Broader market recovers

Key indices trimmed gains after hitting fresh intraday high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 110.83 points or 0.28% at 39,223.57. The Nifty 50 index was up 30.50 points or 0.26% at 11,721.50.

Broader market turned positive. The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.17%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1024 shares rose and 1052 shares fell. A total of 103 shares were unchanged.

UPL was down 10.46% to Rs 851.05. The stock hit an intraday high of Rs 947.55 and an intraday low of Rs 847.60. The stock hit a 52-week low of Rs 537.90 on 19 July 2018 and a 52-week high of Rs 1045 on 12 June 2019. The stock has fallen over 18% from its 52-week high levels.

IndusInd Bank was up 2.96% to Rs 1423.80. The boards of IndusInd Bank and Bharat Financial Inclusion fixed 4 July 2019 as the record date for merger between IndusInd Bank and Bharat Financial Inclusion.

Pharma stocks were trading higher. Piramal Enterprises (up 3.60%), Divi's Laboratories (up 2.16%), Sun Pharmaceutical Industries (up 1.53%), Aurobindo Pharma (up 1.44%), Lupin (up 0.7%), Cipla (up 0.48%), Cadila Healthcare (up 0.44%) and Dr Reddy's Laboratories (up 0.09%), edged higher. Wockhardt (down 2.80%), Alkem Laboratories (down 0.98%) and GlaxoSmithKline Pharmaceuticals (down 0.35%), edged lower.

Glenmark Pharmaceuticals was up 0.35% to Rs 511.35. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%, a generic version of Evoclin Foam, 1%, of Mylan Pharmaceuticals Inc. According to IQVIA sales data for the 12 month period ending April 2019, the Evoclin Foam, 1% market achieved annual sales of approximately $17 million.

Realty stocks were trading higher. Indiabulls Real Estate (up 2.28%), Anant Raj (up 1.95%), DLF (up 1.50%), Godrej Properties (up 1.21%), Phoenix Mills (up 0.72%), Sobha (up 0.69%), Oberoi Realty (up 0.49%), Omaxe (up 0.17%), Sunteck Realty (up 0.10%) and Prestige Estates Projects (up 0.06%),all edged higher. Mahindra Lifespace Developers (down 1.04%) was only realty stock down.

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