Strong market breadth

The Sensex extended gains and hit fresh intraday high in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 255.31 points or 0.81% at 31,615.94. Trading was stopped in both cash and F&O segment of NSE due to technical reasons. Buoyant Asian stocks lifted sentiment on the domestic bourses.

Due to technical reasons in cash market, trading has been stopped in both cash and F&O segment of NSE. The technical team of NSE is looking into the issue and market re-open time will be intimated shortly, NSE said. NSE said that trading has has been further delayed. In its latest update, NSE said that cash market segment normal market and F&O segment shall open at 12:30 IST.

Domestic stocks kick-started trading for the week on a upbeat note on positive Asian stocks. The Sensex was trading firm in morning and mid-morning trade.

The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.46%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,483 shares rose and 885 shares fell. A total of 132 shares were unchanged.

Pharma stocks rose. Dr Reddy's Laboratories (up 1.11%), Glenmark Pharmaceuticals (up 1.67%), Lupin (up 2.61%), Cadila Healthcare (up 0.93%), Cipla (up 0.55%), Alkem Laboratories (up 0.36%), Aurobindo Pharma (up 1.37%) and Wockhardt (up 1.3%) gained. GlaxoSmithKline Pharmaceuticals (down 0.24%) fell.

Sun Pharmaceutical Industries advanced 2.41% after the company and one of its wholly-owned subsidiaries entered into settlements with certain plaintiffs in re Modafinil Antitrust Litigation matter currently pending in the United States District Court for the Eastern District of Pennsylvania. The settlements extend to all claims brought by Apotex Corporation and the Retailer Purchaser Plaintiffs. The settlements remain are confidential. The announcement was made after market hours on Friday, 7 July 2017.

Capital goods stocks edged higher. ABB India (up 0.83%), Bharat Heavy Electricals (Bhel) (up 0.7%), Bharat Electronics (up 1.21%), L&T (up 1.25%), Punj Lloyd (up 0.49%), Siemens (up 0.67%) and Thermax (up 1.54%) rose. BEML (down 0.44%) fell.

Biocon fell 5.33% on reports that the French health regulator found lapses in quality compliance at its Bangalore plant during a March inspection. In a stock exchange filing on Sunday, 9 July 2017, Biocon said the French inspecting authority (ANSM) conducted pre-approval inspection audits of the company's Bangalore drug substance and drug product sites related to the pending EMA Marketing Authorization Applications for Trastuzumab, Pegfilgrastim and related to Insulin Glargine (pen assembly only).

Overseas, Asian stocks were trading higher after a stronger-than-expected US jobs data reinstated confidence in global growth. US stocks finished higher on Friday, 7 July 2017 as tech stocks rebounded from a slump and the jobs report showed a higher-than-expected gain for June.

The Fed, in its semiannual monetary policy report, forecast a gradual hike in interest rates and a winddown of the balance sheet as the economy continues its steady pace of expansion. Meanwhile, the Group of 20 meeting of world leaders made little impact on markets, as there was less discord than expected.

In economic data, an employment report showed the US added 222,000 jobs in June, representing the second-largest job haul of the year and underscoring that the labor market remains healthy. The Labor Department said unemployment ticked up to 4.4% from 4.3%.

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