Key benchmark indices trimmed losses in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was down 26.66 points or 0.1% at 28,024.22. The Nifty 50 index was currently down 8.45 points or 0.1% at 8,669.45. The Sensex was currently trading above the psychologically important 28,000 level after alternately swinging above and below that level in intrady trade.
The Sensex lost 82.80 points or 0.29% at the day's low of 27,968.08 in mid-morning trade. The barometer index rose 80.19 points or 0.28% at the day's high of 28,131.07 in early trade, its highest level since 10 October 2016. The Nifty lost 21.10 points or 0.24% at the day's low of 8,656.80 in morning trade. The index rose 20.85 points or 0.24% at the day's high of 8,698.75 in early trade, its highest level since 10 October 2016.
In overseas stock markets, Asian stocks edged higher tracking overnight gains in US stock markets. In mainland China, the Shanghai Composite was currently up 0.08%. In Hong Kong, the Hang Seng was currently down 0.29%. Latest data showed that China's gross domestic product (GDP) rose 6.7% in the third quarter from a year earlier. Another data showed that China's industrial output increased 6.1% in September 2016, from a year earlier. US stocks registered modest gains yesterday, 18 October 2016, helped by stronger-than-expected quarterly reports and after mixed inflation data.
Closer home, the market breadth indicating overall health of the market was strong. On BSE, 1,557 shares rose and 916 shares declined.
Auto stocks edged lower. Hero MotoCorp (down 0.99%), Tata Motors (down 0.93%), TVS Motor Company (down 0.52%), Maruti Suzuki India (down 0.23%) and Eicher Motors (down 0.42%) declined. Bajaj Auto (up 0.32%) and Ashok Leyland (up 0.95%) edged higher.
Mahindra & Mahindra (M&M) was down 0.89%. The company announced after market hours yesterday, 18 October 2016 that it has subscribed to and has been allotted 60 lakh equity shares of Rs 10 each of Classic Legends Private (CLPL), constituting 60% of its post-issue capital, offered to the company by CLPL on preferential basis. CLPL is into automobile industry. It is yet to commence its commercial operations.
Pharma stocks were mixed. Ipca Laboratories (up 0.23%), Strides Shasun (up 2.85%), Wockhardt (up 1.93%), Lupin (up 1.77%), Glenmark Pharmaceuticals (up 1.2%), Cipla (up 0.52%) and Dr Reddy's Laboratories (up 0.32%) edged higher. Alkem Laboratories (down 2.82%), Divi's Laboratories (down 1.48%), GlaxoSmithkline Pharmaceuticals (down 0.62%), Cadila Healthcare (down 0.43%) and Aurobindo Pharmaceuticals (down 0.11%) edged lower.
Sun Pharmaceutical Industries (Sun Pharma) was up 1.61% at Rs 755.90 after the company announced new exclusive collaboration with ICGEB to develop novel dengue vaccine for India & Global markets. The current collaboration is focussed on developing a novel, safe & effective vaccine for the prevention of dengue. The announcement was made during market hours today, 19 October 2016.
OnMobile Global rose 3.1% at Rs 124.60 after the company said that it has planned an event at Bangalore today, 19 October 2016 to unveil its new product portfolio and a consumer brand. OnMobile Global added that a press note in this regard will be issued later in the day after the event. The announcement was made during market hours today, 19 October 2016.
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