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Market pares gains

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A bout of volatility was witnessed as key benchmark indices pared gains in early afternoon trade. At 12:18 IST, the barometer index, the S&P Sensex, was up 49.07 points or 0.15% at 32,069.82. The 50 index was up 18.20 points or 0.18% at 9,904.55. Positive cues from Asian market boosted investors sentiment.

The rose 111.17 points, or 0.35% at the day's high of 32,131.92 in mid-morning trade, its record high. The index rose 33.23 points, or 0.10% at the day's low of 32,053.98 in morning trade. The rose 33.95 points, or 0.34% at the day's high of 9,920.30 in mid-morning trade, its record high. The index rose 8.35 points, or 0.08% at the day's low of 9,894.70 in morning trade.

Bluechips outperformed side counters. Among secondary barometers, the Mid-Cap index was down 0.18%. The Small-Cap index was up 0.04%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,231 shares rose and 1,200 shares fell. A total of 133 shares were unchanged.

ICICI Bank gained 1.26% to Rs 301.75 after the bank said that its subsidiary, ICICI Lombard General Insurance Company, filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a public offer of up to 8.62 crore shares of face value of Rs 10 each. The announcement was made after market hours on Friday, 14 July 2017.

The offer represents approximately 19% of ICICI Lombard General Insurance Company's equity share capital, for cash through an offer for sale of up to 3.17 crore shares by ICICI Bank and up to 5.44 crore shares by FAL Corporation. ICICI Lombard GIC is one of the leading private sector general insurance companies.

Pharmaceutical shares were mixed. GlaxoSmithKline Pharmaceuticals (down 0.73%), Divi's Laboratories (down 0.64%), Aurobindo Pharma (down 0.54%), Dr Reddy's Laboratories (down 0.39%), Wockhardt (down 0.29%), Glenmark Pharmaceuticals (down 0.26%), Strides Shasun (down 0.25%) and Sun Pharmaceutical Industries (down 0.05%), edged lower. Cipla (up 0.17%), Lupin (up 0.27%), IPCA Laboratories (up 1.22%) and Piramal Enterprises (up 1.38%), edged higher.

Alkem Laboratories was down 0.56% to Rs 1777.80. The company said US drug regulator cleared its Bioequivalence facility located at Taloja after the inspection. The announcement was made by the company after market hours on Friday, 14 July 2017.

Alkem Laboratories said that no Form 483 was issued by United States Food & Drug Administration (USFDA) after conducting an inspection at the company's Bioequivalence facility located at Taloja, Navi Mumbai from 10 July 2017 to 14 July 2017.

Cadila Healthcare rose 1.12% to Rs 536.10 after the company said it has received tentative approval from the US drug regulator to market Fingolimod Capsules, 0.5 mg. The announcement was made after market hours on Friday, 14 July 2017.

Cadila Healthcare announced that it has received the tentative approval from the United States Food and Drug Administration (USFDA) to market Fingolimod Capsules, 0.5 mg. The drug is an immunomodulating drug, mostly used for treating multiple sclerosis and will be produced at the group's formulations manufacturing facility at the Pharma SEZ, in Ahmedabad. The sales of Fingolimod Capsules is estimated at $2.1 billion as per IMS Health data. The group now has more than 120 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.

Power generation stocks were mixed. Jaiprakash Power Ventures (up 2.03%), Adani Power (up 1.18%), GMR Infrastructure (up 1.11%), Torrent Power (up 0.77%), NTPC (up 0.66%), Tata Power (up 0.6%) and CESC (up 0.14%), edged higher. Reliance Power (down 0.45%), Reliance Infrastructure (down 0.51%), NHPC (down 1.09%) and JSW Energy (down 1.34%), edged lower.

State-run Power Grid Corporation of India was up 0.79%. State-run Coal India was down 0.7%.

On the macro front, the monsoon session of Parliament kickstarts today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.

Overseas, Asian stocks rose after the Dow and S&P 500 hit record highs on Friday, 14 July 2017, on bets the Federal Reserve's accommodative monetary policy will continue following lackluster US data. Japan's Nikkei 225 was shut for a public holiday.

US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 12:20 IST