Shares turn range bound

Key benchmark indices turned range bound in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 166.72 points or 0.53% at 31,450.36. The Nifty 50 index was up 43.10 points or 0.45% at 9,676.70.

Among secondary barometers, the BSE Mid-Cap index was up 0.17%. The BSE Small-Cap index was up 0.26%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,339 shares rose and 1,229 shares fell. A total of 157 shares were unchanged.

Capital goods shares were mixed. Reliance Defence and Engineering (up 6.42%), BEML (up 3.45%), Punj Lloyd (up 2.64%), Siemens (up 1.53%), Suzlon Energy (up 1.07%), Bharat Heavy Electricals (up 1.06%), GE T&D India (up 0.25%), AIA Engineering (up 0.11%) and Thermax (up 0.08%), edged higher. SKF India (down 0.1%), Lakshmi Machine Works (down 0.13%), ABB India (down 0.35%), Bharat Electronics (down 0.35%), Crompton Greaves (down 0.41%), Praj Industries (down 0.69%), GE Power India (down 0.73%), Havells India (down 1.15%) and Jindal Saw (down 2.01%), edged lower.

Engineering and construction major Larsen & Toubro (L&T) was down 0.42% to Rs 1,746.40.

Power generation stocks were mixed. GMR Infrastructure (down 1.64%), NHPC (down 1.17%), CESC (down 1.12%), Tata Power (down 0.24%), NTPC (down 0.16%) and Torrent Power (down 0.11%), edged lower. Adani Power (up 0.74%), Reliance Power (up 1.11%), JSW Energy (up 2.09%), Reliance Infrastructure (up 2.53%) and Jaiprakash Power Ventures (up 6.05%), edged higher.

State-run Power Grid Corporation of India was down 1.92%. State-run Coal India was down 1.02%.

Drug major Lupin was down 2.23% to Rs 1,069.85. The company announced during market hours today, 22 June 2017, the launch of its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% having received an approval from the United States Food and Drug Administration (FDA) earlier.

Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% are the AB rated generic equivalent of Taro Pharmaceuticals North America, inc's Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, Inc's (collectively Taro) Topicort Cream, 0.25%. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Topicort LP Emollient Cream and Topicort Cream had combined US sales of $38 million (IMS MAT April 2017).

Overseas, European stocks were trading lower as shares from the oil and gas sector fell as crude prices languished in a bear market. Late Thursday, UK Prime Minister Theresa May is expected in Brussels to present Britain's plans for European Union citizens living in the UK as part of Brexit negotiations.

Asian shares were mixed as oil prices held steady in Asian deals after falling more than 2% overnight on worries over whether OPEC-led output cuts would be able to rein in a three-year glut. In US, the S&P 500 and Dow industrials ended slightly lower overnight, weighed down by losses in the energy sector as oil prices continued to slide. But the Nasdaq Composite posted moderate gains thanks to a surge in biotechnology shares.

The S&P 500 index closed with a loss of 1.42 points, or less than 0.1%, at 2,435.61. The Dow Jones Industrial Average lost 57.11 points, or 0.3%, to 21,410.03. The Nasdaq Composite Index bucked the trend, closing 45.92 points, or 0.7%, higher at 6,233.95.

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