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Sensex, Nifty hit intraday high

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Key benchmark indices reversed losses to hit intraday high in afternoon trade as European stocks opened higher. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 143.77 points or 0.39% at 37,234.59. The was up 44.05 points or 0.4% at 11,192.25.

The domestic indices opened lower and briefly bounced into positive terrain in early trade. Recovery was short lived as indices once again dipped into the red in morning trade. Indices turned range bound in mid-morning trade. Volatility was witnessed in early afternoon trade as indices trimmed losses after hitting fresh intraday low.

Among secondary barometers, the BSE Mid-Cap was up 0.34%. The BSE Small-Cap was down 0.02%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 958 shares rose and 1331 shares fell. A total of 121 shares were unchanged.

(up 4.64%), (up 3.01%), (up 2.43%), (up 2.21%) and ITC (up 2.16%) edged higher from the Sensex pack.

(down 2.01%), (down 1.79%), (down 1.72%), (down 1.55%) and (down 1.49%) edged lower from the Sensex pack.

Drug Lupin rose 1.06%. The company announced during trading hours today, 14 May 2019, that it has received the Establishment Inspection Report (EIR) from the Food and Drug Administration (USFDA) for the Post-marketing Adverse Drug Experience (PADE) inspection, indicating successful closure of the inspection. The inspection was conducted at Lupin's global pharmacovigilance group DSRM (Drug Safety & Risk Management) based out of between 14 January 2019 and 18 January 2019. The inspection included a comprehensive scrutiny of practices and procedures for reporting of adverse events of Lupin's marketed products worldwide. The inspection closed with four observations.

was up 0.47%. The company's consolidated net profit surged 108.33% to Rs 297.41 crore on 40.32% rise in total income to Rs 3,444.36 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 13 May 2019.

On the economic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.07% (provisional) in April 2019 (over April 2018) as compared to 3.18% (provisional) in the previous month and 3.62% during the corresponding month of the previous year, the said in a release during trading hours today, 14 May 2019.

The all-general (CPI) rose to 2.92% in April 2019, compared with 2.86% in March 2019. The based on CPI was 4.58% in April 2018. The (CSO) released the data after market hours yesterday, 13 May 2019.

Overseas, European stocks climbed on Tuesday after a downbeat session in Asia, as investors awaited a resolution to the U.S.-trade negotiations following the recent escalation in tensions. Asian shares declined Tuesday following a sharp fall in US stocks overnight as the trade war between and the escalated.

announced on Monday that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of Last week, US raised duties on $200 billion in Chinese goods to 25% from 10%.

US Trade Representative's office reportedly said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.

In US, stocks closed sharply lower Monday, as investors weighed an escalating tariff fight that could pose risks to the US, Chinese and global economies.

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

First Published: Tue, May 14 2019. 13:32 IST