Market trims initial gains

Stocks trimmed initial gains amid mild volatility in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 17.01 points or 0.05% at 37,708.90. The Nifty 50 index was up 7 points or 0.06% at 11,394.10.

The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.17%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1068 shares rose and 554 shares fell. A total of 69 shares were unchanged.

Overseas, most Asian stocks rose on positive leads from earnings-led gains on Wall Street. The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway impressing and Facebook lifting the Nasdaq after a report it was planning new services.

Back home, Adani Ports And Special Economic Zone lost 2.89%. On a consolidated basis, net profit fell 9.14% to Rs 697.40 crore on 12.17% decline in net sales to Rs 2411.03 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 6 August 2018.

Sun Pharmaceutical Industries rose 0.23% after the company announced that it launched Kapspargo Sprinkle (metoprolol succinate) extended release capsules in the US, for the treatment of hypertension (to lower blood pressure), angina pectoris (chest pain), and heart failure (to reduce the risk of cardiovascular mortality and heart-failure hospitalization in patients with heart failure). The announcement was made after market hours yesterday, 6 August 2018.

Kridhan Infra gained 4.54% after the company announced that its associate company, Vijay Nirman Company, has been awarded a new project worth Rs 132.6 crore. The award has been granted for the main civil works for a fertilizer plant in Gorakhpur, Uttar Pradesh and the timeframe for the completion of the project is approximately 14 months. The announcement was made after market hours yesterday, 6 August 2018.

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