IT, pharma shares drop

The stock market trading remained subdued in mid-morning trade with the movement of two key benchmark indices confined to a narrow range around the flat line. At 11:17 IST, the barometer index, the S&P BSE Sensex, fell 7.05 points or 0.02% at 32,589.49. The Nifty 50 index dropped 17.55 points or 0.18% at 9,980.50.

Market sentiment remained subdued amid fears of global trade war. Higher global crude oil prices also kept the markets pressurized. In global commodities market, Brent crude oil futures were hovering above $70 a barrel. India imports majority of its crude requirements.

After initial volatility, key indices languished in a narrow range around the flat line so far.

Among secondary indices, the S&P BSE Mid-Cap index fell 0.4%. The S&P BSE Small-Cap index dropped 0.49%. Both these indices underperformed the Sensex.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,620 shares declined and 723 shares advanced. A total of 144 shares were unchanged.

IT stocks dropped. Wipro (down 3.93%), Oracle Financial Services Software (down 1.89%), Infosys (down 1.24%), Tech Mahindra (down 0.35%) and TCS (down 0.06%) declined.

HCL Technologies was up 0.68%. The company said it has transferred its entire shareholding in HCL Training and Staffing Services, a wholly-owned subsidiary of the company, to HCL Comnet, another wholly-owned subsidiary of the company. The announcement was made after market hours on Friday, 23 March 2018.

Pharma stocks declined. Glenmark Pharmaceuticals (down 1.39%), Divi's Laboratories (down 0.82%), Aurobindo Pharma (down 0.55%), Sun Pharmaceutical Industries (down 0.54%) and Lupin (down 0.42%) edged lower.

Dr Reddy's Laboratories (DRL) was down 0.63%. The company announced that it has launched Palonosetron Hydrochloride Injection, 0.25 mg (base)/5 ml, a therapeutic equivalent generic version of Aloxi Injection approved by the US Food and Drug Administration (USFDA). The announcement was made during market hours today, 26 March 2018.

Cipla rose 0.95% after the company announced the launch of an authorized generic version of Aloxi in the United States under applicable agreements with Helsinn Healthcare SA, in response to the at-risk launch by Teva. It is indicated for prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy and for prevention of acute nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy. The product is available for shipping immediately, Cipla said in a statement. The announcement was made before market hours today, 26 March 2018.

Cadila Healthcare surged 4.08% after the company said it received final approval from the US Food and Drug Administration (USFDA) to market Metoprolol Succinate extended-release tablets USP in the strengths of 25 mg, 50 mg, 100 mg and 200 mg. The drug is used to treat chest pain (angina), heart failure and high blood pressure. The announcement was made before market hours today, 26 March 2018.

Overseas, Asian stocks edged lower amid fears that rising tensions between the United States and China could lead to a full-blown trade war. US stocks fell sharply on Friday, 23 March 2018 as investors assessed the possibility of a trade war brewing between the US and China.

Meanwhile, reports suggested that China and the US have quietly started negotiating to improve US access to Chinese markets, after a week filled with harsh words from both sides over Washington's threat to use tariffs to address trade imbalances.

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