Market breadth turns negative

Key benchmark indices hit fresh intraday low in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 162.01 points or 0.53% at 30,626.93. The Nifty 50 index was up 36.65 points or 0.39% at 9,464.55. Key benchmarks were hovering in the green tracking positive cues from Asian market.

The Sensex rose 107.67 points, or 0.35% at the day's low of 30,572.59 in mid-morning trade. The index rose 247.23 points, or 0.81% at the day's high of 30,712.15 at the onset of trading session. The Nifty rose 17.10 points, or 0.18% at the day's low of 9,445 in mid-morning trade. The index rose 70.75 points, or 0.75% at the day's high of 9,498.65 at the onset of trading session.

Among secondary barometers, the BSE Mid-Cap index was down 0.21%. The BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,224 shares fell and 1,134 shares rose. A total of 145 shares were unchanged.

Cement shares edged lower. Ambuja Cements (down 2.47%), ACC (down 2.08%) and UltraTech Cement (down 0.51%), edged lower.

Grasim Industries was down 1.19%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most pharmaceutical shares edged lower. Strides Shasun (down 3%), Sun Pharmaceutical Industries (down 2.1%), Wockhardt (down 1.46%), Piramal Enterprises (down 1.29%), Dr Reddy's Laboratories (down 1.17%), Aurobindo Pharma (down 1.16%), IPCA Laboratories (down 0.88%), GlaxoSmithKline Pharmaceuticals (down 0.3%), Divi's Laboratories (down 0.27%) and Cipla (down 0.07%), edged lower. Cadila Healthcare (up 0.04%), Glenmark Pharmaceuticals (up 0.31%) and Alkem Laboratories (up 0.99%), edged higher.

Lupin was down 2.49% at Rs 1,282.15. The company announced during trading hours today, 22 May 2017, that it has received approval for Bepotastine Tablets from the Central Drugs Standard Control Organisation (CDSCO). Lupin shall commence promoting the product in India shortly.

Bepotastine is a new second generation anti-histamine medicine to be introduced into the Indian Pharmaceutical Market (IPM) which could benefit millions of patients suffering from allergic symptoms. It is a rapid acting antihistamine that effectively controls day time and night-time triggers of allergic symptoms. Bepotastine is approved by PMDA Japan and is actively marketed in Japan and other South East Asian countries. The current market for plain antihistamines is estimated to be around Rs 860 crore growing at 14%. (IMS MAT Mar 2017) .

Sun Pharma Advanced Research Company (SPARC) was down 1.01% to Rs 300. The company said it has received a Complete Response Letter (CRL) from the USFDA for its New Drug Application (NDA) for Elepsia XRTM, Levetiracetam extended-release tablets 1000 mg and 1500 mg. The CRL references the recent inspection of the Sun Pharmaceutical Industries (SPIL)'s Halol manufacturing site by USFDA and indicates that, satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Elepsia XRTM can be granted.

SPARC had out-licensed Elepsia XRTM to a subsidiary of Sun Pharmaceutical Industries in July 2016. As informed to the cmpany, SPIL is working with USFDA for resolving the cGMP deviations at the Halol facility and has taken several corrective measures. The announcement was made after market hours on Friday, 19 May 2017.

Mahindra Holidays and Resorts India gained 2.96% after the company's board of directors recommended 1 bonus issue of share for 2 shares held. The announcement was made after market hours on Friday, 19 May 2017.

Mahindra Holidays and Resorts India's board has fixed 11 July 2017 as the record date for the purpose of determining members who would be entitled to the bonus shares. The company also announced after market hours on Friday, 19 May 2017 that its net profit rose 4.5% to Rs 31.8 crore on 26.3% rise in total income to Rs 315.7 crore in Q4 March 2017 over Q4 March 2016.

Thirumalai Chemicals lost 4.53% after consolidated net profit fell 22% to Rs 18.35 crore on 27.8% growth in net sales to Rs 310.53 crore in Q4 March 2017 over Q4 March 2016. The result was announced on Saturday, 20 May 2017.

Overseas, Asian equities were trading higher, following the continued recovery on Wall Street last week. Investors shrugged off a weekend missile test by North Korea that raised further concerns on its ability to deliver a nuclear warhead as far as the US states of Hawaii and Alaska.

Japan's Nikkei 225 was up 0.41%. Japanese exports rose 7.5% in April, buoyed by strong demand in Asia for semiconductors, semiconductor-making equipment and steel. It was the fifth consecutive month of increase for exports, data from Japan's Ministry of Finance showed.

US stocks rose on Friday, 19 May 2017, but closed below their session highs on renewed concerns about Donald Trump's presidency, following two new media reports of possible coordination between Russia and Trump's election campaign.

Powered by Capital Market - Live News