Sensex, Nifty come off day's high

Key benchmarks trimmed gains in mid-afternoon trade after hitting fresh intraday high in afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 135.34 points or 0.38% at 35,351.66. The Nifty 50 index was up 34.60 points or 0.32% at 10,752.40.

The market opened lower, but firmed up as the session progressed. The Sensex rose 188.51 points, or 0.54% at the day's high of 35,404.83 in afternoon trade. The index fell 82.12 points, or 0.23% at the day's low of 35,134.20 in early trade. The Nifty rose 48.45 points, or 0.45% at the day's high of 10,766.25 in afternoon trade. The index fell 27.95 points, or 0.26% at the day's low of 10,689.85 in early trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.48%. The BSE Small-Cap index was up 0.06%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,368 shares fell and 1,215 shares rose. A total of 128 shares were unchanged.

Most IT shares rose. MphasiS (up 3.20%), Oracle Financial Services Software (up 1.51%), TCS (up 1.34%), Persistent Systems (up 0.71%), HCL Technologies (up 0.45%), Hexaware Technologies (up 0.42%) and Infosys (up 0.39%), edged higher. Tech Mahindra (down 0.08%), Wipro (down 0.24%) and MindTree (down 1.16%), edged lower.

Pharmaceutical shares were mixed. IPCA Laboratories (down 1.32%), Aurobindo Pharma (down 1.29%), Divi's Laboratories (down 0.61%), Sun Pharmaceutical Industries (down 0.5%), Dr Reddy's Laboratories (down 0.45%), Wockhardt (down 0.35%) and GlaxoSmithKline Pharmaceuticals (down 0.21%), edged lower. Cipla (up 0.03%), Glenmark Pharmaceuticals (up 0.08%), Alkem Laboratories (up 0.20%), Piramal Enterprises (up 0.57%), Cadila Healthcare (up 1.70%) and Strides Shasun (up 2.66%), edged higher.

Drug major Lupin was down 0.18%. The company announced that YL Biologics (YLB) its JV with Yoshindo and Kyowa (Lupin's Subsidiary) in Japan has submitted a New Drug Application (NDA) for Marketing Authorization to the Pharmaceuticals and Medical Devices Agency (PMDA) for a biosimilar of Etanercept to treat indications for moderate to severe Rheumatoid Arthritis (RA) and Juvenile Idiopathic Arthritis. YL Biologics and Kyowa filed the NDA in Japan in March, 2018. The announcement was made after market hours yesterday, 8 May 2018.

Sintex Industries surged 9.47% after consolidated net profit rose 15.91% to Rs 57.42 crore on 6.67% fall in net sales to Rs 617.27 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 8 May 2018.

Overseas, European shares were trading higher, supported by strength in oil stocks after US President Donald Trump pulled the United States out of Iran's nuclear agreement, boosting crude prices. Asian shares saw mixed trend.

US stocks came off their lows on Tuesday to end a choppy session little changed, after Trump announced the US was abandoning the 2015 Iran nuclear deal, which was forged by former President Barack Obama three years ago. The president also said he planned to ramp up penalties against Tehran, including the highest level of economic sanctions.

In US, an index of small-business optimism from the National Federation of Independent Businesses ticked up 0.1 point to 104.8 in April. Separately, a report on US job openings, known as the Job Openings and Labor Turnover Survey, or JOLTS, showed a record 6.6 million job openings in March.

Meanwhile, US Fed Chairman Jerome Powell reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.

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