Positive market breadth

Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 155.15 points or 0.52% at 30,098.39. The Nifty 50 index was currently up 43.55 points or 0.47% at 9,350.15. The Sensex was trading above the psychologically important 30,000 mark. The Sensex and the Nifty, both, hit their record high levels in mid-morning trade. Positive global cues boosted market sentiment.

The Sensex rose 175.62 points, or 0.59% at the day's high of 30,118.86 in mid-morning trade, its record high level. The index rose 61.04 points, or 0.20% at the day's low of 30,004.28 in early trade. The Nifty rose 50.95 points, or 0.55% at the day's high of 9,357.55 in mid-morning trade, its record high level. The index fell 5.25 points, or 0.06% at the day's low of 9,301.35 in early trade.

Among secondary barometers, the BSE Mid-Cap index and the BSE Small-Cap index were currently up by 0.40% each. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,330 shares rose and 1,205 shares fell. A total of 128 shares were unchanged. The market breadth was strong in morning trade.

Overseas, Asian indices traded higher following the rise in US stocks on the back of strong earnings announcements and on expectations for US President Donald Trump's impending tax reforms. In the US, stocks soared as McDonald's and Caterpillar reported strong earnings, with the Nasdaq surpassing the 6,000 mark for the first time. The Dow Jones industrial average surged 1.12% to close at 20,996.12.

Back home, cement shares were in demand. Ambuja Cements (up 0.95%), ACC (up 0.46%) and UltraTech Cement (up 0.28%), edged higher.

Grasim Industries was up 0.63%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most pharmaceutical shares edged lower. Piramal Enterprises (down 1.95%), Divi's Laboratories (down 1.11%), Cipla (down 1.09%), Glenmark Pharmaceuticals (down 0.89%), Strides Shasun (down 0.8%), Wockhardt (down 0.35%), Dr Reddy's Laboratories (down 0.22%), Lupin (down 0.18%) and Sun Pharmaceutical Industries (down 0.02%), edged lower. Cadila Healthcare (up 0.11%), GlaxoSmithKline Pharmaceuticals (up 0.22%), Aurobindo Pharma (up 0.26%), Alkem Laboratories (up 0.47%) and IPCA Laboratories (up 2.62%), edged higher.

ICICI Prudential Life Insurance Company lost 2.11% to Rs 409.85, with the stock dropping from record high as the company reported tepid growth in bottom line in Q4 March 2017 over corresponding previous quarter. The stock had hit a high of Rs 423.35 so far during the day, which is a record high. On consolidated basis, ICICI Prudential Life Insurance Company's net profit rose 1.31% to Rs 408.24 crore on 122.31% growth in total income to Rs 14117.14 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 April 2017.

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