Key indices hover near flat line

Market hovered in a narrow range near the flat line in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 27.15 points or 0.08% at 32,606.32. The Nifty 50 index was down 2.75 points or 0.03% at 10,111.90. Both the Sensex, and the Nifty, had hit record high in early trade on firmness in Asian stocks.

The S&P BSE Mid-Cap index fell 0.29%, underperforming the Sensex. The S&P BSE Small-Cap index gained 0.24%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,086 shares rose and 1,010 shares fell. A total of 137 shares were unchanged.

Lupin rose 1.23% after the company said it received US drug regulator's approval to market a generic version of County Line Pharmaceuticals' Lidex ointment. Lupin said it received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%. Lupin's Fluocinonide Topical Ointment USP, 0.05% is AB rated generic equivalent of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Lidex Ointment had US sales of $40.3 million as per IMS MAT March 2017. The announcement was made after market hours yesterday, 1 August 2017.

On the macro front, the Reserve Bank of India (RBI)'s monetary policy meeting is scheduled at 14:30 IST today, 2 August 2017. RBI is likely to cut policy rates by 25 basis points. In June 2017, RBI kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remained at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.5%.

Overseas, most Asian stocks rose helped by strong results from Apple. US stocks closed higher yesterday, 1 August 2017 and the Dow Jones Industrials Average racked up a fifth straight record high powered by Goldman Sachs, JPMorgan Chase and other banks.

Economic data showed US consumer spending barely rose in June as income failed to increase for the first time in seven months. Also, American manufacturers tapped on the brakes lightly in July but were still expanding near the fastest pace in three years. The Institute for Supply Management said its manufacturing index fell slightly to 56.3% last month after reaching a three-year high of 57.8% in June.

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