Key benchmark indices provisionally settled near the flat line on last trading day of the week as selling in index heavyweight Infosys and pharma stocks was mostly offset by gains in index heavyweight ITC and HDFC Bank. The barometer index, the S&P BSE Sensex, fell 19.33 points or 0.06% at 31,056.40, as per the provisional closing data. The Nifty 50 index rose 10 points or 0.1% at 9,588.05, as per the provisional closing data.
The Sensex gained 107 points or 0.34% at the day's high of 31,182.73 in mid-morning trade. The index fell 58.55 points or 0.19% at the day's low of 31,017.18 in late trade, its lowest level since 29 May 2017. The Nifty gained 37.80 points or 0.39% at the day's high of 9,615.85 in mid-morning trade. The index fell 12.55 points or 0.13% at the day's low of 9,565.50 in late trade.
Domestic stocks nudged higher in early trade on positive Asian stocks but soon pared gains. Key indices once again regained strength in morning trade. Stocks hovered near the flat line with positive bias in afternoon trade after paring gains in mid-morning trade. Stocks once again dipped in the red in mid-afternoon trade.
The market breadth, indicating the overall health of the market, was just about positive. On the BSE, 1,339 shares rose and 1,326 shares fell. A total of 152 shares were unchanged.
The total turnover on BSE amounted to Rs 4643.36 crore, higher than the turnover of Rs 3338.58 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC gained 1.46% to Rs 306.30. The stock hit a high of Rs 309.20 and low of Rs 302 in intraday trade.
Most pharma shares declined. Lupin (down 4.4%), Cadila Healthcare (down 1.4%), Cipla (down 2.39%), Dr Reddy's Laboratories (down 0.81%), Sun Pharmaceutical Industries (down 2.78%) and Wockhardt (down 0.69%) edged lower. Glenmark Pharmaceuticals (up 0.16%), GlaxoSmithKline Pharmaceuticals (up 0.31%), Alkem Laboratories (up 0.45%) and Aurobindo Pharma (up 1.47%) rose.
IPCA Laboratories lost 8.08% after the company said its facilities at Indore, Silvassa and Madhya Pradesh have been banned from the US market. The announcement was made after market hours yesterday, 15 June 2017.
IPCA Laboratories said that drugs manufactured at its facilities at SEZ Indore (Pithampur), Piparia (Silvassa) and Ratlam (Madhya Pradesh) have been banned from the US market by the US Food and Drug Administration (USFDA). The drug regulator cited violation of current good manufacturing norms for taking the step against the company. The USFDA has refused admission to all drugs made at the company's Pithampur and Silvassa facility.
All drugs, except API Chloroquine Phosphate, made at Ratlam (Madhya Pradesh) unit have also been denied entry in the US, it further said. The ban will continue until the company can demonstrate that the drugs manufactured from these manufacturing sites and intended for the US market are in compliance with the current good manufacturing practice regulation (cGMP).
AstraZeneca Pharma India rose 0.08% after the company said it received import and market permission in Form 45 from Drug Controller General of India for FDC of inhalation powder. The announcement was made after market hours yesterday, 15 June 2017.
AstraZeneca Pharma India said it received import and market permission in Form 45 (marketing authorization) from the Drug Controller General of India for fixed-dose combination (FDC) of Budesonide 320 g +Formoterol Fumarate Dihydrate 9 g inhalation powder.
FDC of Budesonide 320 g + Formoterol Fumarate Dihydrate 9 g inhalation powder (Symbicort Turbuhaler 320/9 g) is a product of AstraZeneca global and is indicated in the regular treatment of Asthma where use of combination of inhaled regular corticosteroid & long acting agonist is appropriate and patients with moderate to severe chronic obstructive pulmonary disease (COPD) with frequent symptoms and a history of exacerbations.
On the macroeconomic data front, merchandise exports have shown growth of 8.32% in dollar terms valued at $24014.62 million during May 2017 as compared to $22170.62 million during May 2016. Merchandise imports rose 33.09% and were valued at $37856.34 million during May 2017 from $28443.52 million in May 2016. The trade deficit for May 2017 was estimated at $13841.72 million as against the deficit of $6272.90 million during May 2016. The data was released by government after market hours yesterday, 15 June 2017.
Overseas, European stocks were trading higher with auto stocks advancing after data showed new car sales in the European Union rose 7.6% in May, as most countries in the region returned to an increase following last month's decline.
Most Asian stocks rose as a number of technology stocks posted gains. US stocks fell for the fourth time in five days dragged lower by shares including Apple and Alphabet that tumbled on bearish analysts' reports.
The Bank of Japan (BOJ) left policy unchanged today, 16 June 2017, maintaining its aggressive monetary stimulus aimed at lifting inflation, which continues to show weakness despite brighter spots elsewhere in the economy. The BOJ board voted to keep its target for 10-year Japanese government bond yields at around zero and a shorter-term interest rate at minus 0.1%, as widely expected by economists. The bank also reiterated that it would continue to buy government bonds at an annual pace of about 80 trillion ($720 billion).
Meanwhile, Washington remained in focus as the special counsel investigating Russia's interference in the 2016 election was said to be planning to interview two top U.S. intelligence officials about whether President Donald Trump sought their help to get the FBI to back off a related probe of former National Security Adviser Michael Flynn.
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