Nifty hits more than 2-weeks low; breadth strong

Key benchmark indices trimmed some losses after hitting fresh intraday low in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 63.26 points or 0.22% at 28,290.28. The Nifty 50 index was down 16.90 points or 0.19% at 8,698.70. The Nifty hit its lowest levels in more than two weeks.

The Sensex fell 94.16 points, or 0.33% at the day's low of 28,259.38 in mid-morning trade. The index rose 62.87 points, or 0.22% at the day's high of 28,416.41 in early trade. The Nifty fell 26.70 points, or 0.31% at the day's low of 8,688.90 in mid-morning trade, its lowest level since 30 August 2016. The index rose 22 points, or 0.25% at the day's high of 8,737.60 in early trade.

In overseas stock markets, Asian shares declined today, 14 September 2016, bruised by a fall in oil prices on renewed worries about a supply glut and as investors grew nervous about the diminishing capacity of the world's major central banks to shore up economic growth. The US market edged lower yesterday, 13 September 2016, as equities suffered a sharp sell-off amid a slump in energy shares and uncertainty about the Federal Reserve's plans for monetary policy.

Back home, the market breadth, indicating the overall health of the market, was strong. On BSE, 1,399 shares rose and 839 shares fell. A total of 152 shares were unchanged. The BSE Mid-Cap index was currently up 0.33%. The BSE Small-Cap index was currently up 0.61%. Both these indices outperformed the Sensex.

Most pharmaceutical shares edged higher. Cipla (up 1.07%), Cadila Healthcare (up 1%), Alkem Laboratories (up 0.97%), Lupin (up 0.55%), Divi's Laboratories (up 0.49%), Wockhardt (up 0.38%), IPCA Laboratories (up 0.31%), Dr Reddy's Laboratories (up 0.25%), Piramal Enterprises (up 0.16%) and Sun Pharmaceutical Industries (up 0.13%), edged higher. Aurobindo Pharma (down 0.31%), Strides Shasun (down 0.41%) and GlaxoSmithKline Pharmaceuticals (down 0.56%), edged lower.

Glenmark Pharmaceuticals rose 0.79% to Rs 882 after the company announced that it has been granted final approval by the United States Food & Drug Administration for Diclofenac Sodium Gel, 3%. Diclofenac Sodium Gel, 3% is a generic version of Solaraze Gel, 3% of Fougera Pharmaceuticals Inc. According to IMS Health sales data for the 12 month period ending July 2016, the Solaraze Gel, 3% market achieved annual sales of around $297.90 million in the US. The announcement was made before market hours today, 14 September 2016.

Most FMCG shares edged higher. Godrej Consumer Products (up 2.26%), Marico (up 1.68%), Britannia Industries (up 1.53%), GlaxoSmithKline Consumer Healthcare (up 1.17%), Jyothy Laboratories (up 1.10%), Dabur India (up 1%), Nestle India (up 0.57%), Bajaj Corp (up 0.56%), Tata Global Beverages (up 0.37%) and Hindustan Unilever (up 0.07%), edged higher. Colgate Palmolive (India) (down 0.88%) and Procter & Gamble Hygiene & Health Care (down 0.93%), edged lower.

Godfrey Phillips India lost 5.08% after net profit dropped 62% to Rs 22.38 crore on 18.5% fall in net sales to Rs 465.59 crore in Q1 June 2016 over Q1 June 2015. The result was announced yesterday, 13 September 2016, when the stock markets were closed on account of Bakri Id.

Amtek Auto was down 3.97% after the company reported net loss of Rs 319.68 crore in the quarter ended 30 June 2016, higher than net loss of Rs 157.60 crore in the quarter ended 30 June 2015. Total income declined 33.45% to Rs 576.49 crore in the quarter ended 30 June 2016 over the quarter ended 30 June 2015. The result was announced yesterday, 13 September 2016 when the stock market was closed on account of Bakri Id.

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