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Market hits fresh intraday high

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Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P Sensex, was up 62.26 points or 0.2% at 31,165.75. The 50 index was up 5.90 points or 0.06% at 9,612.80. Index heavyweights Industries, and led the upmove on the domestic bourses. IT stocks fell. Most pharma also declined.

Trading activity remained within a small range so far as investors chose to stay on the sidelines and awaited clarity on the Federal Reserve's future path for US policy.

The S&P Mid-Cap index fell 0.14%, underperforming the The S&P Small-Cap index rose 0.32%, outperforming the

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,368 fell and 1,199 rose. A total of 167 were unchanged.

IT stocks fell. Infosys (down 0.02%), Wipro (down 1.93%), Oracle Financial Services Software (down 0.72%), MindTree (down 1.58%), Hexaware Technologies (down 2.53%) and MphasiS (down 1.97%) fell. Tech Mahindra (up 0.69%) and TCS (up 0.6%) rose.

HCL Technologies dropped 0.25%. The company launched General Data Protection Regulation (GDPR) services to help organizations comply with EU GDPR regulation. The announcement was made during market hours today, 14 June 2017.

Most pharma declined. Cadila Healthcare (down 1.36%), Cipla (down 1.87%), Alkem Laboratories (down 1.17%), GlaxoSmithKline Pharmaceuticals (down 0.45%), (down 0.43%) and Wockhardt (down 0.53%) fell. Glenmark Pharmaceuticals (up 0.38%) and Sun Pharmaceutical Industries (up 0.32%) rose.

Lupin rose 0.56% after the company announced today, 14 June 2017 that it has received final approval for its Oxycodone Hydrochloride Tablets USP, 5 mg, 10 mg, 15 mg, 20 mg and 30 mg from the United States Food and Drug Administration (FDA) to market a generic version of Mallinckrodt Inc's Roxicodone Tablets. The announcement was made during market hours today, 14 June 2017.

Oxycodone Hydrochloride Tablets are indicated for the management of pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate. Roxicodone Tablets had US sales of $344 million (IMS MAT March 2017).

Dr Reddy's Laboratories gained 1.87% after the company said that it has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration on 13 June 2017 as closure of audit for the company's API manufacturing plant at Miryalaguda. This unit was inspected by the USFDA in February 2017 and Dr Reddy's was issued form 483 with three observations. The announcement was made after market hours yesterday, 13 June 2017.

lost 1.07% to Rs 476.50 on turning ex-dividend today, 14 June 2017, for dividend of Rs 6 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.24% based on the closing price of Rs 481.65 yesterday, 13 June 2017.

Among domestic macroeconomic data, the annual rate of inflation, based on monthly wholesale price index (WPI) stood at 2.17% (provisional) for the month of May 2017 over May 2016 as compared to 3.85% (provisional) for the previous month and -0.9% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was -0.35% compared to a build up rate of 2.51% in the corresponding period of the previous year. The data was announced during market hours today, 14 June 2017.

Overseas, European stocks were trading higher while Asian stocks were trading mixed ahead of the US Federal Reserve's decision on interest rates. In US, the Dow and the S&P 500 closed at records yesterday, 13 June 2017, as technology rebounded following a two-day decline.

Among macroeconomic data, China's factory output and retail sales grew at a steady pace in May but investment slowed. Value-added industrial output, a rough proxy for economic growth, in May rose 6.5% from a year earlier, the same pace as in April. Fixed-asset investment growth slowed to 8.6% in the first five months of the year. Growth of private investment slowed slightly to 6.8% in January-May period from 6.9% in the first four months, the National Bureau of Statistics said, Retail sales were more upbeat, rising 10.7% in May from a year earlier, unchanged from April.

The US Federal Reserve's two-day meet ends today, 14 June 2017 and investors expect the central to raise interest rates for the third time since December. Super-low unemployment, gains in factory output and other economic data pointing to a recovery in the US economy have led investors to believe that the Fed will lift rates.

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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, June 14 2017. 14:35 IST
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