Nifty hovers at 9000; breadth strong

Key equity indices traded with strong gains near the day's high in morning trade. The Nifty hovered around the decisive 9000 mark. Global shares rallied on hopes the Covid-19 pandemic is nearing a peak.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 881.52 points or 2.95% at 30,775.48. The Nifty 50 index was up 255.20 points or 2.92% at 9003.95.

The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 3.39% while the S&P BSE Small-Cap index was up 3.16%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1534 shares rose and 290 shares fell. A total of 103 shares were unchanged. In Nifty 50 index, 48 stocks advanced while 2 stocks declined.

Buzzing Index:

Shares of private diagnostic labs corrected after the Supreme Court on Wednesday directed the government to issue directions to approved testing laboratories for conducting COVID-19 tests free of cost. Thyrocare Technologies (down 4.36%), Metropolis Healthcare (down 1.51%) and Dr. Lal PathLabs (down 0.08%) declined.

SC reportedly suggested that the Centre should create a mechanism wherein private laboratories did not charge exorbitant fees from public and government should reimburse the fees charged by labs.

Stocks in Spotlight:

Astron Paper & Board Mill jumped 9.69% to Rs 30 after the company received permission from Gujarat Government to commence operations of Unit-2 located at Bhuj. The company said it has partially started production with a bare minimum strength of men power in lines with the guidelines issued by Ministry of Health and Family Welfare.

Larsen & Toubro (L&T) rose 1.70% to Rs 821.35 after L&T Construction bagged 'major' contracts for its power transmission & distribution business in India and abroad. As per L&T's project classification, the valuation of the contracts won lies between Rs 5,000 to Rs 7,000 crore.

Pharma major Cipla jumped 13.55% after the company received final approval for generic version of Proventil HFA Inhalation Aerosol (Albuterol Sulfate Inhalation Aerosol 90mcg (base)/actuation). Cipla's Albuterol Sulfate inhalation aerosol is the first AB-rated generic therapeutic equivalent version of Merck Sharp & Dohme Corp's Proventil HFA Inhalation Aerosol. It is used for treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms. Cipla's Albuterol Sulfate inhalation aerosol is the first AB-rated generic therapeutic equivalent version of Merck Sharp & Dohme Corp's Proventil HFA Inhalation Aerosol. It is used for treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.

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