Market trims gains

Key benchmark indices trimmed gains soon after hitting fresh intraday high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 166.87 points or 0.56% at 29,822.71. The Nifty 50 index was currently up 57.10 points or 0.62% at 9,275.05. Gains were led by Reliance Industries (RIL), HDFC and ITC. Positive global cues boosted sentiment on the domestic bourses.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.76%. The BSE Small-Cap index was currently up 0.65%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,429 shares rose and 1,303 shares fell. A total of 174 shares were unchanged.

Most FMCG stocks gained. Britannia Industries (up 1.42%), Dabur India (up 0.26%), Godrej Consumer Products (up 2.26%), Hindustan Unilever (up 0.87%), Marico (up 2.27%), Nestle India (up 0.37%), Jyothy Laboratories (up 1.88%) and Bajaj Corp (up 1.32%) rose. GlaxoSmithkline Consumer Healthcare (down 0.12%), Colgate-Palmolive (India) (down 0.92%), Tata Global Beverages (down 0.26%) and Procter & Gamble Hygiene and Health Care (down 0.17%) fell.

Realty stocks saw mixed trend. Omaxe (up 2.75%), Phoenix Mills (up 2.1%), Sunteck Realty (up 1.82%), DLF (up 1.84%), Indiabulls Real Estate (up 0.99%), Prestige Estates Projects (up 1.75%) rose.

Oberoi Realty (down 1.68%), Parsvnath Developers (down 0.25%), Housing Development and Infrastructure (down 1.01%), D B Realty (down 1.82%), Unitech (down 1.18%), Sobha (down 1.38%) and Godrej Properties (down 1.68%) fell.

Jubilant Life Sciences gained 3.29% after the company received Abbreviated New Drug Application final approval for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg from the United States Food & Drug Administration (USFDA). The announcement was made during market hours today, 25 April 2017.

Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg is the generic version of Benicar of Daiichi Sankyo, which is used for the treatment of hypertension. This is the second approval that the company has received from the USFDA during the current financial year. The company had a total of 73 ANDAs for oral solids filed in the US, of which 49 have been approved.

Overseas, European stocks started the trading session on the front foot, extending previous day's gains, as investors monitor political developments in France and ahead of the European Central Bank's policy meeting later in the week.

Business confidence in France was steady in April amid improved conditions in the factory sector, offset by a slip in service sector confidence. INSEE's headline business confidence index was unchanged in April from the month before at 104.

Asian shares gained following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election. US stocks rallied yesterday, 24 April 2017, as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points, or 1.1%, to close at 20,763.89. The S&P 500 surged 25.46 points, or 1.1%, to 2,374.15.

Macron led the field in the first round of the French presidential election on Sunday, 23 April 2017, with 23.9% of the vote, ahead of far-right candidate Marine Le Pen with 21.4%. The two will now face off in the final round 7 May 2017.

Macron has promised to cut corporate tax rates gradually to 25% from the current 33%. He also wants to make France's 35-hour work week more flexible, and slash housing taxes for most people. He has pledged to cut public spending by 60 billion ($64 billion) a year, and plans an economic stimulus package worth 50 billion over five years. Macron is a free trade supporter and campaigned in favor of the EU's new agreement with Canada. Marine Le Pen wants France to leave the euro, return to the franc, exit the Schengen agreement and close French borders for immigrants.

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