Market trims gain after firm start

Domestic stocks trimmed gains after a firm start on steady buying demand in index pivotals. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 182.12 points or 0.53% at 34,497.75. The Nifty 50 index was up 50.70 points or 0.49% at 10,354.25

The S&P BSE Mid-Cap index was up 0.56%. The S&P BSE Small-Cap index was up 0.08%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 883 shares rose and 465 shares fell. A total of 61 shares were unchanged.

Overseas, Asian stocks were trading mixed. Chinese stocks edged higher for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit. US stocks edged lower on Friday, 19 October 2018 as investors assessed the latest batch of corporate earnings and simmering geopolitical tensions ahead of the weekend.

Among stocks, Asian Paints rose 0.29% ahead of its September quarterly result today, 22 October 2018.

HDFC Bank gained 1.81%. Net profit of HDFC Bank rose 20.59% to Rs 5005.73 crore on 21.2% rise in total income to Rs 28215.15 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 20 October 2018.

Lupin rose 1.25%. Lupin's specialty pharma division, Lupin Neurosciences, announced that the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the European Medicines Agency (EMA), has adopted a positive opinion recommending the marketing authorization of NaMuscla (mexiletine hydrochloride) for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders. The announcement was made after market hours on Friday, 19 October 2018.

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