Key benchmarks come off day's low

Key benchmark indices pared losses after hitting fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex was down 29.53 point, or 0.09%, at 31,116.27. The Nifty 50 index declined 15.70 point, or 0.16%, at 9,605.55.

Key indices witnessed initial volatility before hovering near the flat line till morning trade on softer global cues and amid weak gross domestic product (GDP) data. Indices hovered with small gains in mid-morning trade before once again hovering around the flat line in early afternoon trade. Fresh selling emerged in afternoon trade, which dragged the key indices lower.

The Sensex lost 83.78 points or 0.27% at the day's low of 31,062.02 in afternoon trade, its lowest level since 29 May 2017. It rose 67.32 points or 0.21% at the day's high of 31,213.12 in mid-morning trade.

The Nifty lost 31.35 points or 0.33% at the day's low of 9,589.90 in afternoon trade, its lowest level since 30 May 2017. It rose 13.40 points or 0.13% at the day's high of 9,634.65 in mid-morning trade.

Among other indices, the S&P BSE Mid-Cap index rose 0.40%. The S&P BSE Small-Cap index advanced 0.80%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,308 shares rose and 1,199 shares declined. A total of 165 shares were unchanged.

Metal shares declined. Vedanta (down 2.57%), Hindalco Industries (down 2.22%), Tata Steel (down 1.85%), Jindal Steel & Power (down 1.8%), Steel Authority of India (down 1.22%), National Aluminium Company (down 1.19%), Hindustan Zinc (down 0.44%), Hindustan Copper (down 0.16%) and JSW Steel (down 0.08%), edged lower. Bhushan Steel (up 0.68%) and NMDC (up 1.30%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.14% at $2.5765 per pound on the COMEX.

Pharmaceutical shares rose. IPCA Laboratories (up 3.91%), Divi's Laboratories (up 3.13%), Glenmark Pharmaceuticals (up 2.42%), Aurobindo Pharma (up 2.15%), Cadila Healthcare (up 1.99%), Sun Pharmaceutical Industries (up 1.77%), Alkem Laboratories (up 0.84%), Wockhardt (up 0.79%), GlaxoSmithKline Pharmaceuticals (up 0.74%), Piramal Enterprises (up 0.72%), Dr Reddy's Laboratories (up 0.51%) and Cipla (up 0.47%), edged higher. Lupin was down 0.28%.

Strides Shasun gained 4.90% after the company announced that it has received approval from the United States Food & Drug Administration (USFDA) for Ibuprofen Tablets USP, 200 mg (OTC). The announcement was made during market hours today, 1 June 2017.

According to IRi data, the annual US market for Ibuprofen Tablets USP 200 mg (OTC) is about $520 million. The product will be marketed by Strides Pharma Inc in the US market under its OTC brand Nuprin. Ibuprofen is used to relieve pain from various conditions such as headache, dental pain, muscle aches or arthritis. It is also used to reduce fever and to relieve minor aches and pain due to the common cold or flu. Ibuprofen is a nonsteroidal anti-inflammatory drug (NSAID).

Overseas, European stocks climbed as carmakers gained and energy producers tracked crude prices higher.

Most Asian stocks edged higher. US equities closed lower yesterday, 31 May 2017, as a drop in the financial sector pressured stocks.

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