Sensex, Nifty retreat from record high

Key benchmark indices sink in negative zone in morning trade after an initial upmove pushed the Sensex and the Nifty to record highs. At 10:15 IST, the barometer index, the S&P BSE Sensex, was down 23.21 points or 0.06% at 38,262.54. The Nifty 50 index was down 14.60 points or 0.13% at 11,556.30. Pharma shares gained.

Domestic stocks edged higher in early trade with the Sensex and the Nifty, both, scaling record high.

The S&P BSE Mid-Cap index was off 0.21%. The S&P BSE Small-Cap index was off 0.19%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1007 shares rose and 1094 shares fell. A total of 117 shares were unchanged.

Overseas, Asian stocks were mixed. US stocks slipped yesterday, 22 August 2018 halting a four-day advance as weakness in industrials outweighed gains in technology shares.

Meanwhile, US Treasury Undersecretary for International Affairs David Malpass and Chinese Vice Commerce Minister Wang Shouwen are meeting Wednesday and Thursday for the first face-to-face trade discussions held by the two sides since June. Hanging over the meetings will be the next round of tariffs on $16 billion of each nation's exports to the other.

Back home, IT major Infosys rose 0.59%. Infosys said it inaugurated its technology and innovation hub in Raleigh, North Carolina. The North Carolina Hub will help Infosys work more closely with clients in the region to develop cross-functional solutions to pressing business challenges in such areas as machine learning, artificial intelligence, user experience and advanced digital technologies, including big data and cloud. The Hub will also train, upskill and reskill Infosys and client employees in the technologies required to help American businesses accelerate their digital transformations. The announcement was made on Wednesday, 22 August 2018.

Pharma shares gained. Cadila Healthcare (up 1.45%), Cipla (up 1.44%), Dr Reddy's Laboratories (up 1.67%), Sun Pharmaceutical Industries (up 0.99%), GlaxoSmithKline Pharmaceuticals (up 0.52%), Aurobindo Pharma (up 1.37%) and Wockhardt (up 1.21%) rose. Glenmark Pharmaceuticals (down 0.36%) and Alkem Laboratories (down 0.18%) fell.

Lupin gained 2.25% after the company announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of Bayer HealthCare Pharmaceuticals Inc.'s Natazia tablets. Lupin's Nudovra (Estradiol Valerate tablets, 3 mg and 1 mg and Estradiol Valerate and Dienogest tablets, 2 mg/2 mg and 2 mg/3 mg) tablets is the generic versional Bayer HealthCare Pharmaceuticals Inc.'s Natazia tablets. The announcement was made on Wednesday, 22 August 2018.

It is an estrogen/progestin combined oral contraceptive (COC), indicated for use by women to prevent pregnancy. Nudovra (Estradiol Valerate tablets, 3 mg and 1 mg and Estradiol Valerate and Dienogest tablets, 2 mg/2 mg and 2 mg/3 mg) tablets had annual sales of approximately $31.40 million in the US (IQVIA MAT June 2018).

Strides Pharma Science rose 2.37% after the company announced that its step-down wholly owned subsidiary, Strides Pharma Global, Singapore, received abbreviated new drug application (ANDA) 'acceptable for filing' correspondence from the US Food and Drug Administration (USFDA) for two key ANDAs that met the prioritisation factors as a potential first generic with a 10-month GDUFA II review goal date. As per IQVIA MAT data, the US market for these products cumulatively is $550 million. The announcement was made on Wednesday, 22 August 2018.

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