Fresh buying in index pivotals propelled the key benchmark indices near day's high in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 248.90 points or 0.7% at 35,906.76. The Nifty 50 index was up 70.35 points or 0.65% at 10,843. Shares of index heavyweight Reliance Industries advanced. Pharma shares gained. Upbeat Asian stocks boosted sentiment on the domestic bourses.
Trading for the week began on a firm note as key benchmark indices saw gap-up opening on positive Asian stocks. Stocks trimmed gains in morning trade after an initial upmove. Key benchmark indices were trading firm in mid-morning trade.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1578 shares rose and 786 shares fell. A total of 102 shares were unchanged.
Index heavyweight Reliance Industries gained 1.24% to Rs 988.65.
Pharma shares gained. Cadila Healthcare (up 1.93%), Cipla (up 1.17%), Dr Reddy's Laboratories (up 2.51%), Glenmark Pharmaceuticals (up 0.49%), Lupin (up 0.7%), Sun Pharmaceutical Industries (up 2.21%), Alkem Laboratories (up 0.25%), GlaxoSmithKline Pharmaceuticals (up 1.44%), Aurobindo Pharma (up 0.98%) and Wockhardt (up 1.92%) rose.
Tata Motors rose rose 1.64%. Tata Motors's unit Jaguar Land Rover reported total retail sales of 52,049 vehicles in June 2018, up 0.9% year on year, primarily reflecting the introduction of the Range Rover Velar and the Jaguar E-PACE. Jaguar retail sales were up 6.4% in June to 16,328 thanks to the introduction of the E-PACE, partially offset by lower sales of F-PACE and other models. Land Rover retailed 35,721 vehicles in June, down 1.5% year on year as the introduction of Velar and increased sales of the refreshed Range Rover Sport were offset by lower sales of Evoque, Discovery Sport and other models. The announcement was made during market hours today, 9 July 2018.
Retail sales for June were up year-on-year in our Overseas markets (16.7%), in North America (7.4%) and in the UK (0.9%) China was down 9.5% as the reduction in import duties on passenger vehicles, starting 1 July, continued to result in deferred purchases as well as increased incentives in advance of the 1 July effective date. Europe was also down slightly(-3.8%).
Kirloskar Pneumatic Company rose 3.09% after the company said its board will meet on 24 July 2018 to consider sub-division of equity shares. The announcement was made on Saturday, 7 July 2018.
Overseas, Asian stocks gained as investors set aside concerns about escalating trade tensions to prepare for the latest earnings season after signs of continued economic strength. US stocks closed solidly higher on Friday, 6 July 2018 after a read on the labor market came in stronger than expected, supporting the thesis that economic fundamentals remain healthy despite trade-war anxieties.
On the economic data front, the US created 213,000 new jobs in June, while the readings for May and April were also revised higher. Separately, the unemployment rate rose to 4% from 3.8%. Meanwhile, the nation's trade deficit shrank 6.6% in May to a 19-month low.
On the political front, the Trump administration officially imposed tariffs on $34 billion of Chinese imports at midnight Eastern Time, and Beijing implemented tariffs on the same value in US goods, as promised.
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