Market drifts lower in volatile early trade

Trading for calendar 2019 began on a volatile note as the key benchmark indices reversed early gains. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 54.88 points or 0.15% at 36,033.48. The Nifty 50 index was down 22.55 points or 0.21% at 10,840.

The S&P BSE Mid-Cap index was down 0.08%. The S&P BSE Small-Cap index was down 0.01%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 521 shares rose and 465 shares fell. A total of 49 shares were unchanged.

HDFC shed 0.29%. HDFC has increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) are benchmarked, by 10 basis points, with effect from 1 January 2019. The announcement was made after market hours yesterday, 31 December 2018.

Lupin rose 0.48%%. Lupin announced that it has received approval from the United States Food and Drug Administration (USFDA) to market a generic version of Lundbeck Pharmaceuticals LLC's Onfi Oral Suspension, 2.5 mg/ml. Lupin's Clobazam Oral Suspension, 2.5 mg/mL is indicated for adjunctive treatment of seizures associated with Lennox-Gastaut Syndrome (LGS) in patients 2 years of age or older. Clobazam Oral Suspension, 2.5 mg/mL had annual sales of approximately $260.2 million in the US (IQVIA MAT September 2018). The announcement was made after market hours yesterday, 31 December 2018.

JMC Projects (India) gained 2.01%. JMC Projects (India) has secured new orders of Rs 596 crore. The announcement was made after market hours yesterday, 31 December 2018.

On the macro front, the index of eight core industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) has posted 3.5% growth in November 2018 over November 2017. Its cumulative growth during April to November 2018-19 stood at 5.1%.

Overseas, markets across Japan, China, Hong Kong, UK, US, France, South Korea, Singapore, Germany and Brazil, among others, are closed on account of New Year holiday. US stocks ended with a narrow gain on Monday in thin pre-holiday trading.

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