Key benchmark indices were trading with small gains after alternately swinging between gains and losses near the flat line in afternoon trade in what was a listless session of trade so far. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 39.17 points or 0.13% at 30,621.77. The Nifty 50 index was up 0.60 points or 0.01% at 9,512.85. Auto stocks traded mixed. Pharma stocks declined.
Key indices dropped in early trade on negative Asian stocks. Stocks reversed initial losses and hit fresh record high levels in morning trade. Indices pared gains and swung between gains and losses near the flat line later during the session.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,409 shares fell and 1,147 shares rose. A total of 165 shares were unchanged.
Auto stocks traded mixed. Tata Motors (up 0.74%), Mahindra & Mahindra (M&M) (up 0.72%), Ashok Leyland (up 1.04%), and Hero MotoCorp (up 0.68%) gained. Maruti Suzuki India (down 0.63%), Eicher Motors (down 0.78%), Bajaj Auto (down 0.01%) and TVS Motor Company (down 0.45%) declined.
Pharma stocks declined. Glenmark Pharmaceuticals (down 1.75%), Aurobindo Pharma (down 0.22%), Cipla (down 0.59%), Cadila Healthcare (down 0.91%), Divi's Laboratories (down 0.61%), and Sun Pharmaceutical Industries (down 0.77%) declined.
Dr Reddy's Laboratories dropped 0.55%. The company announced that it has received approval from the United States Food & Drug Administration (USFDA) for the launch of Doxorubicin Hydrochloride Liposome Injection in the US market. Doxorubicin Hydrochloride Liposome Injection is a therapeutic equivalent generic version of Doxil. The announcement was made during market hours today, 17 May 2017.
The Doxil brand and generic had US sales of around $196 million for the most recent twelve months ended March 2017 according to IMS Health.
Lupin rose 0.5% after the company launched Cialis (tadalafil), an oral PDE5 inhibitor, for the treatment of erectile dysfunction (ED) in adult males. Cialis was shown to improve erectile function compared to placebo upto 36 hours following dosing. The product is currently marketed in over 100 countries. The announcement was made after market hours yesterday, 16 May 2017.
Lupin has acquired the rights to market, promote and distribute Lilly's erectile dysfunction (ED) product, Cialis through its specialty field force while Lilly will be responsible for manufacturing and importing the product. The PDE5 market in India is valued at around Rs 390 crore of which Tadalafil contributes around 23%.
JB Chemicals & Pharmaceuticals rose 1.29% after the company said that its board will consider buyback of shares on 23 May 2017. The announcement was made during trading hours today, 17 May 2017.
Meanwhile, the demonetization exercise is not expected to have a long term impact on domestic demand in India, which is projected to clock a 7.9% growth in fiscal 2018, as per the United Nations report. After note-ban, there has been a hike in the collection of personal income tax, Finance Minister Arun Jaitley was quoted as saying yesterday, 16 May 2017.
Overseas, European stocks edged lower in early trade and Asian stocks fell amid political and legal turmoil surrounding US President Donald Trump. Japan's core machinery orders fell short of expectations in March from the previous month. Core orders, regarded as a leading indicator of capital spending in the coming six to nine months, rose 1.4% in March from the previous month.
In US, the tech-heavy Nasdaq closed at a record for a second session in a row yesterday, 16 May 2017 as the Dow industrials and S&P 500 finished fractionally lower amid political uncertainty in the US.
Fresh reports emerged of President Donald Trump's interference in the Federal Bureau of Investigation's probe around his former National Security Advisor Michael Flynn. The latest development adds to the ongoing political turmoil after a report that the US president shared terrorism intelligence with Russian officials, an action he has since defended.
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