Key benchmarks turn flat

Key benchmark indices were almost flat in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex was down 2.43 points or 0.01% at 32,421.33. The Nifty 50 index fell 5.10 points or 0.05% at 10,148.

Key indices started the session with small gains amid positive global cues. Later, indices hovered near the flat line with small losses with indices extending losses in morning trade. Indices trimmed losses to once again trade around the flat line in early afternoon trade. Earlier, Nifty had hit a record high in early trade.

Among other indices, the S&P BSE Mid-Cap index rose 0.26%. The S&P BSE Small-Cap index advanced 0.48%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,251 shares rose and 1,209 shares declined. A total of 155 shares were unchanged.

Most metal shares declined. Bhushan Steel (down 1%), Hindalco Industries (down 0.8%), National Aluminium Company (down 0.73%), Steel Authority of India (down 0.41%), NMDC (down 0.3%), Hindustan Zinc (down 0.24%), JSW Steel (down 0.17%) and Vedanta (down 0.17%), edged lower. Tata Steel (up 0.11%), Jindal Steel & Power (up 0.80%) and Hindustan Copper (up 1.28%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.22% at $2.962 per pound on the COMEX.

Pharmaceutical shares were mixed. Divi's Laboratories (up 3.43%), Wockhardt (up 1.22%), IPCA Laboratories (up 0.96%), Sun Pharmaceutical Industries (up 0.19%), Lupin (up 0.15%), Cadila Healthcare (up 0.11%) and Strides Shasun (up 0.10%), edged higher. Dr Reddy's Laboratories (down 0.34%), GlaxoSmithKline Pharmaceuticals (down 0.4%), Alkem Laboratories (down 0.65%), Cipla (down 0.65%), Aurobindo Pharma (down 0.87%) and Piramal Enterprises (down 1.3%), edged lower.

Drug maker Glenmark Pharmaceuticals rose 2.03% after the company announced that it has received final approval from the US drug regulator for Desonide Ointment, 0.05%. The announcement was made before market hours today, 19 September 2017.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Desonide Ointment, 0.05%, the generic version of Desonide Ointment, 0.05%, of Perrigo New York Inc. According to IMS Health sales data for the 12 month period ended July 2017, the Desonide Ointment, 0.05% market achieved annual sales of approximately $23.4 million.

Glenmark's current portfolio consists of 124 products authorized for distribution in the US marketplace and 62 ANDA's pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Biocon rose 1.36% after the company announced that the USFDA has completed its Vishakhapatnam unit's inspection with no observations. The announcement was made after market hours yesterday, 18 September 2017.

Biocon said that the United States Food and Drug Administration (USFDA) inspected the company's active pharmaceutical ingredients (API) manufacturing facility in Vishakhapatnam, Andhra Pradesh from 11 September to 15 September 2017 and completed the audit without any observations. No form 483 was issued, the company said.

Capital First rose 0.64% to Rs 821.55 after the company said that it has raised Rs 80 crore by issuing non-convertible debentures on private placement basis. The announcement was made after market hours yesterday, 18 September 2017.

Capital First said that the debenture committee constituted by the board of directors of the company vide resolution passed by circulation yesterday, 18 September 2017, had approved the allotment of 800 rated, listed, unsecured, redeemable, non-convertible perpetual securities in the nature of debentures having face value of Rs 10 lakh each.

Overseas, European stocks opened lower, while Asian stocks were trading lower as investors awaited clues from the Federal Reserve on future monetary policy.

The Bank of England (BOE) Governor Mark Carney, making a speech at the International Monetary Fund's headquarters in Washington, reportedly said yesterday, 18 September 2017 that Brexit was likely to push up Britain's inflation rate and he reiterated the central bank's new view that interest rates are likely to rise in the coming months.

US stocks registered fresh record closing high yesterday, 18 September 2017 as investors looked ahead to the outcome of a key Federal Reserve meeting tomorrow, 20 September 2017. Market participants are largely expecting interest rates to remain unchanged. However, Fed is expected to announce the unwinding of its $4.5 trillion balance sheet.

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