Pharma shares gain

Indices extended intraday recovery with the Sensex and the Nifty regaining the positive zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 15.40 points or 0.04% at 35,253.08. The Nifty 50 index was up 12.75 points or 0.12% at 10,611.15. Pharma shares gained.

Key benchmark indices edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade.

The S&P BSE Mid-Cap index was up 0.78%. The S&P BSE Small-Cap index was up 0.52%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1215 shares rose and 952 shares fell. A total of 125 shares were unchanged.

Overseas, Asian stocks were trading lower on lingering worries over US-China trade relations. On the data front, China's consumer inflation remained at the second-highest level so far this year, buoyed by an acceleration in non-food prices, official data showed Friday. The consumer price index rose 2.5% in October from a year earlier, unchanged from the growth in September, the National Bureau of Statistics said.

US stocks closed mostly lower yesterday, 8 November 2018 as the Federal Reserve kept interest rates unchanged in an unanimous decision and signaled that it would continue to tighten monetary policy at a gradual pace. As expected, the Fed kept its benchmark target for rates unchanged in a 2% to 2.25% range.

Back home, pharma shares gained. Cadila Healthcare (up 1.71%), Glenmark Pharmaceuticals (up 2%), Lupin (up 0.29%), Sun Pharmaceutical Industries (up 3.04%), Alkem Laboratories (up 0.52%), GlaxoSmithKline Pharmaceuticals (up 0.36%), Aurobindo Pharma (up 1.78%) and Wockhardt (up 2.52%) gained. Cipla (down 1.1%) and Dr Reddy's Laboratories (down 1.21%) fell.

Linde India jumped 16.53% to Rs 565.80 after the company's founder, the BOC Group, sought proposal to delist Linde India's equity shares from the stock exchanges. The BOC Group holds 6.39 crore equity shares, representing 75% of the paid up share capital of Linde India. The announcement was made during trading hours today, 9 November 2018.

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