Benchmarks slide further; pharma shares decline

The Sensex and the Nifty further extended losses and hit fresh intraday low in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 222.26 points or 0.56% at 39,534.55. The Nifty 50 index was down 68.40 points or 0.57% at 11,837.80.

The advance-decline ratio leaned in favour of the sellers. On BSE, 543 shares rose and 1530 shares fell. A total of 84 shares were unchanged. In broader market, the BSE Mid-Cap index was down 0.72%. The BSE Small-Cap index was down 0.70%. Both these indices underperformed the Sensex.

Pharma shares declined. Strides Shasun (down 2.58%), Wockhardt (down 2.26%), Piramal Enterprises (down 1.86%), Lupin (down 1.62%), Alkem Laboratories (down 1.38%), Aurobindo Pharma (down 1.32%), Dr Reddy's Laboratories (down 0.86%), Divi's Laboratories (down 0.7%), Sun Pharmaceutical Industries (down 0.68%), Cadila Healthcare (down 0.22%), Cipla (down 0.2%) and GlaxoSmithKline Pharmaceuticals (down 0.06%), edged lower. Glenmark Pharmaceuticals (up 0.68%) and IPCA Laboratories (up 2.61%), edged higher.

IT shares were mixed. Infosys (down 1.33%), HCL Technologies (down 0.79%), Tech Mahindra (down 0.57%), MindTree (down 0.47%), Oracle Financial Services Software (down 0.46%) and Wipro (down 0.02%), edged lower. Persistent Systems (up 0.18%), Hexaware Technologies (up 0.82%) and MphasiS (up 1.42%), edged higher.

IT major TCS was down 0.22% at Rs 2253.50 after hitting a 52-week high of Rs 2,285.05 in morning trade today.

Power Finance Corporation was down 0.68% after the company announced that it had been able to raise $1 billion from the international markets. The announcement was made after market hours yesterday, 12 June 2019.

NTPC was up 0.34% after the company announced that it entered a joint venture agreement with East Delhi Municipal Corporation (EDMC) to incorporate a joint venture company (JVC) between NTPC and EDMC with equity participation of 74:26 respectively with an objective to develop & operate integrated waste management & energy generation facility. The announcement was made after market hours yesterday, 12 June 2019.

Edelweiss Financial Services was down 0.94% while Bank of Baroda was down 2.80%. Edelweiss Financial Services and Bank of Baroda signed an agreement to form a strategic partnership to explore co-lending. With this partnership, both Edelweiss Financial Services and Bank of Baroda will jointly offer loans and expertise for the growing needs of MSME and self-employed as well as priority sector groups. The announcement was made today during market hours.

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