Auto stocks witness mixed trend

Key benchmark indices hovered with modest gains in a range-bound trading in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 96.67 points or 0.33% at 29,506.19. The Nifty 50 index was up 26.85 points or 0.3% at 9,127.65. Positive global cues and robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, boosted investors' sentiment.

The BSE Mid-Cap index was up 0.3%, underperforming the Sensex. The BSE Small-Cap index was up 0.46%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On BSE, 1,295 shares rose and 1,287 shares fell. A total of 227 shares were unchanged.

Realty stocks were mostly lower. Unitech (down 2.32%), Prestige Estates Projects (down 0.76%), Oboroi Realty (down 0.33%), HDIL (down 0.32%) and Indiabulls Real Estate (down 0.19%) edged lower. Sobha (up 0.4%), Godrej Properties (up 0.08%) and DLF (up 0.03%) edged higher.

Auto stocks were mixed. Tata Motors (up 0.35%), Maruti Suzuki India (up 0.28%) and Eicher Motors (up 0.37%) edged higher. Mahindra & Mahindra (down 0.64%), Hero MotoCorp (down 0.28%) and Bajaj Auto (down 0.13%) edged lower.

Lupin was up 0.03%. The company announced the launch of Abacavir and Lamivudine tablets, 600 mg/300 mg having received an approval from the United States Food and Drug Administration (FDA) earlier. The announcement was made during market hours today, 29 March 2017.

Lupin's Abacavir and Lamivudine tablets are the AB rated generic equivalent of ViiV Healthcare Company's Epzicom tablets. It is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection. Epzicom tablets had US sales of $388.1 million (IMS MAT December 2016).

Power Grid Corporation of India (PGCIL) was down 0.28%. The company announced that it has acquired Medinipur-Jeerat Transmission, the Project SPV to establish transmission system for 765kV strengthening in Eastern Region (ERSS-XVIII), on build, own, operate and maintain (BOOM) basis from PFC Consulting. The transmission system is to be progressively constructed over a period of 40 months. The announcement was made during market hours today, 29 March 2017.

Overseas, European and Asian stocks edged higher, following gains in US equities on the back of a strong consumer confidence survey.

British Prime Minister Theresa May will file formal Brexit divorce papers today, 29 March 2017, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union, the media reported.

US stock markets rose yesterday, 28 March 2017, after the Consumer Board Consumer Confidence Index hit 125.60 in March, up from 116.1 in February, and the strongest reading since 2001.

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