Market trims gains

Key benchmark indices trimmed gains soon after hitting intraday high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 48.61 points or 0.14% at 33,823.27. The Nifty 50 index was up 5.95 points or 0.06% at 10,384.35. Realty stocks declined. Cement stocks slipped.

Stocks struggled for direction in opening trade amid mild volatility. Soon the key benchmark indices nudged higher and posted small gains in early trade. Stocks extended early gains and hit fresh intraday high in morning trade.

The S&P BSE Mid-Cap index was off 0.11%. The S&P BSE Small-Cap index was off 0.15%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,223 shares fell and 1,152 shares rose. A total of 118 shares were unchanged. Breadth was negative in early trade. It was strong in morning trade.

Back home, M&M (down 1.15%), ICICI Bank (down 0.77%) and Maruti Suzuki India (down 0.75%) were the top losers from the Sensex pack.

Realty stocks declined. Prestige Estates Projects (down 5.38%), DLF (down 0.67%), Indiabulls Real Estate (down 1.35%), Housing Development and Infrastructure (down 0.39%), D B Realty (down 0.67%), Sobha (down 0.98%), Godrej Properties (down 1.13%), and Oberoi Realty (down 0.84%) fell. Unitech (up 1.11%) rose.

Cement stocks slipped. ACC (down 0.49%), UltraTech Cement (down 0.15%) and Shree Cement (down 0.2%) declined.

Ambuja Cements was down 0.04% ahead of its Q4 December 2017 results today, 20 February 2018.

Grasim Industries was off 0.06%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Suven Life Sciences rose 2.26% after the company announced the grant of one product patent from India and one product patent from South Korea corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid through 2029 and 2033 respectively. The announcement was made during trading hours today, 20 February 2018.

The granted claims of the patents include the class of selective Alpha4 Beta2 and 5-HT4 compounds respectively and are being developed as therapeutic agents for major depressive disorders and for the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Narcolepsy, Parkinson and Schizophrenia respectively.

Overseas, Asian stocks were trading lower as Treasury yields climbed back toward recent four-year highs. Chinese markets will reopen on Thursday, 22 February 2018. US markets remained closed yesterday, 19 February 2018 in observance of Presidents Day.

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