushed out in July that stoked fears about their ability to deliver on one of the GOP's (Republican Party) top priorities. There is broad consensus on some of the best ways to pay for cutting both the individual and corporate tax rates, reports suggested.

Meanwhile, the annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.

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