Pharma shares decline

The Nifty hit fresh intraday high, while the Sensex was hovering near the day's high in mid-morning trade. At 11:23 the barometer index, the S&P BSE Sensex, was up 120.72 points or 0.35% at 35,036.10. The Nifty 50 index was up 39.55 points or 0.37% at 10,657.80. The Sensex was trading above the psychologically important 35,000 mark after opening above that level. Pharma shares witnessed selling pressure.

The Sensex rose 146.18 points, or 0.42% at the day's high of 35,061.56 in early trade. The index rose 62.36 points, or 0.18% at the day's low of 34,977.74 in morning trade. The Nifty rose 44.50 points, or 0.42% at the day's high of 10,662.75 in mid-morning trade. The index rose 17.40 points, or 0.16% at the day's low of 10,635.65 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.25%, underperforming the Sensex. The BSE Small-Cap index was up 0.55%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,339 shares rose and 947 shares fell. A total of 109 shares were unchanged.

IT shares were mixed. Oracle Financial Services Software (up 1.51%), Wipro (up 0.87%), Infosys (up 0.73%), Persistent Systems (up 0.61%), MindTree (up 0.46%) and Hexaware Technologies (up 0.03%), edged higher. Tech Mahindra (down 0.17%), HCL Technologies (down 0.31%), MphasiS (down 0.63%) and TCS (down 1.18%), edged lower.

Pharma shares declined. Strides Shasun (down 8.32%), Lupin (down 2.95%), Alkem Laboratories (down 2.9%), Sun Pharmaceutical Industries (down 1.69%), Glenmark Pharmaceuticals (down 1.64%), Dr Reddy's Laboratories (down 1.6%), Aurobindo Pharma (down 1.56%), GlaxoSmithKline Pharmaceuticals (down 0.91%), Cipla (down 0.79%), Cadila Healthcare (down 0.4%), Divi's Laboratories (down 0.36%) and IPCA Laboratories (down 0.14%), edged lower. Piramal Enterprises rose 0.93%.

NOCIL gained 2.13% after net profit surged 143.66% to Rs 50.95 crore on 44.92% growth in total income to Rs 279.08 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours on Friday, 4 May 2018.

Overseas, Asian shares were mixed despite the strong closing on Wall Street as investors digested last week's trade talks and US jobs numbers. US stocks logged sharp gains on Friday, 4 May 2018, as technology stocks rallied, overshadowing uncertainty over tense trade talks between the US and China and a weaker-than-expected rise in April nonfarm payrolls.

The US created 164,000 new jobs in April. Separately, the unemployment rate fell to 3.9% from 4.1%, the first time the jobless rate has dropped below 4% since the end of 2000.

Meanwhile, China and the US ended the second day of trade talks on Friday. Both sides recognise there are still big differences on some issues and that they need to continue to step up their work to make progress. The two sides exchanged views on expanding US exports to China, trade in services, bilateral investment, protection of intellectual property rights, resolution of tariffs and non-tariff measures.

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