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Market rallies on firm global stocks

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Domestic stocks logged strong gains in a steady session of trade led by index heavyweights Reliance Industries, and Bank. The barometer index, the Sensex, gained 282.48 points or 0.78% at 36,548.41, as per the provisional closing data. The index gained 74.90 points or 0.68% at 11,023.20, as per the provisional closing data. An overnight slump in and positive global stocks boosted sentiment on the domestic bourses.

dropped sharply on Wednesday on news that was suddenly set to restore hundreds of thousands of barrels per day, and the US struck a softer line on sanctions. will help in containing its fiscal deficit, current account deficit and fuel price inflation. imports 80% of its

In the global commodities markets, Brent for September 2018 settlement was up $1.39 at $74.79 a barrel. The contract had fallen $5.46 a barrel or 6.92% to settle at $73.40 a barrel during the previous trading session.

The Nifty moved above the psychological 11,000 mark in opening trade as domestic stocks saw an upbeat start on positive Asian stocks. Stocks extended gains in morning, and mid-morning trade. Strong buying frenzy in index heavyweights propelled the key benchmark indices to fresh intraday high in early afternoon trade, with the Sensex hitting fresh record high. Stocks held firm in afternoon trade. Indices trimmed gains in mid-afternoon trade. Stocks moved in a small range in late trade.

The barometer index, the Sensex, gained 282.48 points or 0.78% at 36,548.41. The index hit high of 36,699.53 in early afternoon trade, also its record high. The index hit intraday low of 36,422.08.

The index gained 74.90 points or 0.68% at 11,023.20. The index hit high of 11,078.30 and low of 10,999.65 so far during the day.

The Mid-Cap index fell 0.52%. The S&P BSE Small-Cap index fell 0.06%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1166 shares rose and 1476 shares fell. A total of 162 shares were unchanged.

Index heavyweight surged 4.42% to Rs 1,082.20.

Index heavyweight and housing major gained 1.74% to Rs 1,961.75.

rose 1.94%. said that the Water & Effluent Treatment Business of Construction has won orders valued Rs 2388 crore. The announcement was made during market hours today, 12 July 2018.

fell 0.48%. has received requisite approvals from the to start on-boarding new customers. has also been permitted by the UIDAI to resume the on-boarding of customers using Aadhaar based e-KYC. is a subsidiary The announcement was made during market hours today, 12 July 2018.

rose 0.52%. said that its wholly-owned subsidiary, DUSA Pharmaceuticals, filed trade secret misappropriation and tortious interference claims in an ongoing patent infringement lawsuit against Biofrontera Inc., Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and in the District Court for the District of The announcement was made after market hours yesterday, 11 July 2018.

The lawsuit alleges patent infringement of DUSA's patents covering DUSA's product, Levulan and Kerastick (aminolevulinic acid HCl) for topical solution, 20% used with DUSA's DUSA additionally alleges that the Biofrontera defendants misappropriated confidential and trade secret information from DUSA and improperly obtained confidential DUSA information from former DUSA employees to sell and market defendants' own products. The lawsuit seeks an assessment of both damages and injunctive relief against the Biofrontera defendants.

The patents-in-suit concern an apparatus and method for "photodynamic therapy" (or PDT) and equipment for PDT. The photodynamic therapy, pioneered by DUSA, combines a drug with a light source to treat disease conditions. The product was launched by DUSA in September 2000 in the US.

shed 0.3%. The company announced that its wholly-owned subsidiary, Powergrid Warora Transmission, secured through tariff based competitive bidding (TBCB), has successfully put the elements into commercial operation progressively from November 2016 and the entire project put into commercial operation by 10 July 2018. The announcement was made after market hours yesterday, 11 July 2018.

On the macro front, the government will after market hours today, 12 July 2018 announce industrial production data for May 2018. India's industrial output grew 4.9% year-on-year in April 2018, following an upwardly revised 4.6% advance in the previous month.

Overseas, shares in and edged higher, despite lingering concerns around the US and Chinese trade war that show little sign of abating. US stocks fell yesterday, 11 July 2018 after the announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.

The late Tuesday said it would assess 10% tariffs on a further $200 billion in Chinese goods. The US last week hit with levies on $34 billion in goods, and retaliated with tariffs of the same amount. A final decision on the products to be hit with the new tariffs is reportedly expected after a consultation period in late August.

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

First Published: Thu, July 12 2018. 15:52 IST