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Strong market breadth

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The market extended gains in mid-morning trade amid strong buying in pivotals. At 11:19 IST, the barometer index, the Sensex, was up 361.20 points or 1.05% at 34,660.67. The was up 128.50 points or 1.25% at 10,429.55.

Among secondary barometers, the Mid-Cap was up 3.09%. The Small-Cap index was up 2.65%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1745 shares rose and 453 shares fell. A total of 93 shares were unchanged.

Pharmaceuticals shares were in demand. (up 7.66%), (up 5.66%), (up 2.78%), (up 2.40%), (up 1.41%), Lupin (up 1.39%), (up 1.37%), (up 1.34%), Cadila Healthcare (up 1.29%), (up 1.17%), (up 0.79%), (up 0.75%), (up 0.72%) and (up 0.30%), edged higher.

IT shares were mixed. (up 2.8%), (up 2.61%), (up 1.79%), (up 1.44%), (up 1.02%) and (up 0.21%), edged higher. (down 0.05%), (down 0.41%), (down 1.16%) and (down 1.54%), edged lower.

On the macro front, based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve of India (RBI) has decided to conduct purchase of the following Government securities under Open Market Operations for an aggregate amount of Rs 12000 crore on 11 October 2018 through multi-security auction using the multiple price method.

Overseas, Asian shares were mixed on Wednesday after a mixed finish on Wall Street overnight. US stocks closed mostly lower Tuesday after a volatile session as investors continued to fret over the implication of higher bond yields on equities. The Nasdaq, however, snapped a three-day losing streak in line with a rebound in

US said Tuesday that he did not like the Federal Reserve's decision to continue hiking interest rates. The last raised its benchmark interest rate by a quarter point in September, while raising its expectations for economic growth for this year and next.

On the US data front, the National Federation of Independent small-optimism index fell 0.9 point in September, falling from a 45-year high to a seasonally adjusted level of 108.8.

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

First Published: Wed, October 10 2018. 11:24 IST