Market turns volatile

Volatility ruled the roost in mid-afternoon trade as the key indices regained positive zone soon after reversing intraday gains. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 28.69 points or 0.08% at 36,886.92. The Nifty 50 index was up 5.20 points or 0.05% at 11,137.20.

The Sensex was currently trading below the psychological 37,000 mark after scaling a record high above that level in mid-morning trade. The Nifty also scaled fresh record high. Domestic stocks nudged higher in early trade buoyed by better-than-expected June 2018 quarterly results from index pivotals. Stocks maintained gains in morning trade. Key benchmark indices trimmed gains soon after hitting fresh record high in early afternoon trade. Key indices were trading in a narrow range near day's high in afternoon trade.

Trading could be volatile for the remaining part of the day as traders roll over positions in the F&O segment from the near month July 2018 series to August 2018 series. The July 2018 F&O contracts expire today, 26 July 2018.

The S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index was up 0.12%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,278 shares rose and 1,191 shares fell. A total of 134 shares were unchanged.

State Bank of India (up 4.42%), ICICI Bank (up 3.88%) and Power Grid Corporation of India (up 2.62%) edged higher from the Sensex pack.

Maruti Suzuki India fell 3.46%. The company's net profit rose 26.91% to Rs 1975.30 crore on 27.31% increase in net sales to Rs 21810.70 crore in Q1 June 2018 over Q1 June 2017. The result was announced during trading hours today, 26 July 2018.

The operating profit was Rs 2631.30 crore, a growth of 59.7% over the same period previous year on account of higher sales volume, favourable product mix and cost reduction efforts, partially offset by adverse commodity prices and forex rates.

While the operating profit increased by 59.7%, the net profit increased by 26.9% on account of lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year.

Dr. Reddy's Laboratories rose 0.36% after the company announced today that it has launched Hervycta (Trastuzumab ), a biosimilar of Roche's Herceptin in India, indicated for the treatment of HER2-positive cancers (early breast cancer, metastatic breast cancer and metastatic gastric cancer). Dr. Reddy's Hervycta is available in strengths of 150mg and 440mg multiple dose vials. The announcement was made during market hours today, 26 July 2018.

Herceptin (marketed as Herdon in India) and its biosimilars had India sales of approximately Rs 290 crore MAT for the most recent twelve months ended in December 2017, according to lpsos.

Commenting on the launch, MV Ramana, CEO- Branded Markets (India and Emerging Markets), Dr. Reddy's Laboratories said that Hervycta is a step forward in the company's effort to accelerate access to cancer patients in India, in the Oncology biosimilar space.

JSW Steel fell 1.34%. JSW Steel, through its wholly owned subsidiary in Italy, JSW Steel Italy S.r.l., on 24 July 2018, completed the acquisition of 100% shares each of Aferpi S.p.A and Piombino Logistics S.p.A and 69.27% of the shares of GSI Lucchini S.p.A. The announcement was made after market hours yesterday, 25 July 2018.

Overseas, European shares were trading higher as concerns over rising trade tensions between the US and Europe showed signs of easing.

Asian stocks were mixed as investor relief at US President Donald Trump and the European Commission chief's plan to ease trade tensions was offset by disappointing US earnings. US equities advanced Wednesday, after US President Donald Trump reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war.

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