Market opens lower on weak Asian cues

Key benchmark indices edged lower in early trade tracking weakness in Asian markets. The barometer index, the S&P BSE Sensex was currently down 175.88 points or 0.68% at 25,588.90. The 50-unit CNX Nifty was currently off 52.60 points or 0.67% at 7,770.40. The market breadth indicating the overall health of the market was weak on BSE.

Among individual stocks, Lupin edged higher after the company's US subsidiary launched a generic antidepressant medicine in the United States.

Overseas cues were negative. Asian stocks were in red while US stocks ended on a mixed note yesterday, 3 September 2015.

At 9:19 IST, the S&P BSE Sensex was down 175.88 points or 0.68% at 25,588.90. The 50-unit CNX Nifty was off 52.60 points or 0.67% at 7,770.40.

The BSE Mid-Cap index was down 74.04 points or 0.7% at 10,486.17. The decline in the index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was down 62.70 points or 0.58% at 10,810.85. The decline in the index was lower than Sensex's decline in percentage terms.

The market breadth indicating the overall health of the market was weak. On BSE, 754 shares declined and 282 shares rose. A total of 37 shares were unchanged.

Lupin edged higher after the company's US subsidiary launched a generic antidepressant medicine in the United States. The stock rose 0.43% to Rs 1,871.15. Lupin's US subsidiary Lupin Pharmaceuticals, Inc. (Lupin) has launched a generic antidepressant medicine Duloxetine 40 mg Delayed-Release (DR) Capsule in the United States. Lupin's Duloxetine 40 mg delayed-release (DR) capsule is the first and only generic Duloxetine formulation to become available in 40 mg dosage strength in the US. The annual market size of the branded and generic versions of antidepressant Cymbalta 20 mg, 30 mg and 60 mg capsule strengths is approximately $1.05 billion in the US, as per IMS MAT June 2015 data.

Among global events, at a key monetary policy meeting yesterday, 3 September 2015, the European Central Bank (ECB) cut its growth and inflation forecasts, warning of possible further trouble from China and paving the way for an expansion of its already massive one-trillion-euro-plus asset-buying program. The ECB, which left interest rates unchanged, said growth would suffer from fading momentum in emerging markets, particularly China, and falling oil prices could drag the 19-member euro zone back into deflation in coming months.

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