Sensex, Nifty slip into negative terrain

Key benchmark indices slipped into the negative zone from positive zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was down 61.86 points or 0.18% at 34,134.08. The Nifty 50 index fell 7.90 points or 0.08% at 10,490.35.

Key indices opened the session on a positive note on higher global stocks after witnessing a slide in the previous six trading sessions. Indices trimmed intraday gains in mid-morning trade. Indices slipped into the negative zone in early afternoon trade.

Among key events, the Reserve Bank of India's (RBI) two-day Monetary Policy Committee (MPC) meeting concludes today, 7 February 2018 at 14:30 IST. The central bank is likely to keep its policy rate on hold, but could toughen its warnings against inflation. The MPC is expected to tilt towards a hawkish tone from its neutral tone following higher fiscal targets, oil price increases and higher MSP for agriculture crops.

Back to today's trade, among secondary indices, the S&P BSE Mid-Cap index advanced 0.59%. The S&P BSE Small-Cap index rose 1.64%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,907 shares rose and 651 shares declined. A total of 109 shares were unchanged.

IT stocks declined. HCL Technologies (down 3%), Wipro (down 2.02%), Oracle Financial Services Software (down 0.97%) and TCS (down 0.77%) fell. Infosys (up 0.72%) and Tech Mahindra (up 0.31%) edged higher.

Cement stocks were mixed. Ambuja Cements (down 1.18%) and ACC (down 0.57%) declined. UltraTech Cement (up 0.06%) and Shree Cement (up 0.05%) edged higher.

Pharma major Lupin was up 0.17%. The company said that YL Biologics (YLB) announced that a global Phase III clinical trial of its investigational Etanercept biosimilar (YLB113) has met with successful outcome. YLB is the joint venture of Lupin and Yoshindo in Japan. The Phase III study of YLB113 was a multinational randomized double-blind controlled trial of 52 weeks duration which included more than 500 patients with rheumatoid arthritis (RA) in 11 countries. It compared YLB113's efficacy and safety directly against Enbrel (of Amgen/Pfizer) which has a global market of $11 billion and is a widely successful biologic agent globally used for the treatment of multiple autoimmune disorders including RA. The study was conducted at 110 rheumatology clinics across Japan, Europe and India. The announcement was made during market hours today, 7 February 2018.

Gujarat Alkalies & Chemicals rose 1.24% after net profit jumped 137.13% to Rs 112.21 crore on 26.45% rise in total income to Rs 627.54 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 6 February 2018.

Overseas, Asian stocks traded mixed amid positive closing on Wall Street overnight. US stocks closed on a higher note yesterday, 6 February 2018, albeit with wild swings witnessed in the day's trading, after two huge sell-offs in a row. The wild moves were attributed to a combination of factors like interest-rate fears, computer-driven trading and the obscure volatility funds that use leverage.

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