Amid divergent trend in index pivotals, the key benchmark indices ended the day's trading session with small losses. The barometer index, the S&P BSE Sensex, fell 33.29 points or 0.11% at 29,485.45, as per the provisional closing data. The Nifty 50 index was down 5.35 points or 0.06% at 9,121.50, as per the provisional closing data. Domestic bourses were weighed by fall in index heavyweights Reliance Industries (RIL) and Axis Bank.
Key indices slipped into the red in morning trade after witnessing a marginally higher start to the session. The Sensex, Nifty extended losses and hit fresh almost one week low in afternoon trade. Indices cut losses in mid-afternoon trade.
The Sensex gained 66.31 points or 0.22% at the day's high of 29,585.05 at onset of the day's trading session. The index lost 138.60 points or 0.47% at the day's low of 29,380.14 in afternoon trade, its lowest level since 15 March 2017. The Nifty gained 20.90 points or 0.23% at the day's high of 9,147.75 at onset of the day's trading session. The index lost 39.65 points or 0.43% at the day's low of 9,087.20 in afternoon trade, its lowest level since 15 March 2017.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,692 shares declined and 1,093 shares rose. A total of 189 shares were unchanged.
Pharma shares dropped. Sun Pharmaceutical Industries (down 1.27%), Lupin (down 0.77%), GlaxoSmithKline Pharmaceuticals (down 0.45%), Cadila Healthcare (down 0.87%), Cipla (down 0.65%) and Wockhardt (down 2.63%) declined.
Glenmark Pharmaceuticals (up 0.64%) and Alkem Laboratories (up 0.98%) rose.
Dr Reddy's Laboratories dropped 4.69%. The company during market hours today, 21 March 2017 said that as per the clarification issued on 8 March 2017, the audit of formulation manufacturing plant at Duvvada, Visakhapatnam, by the USFDA, has been completed on 8 March 2017. The company have been issued a Form-483 with 13 observations, which the company is addressing.
The company replied to media reports that indicated that USFDA has found repeat observations from 2015 warning letter and the company has failed to maintain complete data to ensure compliance.
Aurobindo Pharma lost 2.15%. The company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets, 600/30 mg and 1200/60mg (OTC). Aurobindo's Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets are the AB rated generic equivalent of Reckitt Benckiser's Mucinex DM tablets. The product will be launched in Q1 FY2018.
Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets helps loosen mucus and phlegm, and thin out bronchial secretions, making coughs more productive. The approved product has an estimated market size of $235 million for the twelve months ended December 2016, according to IRI database. The announcement was made after market hours yesterday, 20 March 2017.
Divi's Laboratories tumbled 20.21% after the US drug regulator issued an import alert at the company's Visakhapatnam unit-II. Divis Laboratories announced that the United States Food and Drug Administration (USFDA) has issued an Import Alert 66-40 on 20 March 2017 on the products manufactured at the company's Unit-II at Visakhapatnam, Andhra Pradesh. The agency has exempted the 10 products namely Levetiracetam, Gabapentin, Lamotrigine, Capecitabine, Naproxen Sodium, Raltegravir potassium, Atovaquone, Chloropurine , BOC core succinate and 2, 4-wing active ester, from the import alert, it added.
Divi's Laboratories said the company, along with third party consultants, is currently working to address the concerns of the USFDA and is making all efforts to fully meet the compliance requirements.
Indiabulls Housing Finance fell 3.22% to Rs 933.50 on profit booking after a recent rally. Shares of Indiabulls Housing Finance rose 13.56% in six trading sessions to settle at Rs 964.55 yesterday, 20 March 2017, from its close of Rs 849.40 on 9 March 2017.
Overseas, European markets were trading higher as investors eyed rising oil prices and intensifying talks between Greece and its euro zone creditors. Greece and its euro zone creditors remained at odds over the reforms required before new loans can be approved to Athens after an inconclusive meeting in Brussels yesterday, 20 March 2017.
Most Asian shares rose after the prospects of a less-hawkish Federal Reserve policy trajectory. The main US stock indexes closed marginally lower yesterday, 20 March 2017 for the third straight day of losses, as investors were reluctant to make big bets without major economic or corporate news.
Expectations that the US Federal Reserve will have to step up rate hikes to counter inflationary pressure from President Donald Trump's stimulus are waning after the Fed dropped no hints of an acceleration in credit tightening last week.
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