Sensex, Nifty hit fresh intraday high

Key benchmark indices hit fresh intraday high in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 114.25 points or 0.38% at 30,479.50. The Nifty 50 index was up 29.20 point, or 0.31% at 9,415.35.

The Sensex rose 168.90 points, or 0.56% at the day's high of 30,534.15 in mid-morning trade. The index rose 30.44 points, or 0.10% at the day's low of 30,395.69 in early trade. The Nifty rose 45.75 points, or 0.49% at the day's high of 9,431.90 in mid-morning trade. The index rose 0.20 points at the day's low of 9,386.35 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.08%, underperforming the Sensex. The BSE Small-Cap index was up 0.46%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1,236 shares rose and 1,040 shares fell. A total of 125 shares were unchanged.

Drug major Sun Pharmaceutical Industries was up 0.24% at 614. The company announced the US Food and Drug Administration (FDA) acceptance of the Biologics License Application (BLA) for tildrakizumab. The FDA filing acceptance follows the acceptance of the regulatory filing of tildrakizumab by the European Medicines Agency (EMA) in March 2017. Tildrakizumab is an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate-to-severe plaque psoriasis. The BLA filing for tildrakizumab was submitted by Merck & Co., Inc., Kenilworth, NJ, USA.

Telecom shares were mixed. Reliance Communications (down 1.07%), Idea Cellular (down 1.01%) and Tata Teleservices (Maharashtra) (down 0.45%), edged lower. Bharti Airtel (up 0.15%) and MTNL (up 1.91%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 1.13%.

Most cement shares declined. Ambuja Cements (down 0.63%), ACC (down 0.56%) and UltraTech Cement (down 0.2%), edged lower.

Grasim Industries was up 1.41%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Jubilant Life Sciences zoomed 11% after consolidated net profit spurted 1272.3% to Rs 149.03 crore on 7% growth in net sales to Rs 1565.79 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 23 May 2017.

Voltas surged 9.41% after consolidated net profit rose 22.1% to Rs 200.47 crore on 8.5% growth in net sales to Rs 1998.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 23 May 2017.

Overseas, most Asian shares were trading higher as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting. Investors are awaiting the release of minutes from the Fed from its previous meeting for details on the probability of a rate hike in June.

China's Shanghai Composite was down 0.81%. Moody's Investors Service downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing concerns efforts to support growth will spur debt growth across the economy.

In US, shares closed higher yesterday, 23 May 2017, marking a fourth straight session in the green following the White House's release of its 2018 budget proposal. On the economic data front, US flash PMI reading for services and manufacturing for May were mixed. Manufacturing PMI dipped to an 8-month low, while services PMI rose to a 4-month high.

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