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Sensex Sheds Some Gains After Soaring Over 250 Pts In Early Trades

Indian shares opened on a bright note Tuesday morning, tracking cues from Wall Street where stocks rose sharply overnight thanks to a rally in technology stocks and positive news about potential coronavirus vaccines.

News about AstraZeneca resuming late-stage clinical trial of its coronavirus vaccine lifted sentiment in the U.S. market on Monday.

Oxford University and AstraZeneca have announced the resumption of trials of the coronavirus vaccine after the U.K.'s Medicines Health Regulatory Authority allowed the resumption of phase III clinical trials.

AstraZeneca announced that it is working with other health authorities as to when they can resume the other studies on AZD1222. It had halted trials of the vaccine early last week due to safety concerns following a U.K. patient's unexplained illness.

The benchmark BSE Sensex, which gained more than 250 points in early trades, pared some gains subsequently and was last seen at 38,889.12, up 122.49 points or 0.32% from Monday's close.

The National Stock Exchange's Nifty was up 36.85 points or 0.32% at 11,476.90, off an early high of 11,510.55.

Metal, power, bank and healthcare stocks gained in strength. Shares from consumer discretionary, oil and capital goods sectors too moved higher, while information technology and automobile stocks were mixed.

Among the stocks in the healthcare section, Cipla, Sun Pharmaceutical Industries and Dr Reddy's Laboratories were up 2 to 2.7%. Lupin is gaining 2.8% and Aurobindo Pharma is moving up 3.25%. Cadila Healthcare, Torrent Pharma, Biocon and Divi's Laboratories are also up sharply.

JB Chemicals & Pharmaceuticals shares are soaring 10% on strong results. The company reported a net profit of Rs 121.9 crore for the quarter ended June 2020, significantly higher than a net profit of Rs 59.1 crore it had posted in the year-ago quarter.

UPL and ICICI Bank were both higher by over 2%. HDFC, BPCL, Bajaj Finance, NTPC, Titan Industries, HDFC Bank and Zee Entertainment Enterprises gained 1 to 1.8%.

Tech Mahindra and HCL Technologies declined 1.6% and 1%, respectively. Eicher Motors, Tata Consultancy Services, Wipro and ITC lost 0.5 to 0.9%.

Hudco Limited said it posted a profit of Rs 203.4 crore in the first quarter, compared with Rs 335.6 crore in the year-ago quarter. The stock is down by about 1.6%.

Apollo Hospitals Enterprises Limited shares are gaining about 3.5% despite the company reporting a loss of Rs 226.2 crore in the first quarter of this financial year, against profit of Rs 49.2 crore in the corresponding quarter last year.

Future Retail is down nearly 2%. The company reported a loss of Rs 562 crore for the April - June quarter, against profit of Rs 159.2 crore a year ago.

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