Market trims gains

Stocks trimmed gains in morning trade after opening on a firm note. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 187.14 points or 0.55% at 34,034.37. The Nifty 50 index was up 64.70 points or 0.64% at 10,211.50.

The Sensex was currently trading above the psychological 34,000 level after regaining the psychological 34,000 level in opening trade. Domestic bourses opened on firm note on bargain hunting after a prior four-day slide.

The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.51%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1267 shares rose and 649 shares fell. A total of 92 shares were unchanged.

Overseas, Asian stocks swung to gains as Chinese shares reversed losses, helping offset concerns about the corporate earnings outlook in an environment of tightening financial conditions.

US stocks fell yesterday, 23 October 2018 as a big drop in the Chinese market revived fresh questions about the global economy. Sentiment remained fragile after Caterpillar repeated a warning from earlier this year about rising costs due to higher steel prices and US tariffs.

Back home, HDFC (up 2.14%), Asian Paints (up 2.12%), IndusInd Bank (up 1.84%), ICICI Bank (up 1.79%) and M&M (up 1.73%) edged higher from the Sensex pack.

Wipro (down 1.79%), TCS (down 1.04%) and Coal India (down 0.76%) edged lower from the Sensex pack.

Sun Pharmaceutical Industries lost 1.76%. The company announced that moderate-to-severe psoriasis treatment Ilumya (tildrakizumab-asmn) 100 mg/mL is now available in the United States. Ilumya is an injectable interleukin-23 (IL-23) inhibitor approved by the FDA for the treatment of moderate-to-severe plaque psoriasis in adults who are candidates for systemic therapy or phototherapy. The announcement was made after trading hours yesterday, 23 October 2018.

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