Shares turn range bound

Key benchmark indices were hovering in a narrow range in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 106.64 points or 0.32% at 33,918.90. The Nifty 50 index was up 39.40 points or 0.38% at 10,481.60.

Positive cues from other Asian stocks boosted sentiment in domestic market. Key indices opened higher and hit fresh intraday high in morning trade. Further gains were capped as profit booking emerged at higher levels in mid-morning trade. Key benchmarks were range bound in early afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.77%. The BSE Small-Cap index was up 1.14%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,939 shares rose and 740 shares fell. A total of 97 shares were unchanged.

Overseas, Asian shares were mixed. Japanese market was shut. US stocks jumped overnight, with major indexes rallying to record levels in a broad rally. The Dow Jones Industrial Average rose 0.4%. The S&P 500 rose 0.8%. The Nasdaq Composite Index gained 1.5%.

Back home, pharmaceutical shares were mixed. Divi's Laboratories (up 2.63%), Wockhardt (up 2.29%), GlaxoSmithKline Pharmaceuticals (up 0.96%), Lupin (up 0.90%), Sun Pharmaceutical Industries (up 0.38%), Strides Shasun (up 0.27%), Piramal Enterprises (up 0.18%) and Cipla (up 0.07%), edged higher. Cadila Healthcare (down 0.04%), IPCA Laboratories (down 0.17%), Alkem Laboratories (down 0.18%), Glenmark Pharmaceuticals (down 0.36%), Aurobindo Pharma (down 0.57%) and Dr Reddy's Laboratories (down 2.46%), edged lower.

Most cement shares rose. ACC (up 1.17%), Ambuja Cements (up 0.82%) and UltraTech Cement (up 0.99%), edged higher.

Grasim Industries was down 0.04%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

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