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Mid - Session Commentary
Indices hover near their intraday highs
12-Feb-18   14:24 Hrs IST

Key indices were hovering close to their intraday highs in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex rose 256.59 points or 0.75% at 34,262.35. The Nifty 50 index gained 70.75 points or 0.68% at 10,527.35. Firmness in global stocks supported gains on the bourses. Trading in US index futures indicating Dow could jump at the open today also boosted sentiment.

The market opened higher on firm global cues. Key indices held steady in morning trade after paring initial gains. Stocks held firm later during the session so far.

Among secondary indices, the S&P BSE Mid-Cap index rose 1.52%. The S&P BSE Small-Cap index gained 1.77%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was quite strong. There were more than three gainers for every loser. On the BSE, 2,069 shares advanced and 689 shares declined. A total of 129 shares were unchanged.

Shares of power generation and power distribution companies gained. Torrent Power gained 1.61%, NHPC 2.61%, NTPC 0.86%, Tata Power Company 2%, Adani Power 0.74%, Power Grid Corporation of India 1.73%, Reliance Infrastructure 3.76% and Reliance Power rose 2.12%.

Coal India fell 0.07% after consolidated net profit rose 4.21% to Rs 3004.79 crore on 4.42% rise in total income to Rs 22484.14 crore in Q3 December 2017 over Q3 December 2016. The result was announced on Saturday, 10 February 2018.

Bharti Airtel rose 0.97% after the company entered into a strategic partnership with Hotstar, India's largest premium streaming platform to bring exciting digital content from Hotstar's portfolio to Airtel customers. The announcement was made during market hours today, 12 February 2018.

Pharma stocks rose on renewed buying. Sun Pharmaceutical Industries advanced 1.95%, Aurobindo Pharma 3.21%, Cipla 1.18%, Wockhardt 2.09%, Dr Reddy's Laboratories 1.21%, Divi's Laboratories 1.43%, and Glenmark Pharmaceuticals added 0.71%.

Lupin gained 2.75% after the company announced the launch of its Oseltamivir Phosphate Capsules, USP having received an approval from the United States Food and Drug Administration (USFDA) earlier.

Lupin's Oseltamivir Phosphate Capsules, USP, 30 mg (base), 45 mg (base), and 75 mg (base) are the generic equivalent of Hoffman-La Roche, Inc.'s Tamiflu Capsules, 30 mg, 45 mg, and 75 mg. Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) are indicated for the treatment of acute, uncomplicated influenza A and B in patients 2 weeks of age and older who have been symptomatic for no more than 48 hours, and prophylaxis of influenza A and B in patients 1 year and older.

Oseltamivir Phosphate Capsules, USP had annual sales of approximately $518 million in the US as per IQVIA MAT December 2017. The announcement was made during market hours today, 12 February 2018.

Cadila Healthcare rose 3.54% after the company said that its Moraiya facility successfully completed US drug regulator's inspection. The announcement was made after market hours on Friday, 9 February 2018. Cadila Healthcare announced that the US Food and Drug Administration (USFDA) inspected the company's Moraiya facility in Gujarat from 5 February to 9 February 2018. At the end of the inspection, no observation (483) was issued.

BPCL fell 2.06% after net profit declined 5.64% to Rs 2143.74 crore on 13.21% rise in net sales to Rs 60616.36 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018. The average gross refining margin (GRM) in Q3 December 2017 is $7.89 per barrel compared with $5.90 per barrel in Q3 December 2016, BPCL said.

Avanti Feeds gained 2.86% after consolidated net profit jumped 128.31% to Rs 105.07 crore on 33.82% rise in total income to Rs 722.61 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Friday, 9 February 2018.

On the macroeconomic data front, the government will announce inflation data based on consumer price index (CPI) for January 2018 after market hours today, 12 February 2018. Consumer prices rose 5.21% in December 2017 over December 2016.

The government will also announce industrial production data for December 2017 after market hours today, 12 February 2018. India's industrial production rose sharply by 8.4% in November 2017 over November 2016.

Meanwhile, the provisional figures of direct tax collections up to January 2018 showed that net collections are at Rs 6.95 lakh crore which is 19.3% higher than the net collections for the corresponding period of last year. The net direct tax collections represent 69.2% of the revised estimates of direct taxes for FY 2018 (Rs 10.05 lakh crore). Gross collections (before adjusting for refunds) have increased by 13.3% to Rs 8.21 lakh crore during April 2017 to January 2018. Refunds amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018.

Overseas, European and Asian stocks gained after a late-day rally on Wall Street on Friday, 9 February 2018, as investors fretted about the risks from looming US inflation data. Japanese markets are closed today in observance of a public holiday.

Trading in US index futures indicated that the Dow could jump 161 points at the opening bell today, 12 February 2018.

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