Strong market breadth

Key benchmark indices were trading higher in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 62.06 points or 0.18% at 34,725.17. The Nifty 50 index was up 12.95 points or 0.12% at 10,526.80.

Among secondary barometers,the BSE Mid-Cap index was up 0.17%, underperforming the Sensex. The BSE Small-Cap index was up 0.22%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 604 shares rose and 383 shares fell. A total of 32 shares were unchanged.

Overseas, Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on 12 June 2018. Trump said participating in the summit would be inappropriate given the tremendous anger and open hostility displayed by North Korea, which had reportedly suspended direct communication with the US this week.

US stocks finished lower Thursday as a sharp decline in energy-related shares pressured the broader market lower. On the data front, initial jobless claims rose by 11,000 to 234,000 in the week ended 19 May 2018. Separately, existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April.

Back home, United Spirits was up 4.74%. The company reported net profit of Rs 211 crore in Q4 March 2018 as compared with net loss of Rs 104.20 crore in Q4 March 2017. Total income rose 13.99% to Rs 2422.80 crore in Q4 March 2018 over crore in Q4 March 2017. The announcement was made after market hours yesterday, 24 May 2018.

Glaxosmithkline Pharmaceuticals was down 0.64%. The company net profit fell 6.35% to Rs 105.55 crore on 4.22% fall in total income to Rs 766.92 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 24 May 2018.

MOIL was up 0.87%. The company's net profit rose 10.35% to Rs 127.78 crore on 39.02% rise in total income to Rs 443.13 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 24 May 2018.

Camlin Fine Sciences was up 1.82%. The company's board of directors approved raising funds not exceeding Rs 250 crore by way of debt and FCCB/GDR/ADR/ QIP/other securities linked to equity / preference shares / any instrument or securities representing convertible securities. The announcement was made after market hours yesterday, 24 May 2018.

Gayatri Projects was up 2.29%. The company received a letter of award from the Ministry of Road Transport and Highways for part construction of six lane elevated corridor in the state of Telangana. This project is in JV with OJSC 'SIBMOST', i.e Gayatri - OJSC 'SIBMOST' (JV). The project is for construction of six lane elevated corridor from Km 7.950 to Km 14.200 of NH-163 to de-congest the urban limits of Hyderabad-Bhopalpatnam Section on EPC basis contract in Telangana for Rs 425 crore. The announcement was made after market hours yesterday, 24 May 2018.

Kaveri Seed Company was down 0.86%. The company's board approved the proposal for buyback of fully paid up equity shares not exceeding 29.63 lakh equity shares for an aggregate amount not exceeding Rs 200 crore at Rs 675 per share from the existing equity shareholders of the company on proportionate basis through tender offer route. The announcement was made after market hours yesterday, 24 May 2018.

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