Range bound trading continues; pharma shares edge higher

Key benchmark indices pared gains in a range bound trading session in the afternoon. At 13:17 IST, the barometer index, the S&P BSE Sensex was up 36.72 points or 0.14% at 26,335.41. The Nifty 50 index was currently up 9.25 points or 0.11% at 8,120.85.

The Sensex lost 49.39 points or 0.18% at the day's low of 26,249.30 in morning trade. The barometer index rose 151.18 points or 0.57% at the day's high of 26,449.87 in early trade. The Nifty lost 19.95 points or 0.25% at the day's low of 8,091.65 in morning trade. The index rose 39.65 points or 0.48% at the day's high of 8,151.25 in early trade.

In overseas stock markets, Asian stocks witnessed a mixed trend. Foreign direct investment (FDI) into the Chinese mainland rose 4.2% year on year to reach 666.3 billion yuan in the first ten months of the year, official data showed today, 17 November 2016. In mainland China, the Shanghai Composite ended higher by 0.11%. In Hong Kong, the Hang Seng was currently off 0.36%. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. Philadelphia Federal Reserve President Patrick Harker reportedly said yesterday, 16 November 2016 that he favored raising interest rates and that the US central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus. The Fed has said it expects to raise rates gradually.

Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,444 shares declined and 1,003 shares rose. A total of 134 shares were unchanged. The BSE Mid-Cap index was currently up 0.06%. The BSE Small-Cap index was currently down 0.13%. Both these indices underperformed the Sensex.

FMCG shares were mixed. Gdrej Consumer Products (down 0.83%), Jyothy Laboratories (down 0.76%), Procter & Gamble Hygiene & Health Care (down 0.75%), Bajaj Corp (down 0.57%), Colgate Palmolive (India) (down 0.33%), GlaxoSmithKline Consumer Healthcare (down 0.26%) and Tata Global Beverages (down 0.21%), edged lower. Hindustan Unilever (up 0.12%), Britannia Industries (up 0.18%), Nestle India (up 0.36%), Dabur India (up 0.96%) and Marico (up 1.39%), edged higher.

Pharmaceutical shares edged higher. Glenmark Pharmaceuticals (up 2.07%), Sun Pharmaceutical Industries (up 1.65%), Cipla (up 1.59%), IPCA Laboratories (up 0.90%), Strides Shasun (up 0.71%), Aurobindo Pharma (up 0.69%), Alkem Laboratories (up 0.54%), Divi's Laboratories (up 0.43%), GlaxoSmithKline Pharmaceuticals (up 0.18%) and Dr Reddy's Laboratories (up 0.03%), edged higher. Cadila Healthcare (down 0.72%), Piramal Enterprises (down 0.88%) and Wockhardt (down 1.17%), edged lower.

Drug major Lupin was up 1.45% to Rs 1,428 after the company announced that its US subsidiary, Gavis Pharmaceuticals LLC, USA (collectively Lupin) has received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Mikart, Inc's Hydrocodone Bitartrate and Acetaminophen Tablets USP, S mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg. It is indicated for the relief of moderate to moderately severe pain. Hydrocodone Bitartrate and Acetaminophen Tablets USP had US sales of $89.60 million (IMS MAT September 2016).

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