Key benchmarks trim intraday losses

Key barometers pared intraday losses in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 52.99 points or 0.17% at 31,244.54. The Nifty 50 index was down 29.45 points or 0.31% at 9,624.05. Negative global cues spoiled investors sentiment.

Broader market was, however, hovering in positive terrain. Among secondary barometers, the BSE Mid-Cap index was up 0.21%. The BSE Small-Cap index was up 0.40%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, once again turned positive from negative. On BSE, 1,198 shares rose and 1,170 shares fell. A total of 157 shares were unchanged.

Most auto stocks declined. Tata Motors (down 1.4%), Eicher Motors (down 1%), Hero MotoCorp (down 0.7%), Bajaj Auto (down 0.37%), Mahindra & Mahindra (down 0.37%), TVS Motor Company (down 0.12%) and Maruti Suzuki India (down 0.1%), edged lower. Escorts (up 0.40%) and Ashok Leyland (up 0.81%), edged higher.

Most telecom shares rose. Reliance Communications (up 2.89%), Tata Teleservices (Maharashtra) (up 2.47%), MTNL (up 0.47%) and Idea Cellular (up 0.31%), edged higher.

Bharti Airtel was down 0.27%. Telecom tower infrastructure provider Bharti Infratel was down 0.90%.

Alembic Pharmaceuticals rose 1.52% to Rs 530.95 after the company said that it has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application for Candesartan Cilexetil Tablets, 32 mg. The announcement was made during market hours today, 21 June 2017.

The approved ANDA is therapeutically equivalent to the reference listed drug product Atacand Tablets, 32 mg of AstraZeneca Pharmaceuticals LP. The drug is indicated in treatment of hypertension in adults and children and treatment of heart failure. Candesartan Cilexetil Tablets, 32 mg have an estimated market size of $27 million for twelve months ended December 2016, according to IMS.

Amtek Auto hit an upper circuit limit of 10% at Rs 28.15 on media reports that 21 investors showed interest to buy a stake in the debt-ridden company. Reports suggested that Amtek Auto has received expressions of interest (EoIs) from 21 investors, including Bain Capital, TPG Capital, DA Capital, Piramal Enterprises, AION Capital, Deccan Value Investors and Edelweiss Asset Reconstruction Company which will place financial bids over the next three months for a stake in the debt-ridden auto component maker. Total promoter holding in Amtek Auto stood at 52.4% as per the shareholding pattern as on 10 April 2017.

Overseas, most Asian shares declined following a sell off in energy shares after oil prices slipped around 2% overnight.

China's Shanghai Composite was up 0.29%. MSCI said yesterday, 20 June 2017, it planned on adding China A-shares to its benchmark MSCI Emerging Markets Index. The index giant said it will add 222 China A Large Cap stocks in a phased manner beginning next year. The review is the fourth straight year MSCI has considered adding the mainland-traded stocks.

US stocks declined overnight as investors dumped energy shares after crude-oil prices sank into bear-market territory amid growing concerns that an uptick in global production would derail Opec's efforts to reduce supply. The Dow Jones Industrial Average fell 61.85 points, or 0.3%, to end at 21,467.14. The Nasdaq Composite Index slid 50.98 points, or 0.8%, to close at 6,188.03.

In the global commodities markets, Brent for August 2017 settlement was down 12 cents at $45.90 a barrel. The contract fell 89 cents, or 1.90% to settle at $46.02 a barrel during the previous trading session.

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