Pharma shares decline

Stocks hovered in small range with negative bias in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 118.24 points or 0.34% at 34,893.41. The Nifty 50 index was down 57.95 points or 0.55% at 10,495.05. Pharma shares declined.

The Sensex was trading below the psychological 35,000 level after sliding below that level in early trade. Domestic stocks drifted lower in early trade on negative Asian stocks. Key benchmark indices cut losses in morning trade. Fresh selling dragged the key benchmark indices to intraday low in mid-morning trade. Indices were off day's low in early afternoon trade. Stocks hovered in narrow range with small losses in afternoon trade.

The S&P BSE Mid-Cap index was off 0.61%. The S&P BSE Small-Cap index was off 0.34%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1205 shares rose and 1340 shares fell. A total of 163 shares were unchanged.

Pharma shares declined. Cadila Healthcare (down 0.18%), Cipla (down 6.99%), Dr Reddy's Laboratories (down 0.62%), Lupin (down 0.18%), Sun Pharmaceutical Industries (down 0.53%), Alkem Laboratories (down 0.07%), GlaxoSmithKline Pharmaceuticals (down 5.4%), Aurobindo Pharma (down 1.24%) and Wockhardt (down 0.56%) declined. Glenmark Pharmaceuticals (up 0.1%) rose.

GAIL (India) fell 0.3% after net profit rose 49.89% to Rs 1962.96 crore on 55.33% increase in revenue from operations to Rs 19275.32 crore in Q2 September 2018 over Q2 September 2017. The result was announced during trading hours today, 5 November 2018.

On the macro front, October data pointed to a stronger improvement in India's service sector, with an accelerated upturn in new work underpinning quicker rises in activity and jobs. Cost inflationary pressures eased, resulting in a softer increase in selling prices. Meanwhile, business sentiment remained positive, but was hampered by political uncertainty. At 52.2 in October, the seasonally adjusted Nikkei India Services Business Activity Index posted in expansion territory for the fifth straight month. Moreover, rising from 50.9 in September, the latest figure pointed to the quickest rate of growth since July.

Overseas, European equities were trading lower as the optimism from a possible trade pact began to dissipate. Asian stocks declined as fears of faster rate hikes in the United States and uncertainty around the US-China trade war dented risk sentiment. Growth in activity in China's service sector slipped to a 13-month low in October, a private gauge showed Monday. The Caixin China services purchasing managers' index slipped to 50.8 in October from 53.1 in September, Caixin Media Co. and research firm Markit said.

US stocks declined on Friday, 2 November 2018 after optimism over a potential US-China trade deal ebbed after White House economic adviser Larry Kudlow reportedly downplayed the potential for a quick deal with China.

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