Amid a divergent trend among various index constituents, the key benchmark indices were hovering near the flat line with slightly negative bias. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 17.36 points or 0.05% at 31,654.35. The Nifty 50 index was down 8.50 points or 0.09% at 9,906.40. Pharma shares gained. Realty stocks saw mixed trend. Shares of Prataap Snacks were trading with modest premium on its debut.
Domestic stocks nudged higher in early trade, extending their prior four-day winning trend. Volatility struck bourses in morning trade as stocks trimmed gains notched in early trade.
The S&P BSE Mid-Cap index was up 0.39%. The S&P BSE Small-Cap index was up 0.53%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,383 shares rose and 912 shares fell. A total of 85 shares were unchanged.
Pharma shares gained. Glenmark Pharmaceuticals (up 2.38%), Lupin (up 0.51%), Sun Pharmaceutical Industries (up 0.34%), Cadila Healthcare (up 1.2%), Cipla (up 0.77%), Dr Reddy's Laboratories (up 0.56%), Aurobindo Pharma (up 2.01%) and Wockhardt (up 2.41%) rose. Alkem Laboratories (down 0.05%), GlaxoSmithKline Pharmaceuticals (down 0.66%) fell.
Natco Pharma rose 3.96%, extending yesterday's 20% rise triggered by Mylan receiving US drug regulator's approval for generic version of Copaxone. The US Food and Drug Administration (USFDA) approved Natco Pharma's marketing partner Mylan's Abbreviated New Drug Applications (ANDAs) for Glatiramer Acetate 40 mg/mL and 20 mg/mL injection, an AP-rated, substitutable generic version of Teva's Copaxone, Natco Pharma said in a statement. The announcement was made during trading hours yesterday, 4 October 2017.
The drug is indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS), a chronic inflammatory disease of the central nervous system. The launch plans for both products will be communicated shortly after concurring with its partner Mylan.
Realty stocks saw mixed trend. Prestige Estates Projects (up 1.25%), Housing Development and Infrastructure (up 0.27%), D B Realty (up 0.03%), Sobha (up 0.22%) and Oberoi Realty (up 0.57%) gained. Peninsula Land (down 4.01%), DLF (down 0.09%), Indiabulls Real Estate (down 0.09%), Unitech (down 0.15%) and Godrej Properties (down 0.17%) fell.
Shares of Prataap Snacks were trading at Rs 1,162.75, a premium of 23.96% over the issue price of Rs 938 on its debut on the stock exchanges today, 5 October 2017. The stock opened at Rs 1,250, a premium of 33.26% over the issue price. The stock had hit a high of Rs 1,317.05 and a low of Rs 1,137 so far during the day. On the BSE, 12.41 lakh shares were traded on the counter so far. Prataap Snacks makes potato chips and a variety of savouries under the brand name Yellow Diamond.
Overseas, Asian stocks were trading with small gains in holiday-thinned trade. Stock markets in Hong Kong, China, and South Korea were closed for holidays. US stocks posted modest gains yesterday, 4 October 2017 extending their recent streak of advances that's taken all major benchmarks to record levels. The Dow Jones Industrial Average eked out a small gain of 19.97 points, or 0.1%, to 22,661.57. The Nasdaq Composite Index meanwhile, advanced 2.91 points, or less than 0.1%, to 6,534.63, as gains were limited by a slump in technology shares. The S&P 500 rose 3.16 points, or 0.1%, to 2,537.74.
In US economic news, Markit's September figure for its services purchasing managers index dipped to 55.3 in September from 56 in August. The Institute for Supply Management's index of non-manufacturing activity rose to 59.8 in September, compared with 55.3 in the prior period and marked its highest level since mid-2005. A reading of 50 or greater indicates expansion.
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