Weak market breadth

Key benchmark indices declined in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 209.94 points or 0.55% at 38,127.07. The Nifty 50 index was down 40.70 points or 0.36% at 11,378.55.

The S&P BSE Mid-Cap index was down 0.37%. The S&P BSE Small-Cap index was down 0.99%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 598 shares rose and 1277 shares fell. A total of 97 shares were unchanged.

Aviation stocks advanced. Functional routes under UdeDesh ka AamNaagrik or UDAN scheme have increased to 186, according to a latest update from the Ministry of Civil Aviation. Durgapur Airport is the the latest entrant on the map of UDAN. Total 12 routes under the Regional Connectivity Scheme (or UdeDesh ka AamNaagrik /UDAN in Hindi) have recently become functional. This takes the total operational routes under UDAN to 186 (including 8 Tourism RCS routes) of the total 706 sanctioned Routes.

The DGCA published the domestic traffic report for the month of June 2019. The data showed that the passengers carried by domestic airlines during Jan-June 2019 were 706.80 lakhs as against 684.83 lakhs during the corresponding period of previous year thereby registering a growth of 3.21%. The passenger carried by the domestic airlines rose to 120.25 lakh in June 2019 from 113.25 lakh in June 2018, registering a growth of 6.19% during the stated period.

Spicejet was up 1.28%. The air carrier carried 18.76 lakh passengers in June 2019 with a market share of 15.6% during the month.

InterGlobe Aviation, which operates Indigo, was up 0.93%. Indigo carried 57.78 lakh passengers in June 2019 with a market share of 48.1% during the month. Meanwhile, InterGlobe Aviation announced its Q1 June 2019 result on Sunday, 21 June 2019. On a consolidated basis, InterGlobe Aviation's net profit rose 4229.4% to Rs 1203.14 crore on a 44.7% rise in the net sales to Rs 9420.06 crore in Q4 March 2019 over Q4 March 2018.

At the end of Q2 June 2019, the market share of Spicejet stood at 14.5% while that of Indigo stood at 49%.

Amara Raja Batteries was up 0.91% after the company announced its Q1 June 2019 result on Saturday, 20 July 2019. On a consolidated basis, Amara Raja Batteries' net profit rose 18.2 % to Rs 140.73 crore on a 15.8 % rise in the net sales to Rs 1814.95 crore in Q1 June 2019 over Q1 June 2018.

IT shares were mixed. Hexaware Technologies (up 0.83%), Oracle Financial Services Software (up 0.77%), TCS (up 0.49%), Infosys (up 0.29%) and Tech Mahindra (up 0.1%) advanced. MphasiS (down 1.55%), MindTree (down 1.44%), Persistent Systems (down 0.67%), HCL Technologies (down 0.65%) and Wipro (down 0.53%) declined.

L&T Technology Services was down 3.71%. The company during market hours today, 22 July 2019, announced that it has been selected as a strategic partner by United Technologies Corporation (UTC) for Collins Aerospace, a subsidiary of UTC.

Alembic Pharmaceuticals was down 0.94%. The company during market hours today, 22 July 2019, announced that has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg, and 300 mg. Pregabalin Capsules have an estimated market size of US$ 5.47 billion for twelve months ending December 2018 according to IQVIA.

Cipla was down 0.16%. The company during market hours today, 22 July 2019, said that InvaGen Pharmaceuticals, its wholly-owned subsidiary, announced the receipt of final approval for its Abbreviated New Drug Application (ANDA) for Pregabalin Capsules, 25mg, 50mg, 75mg, 100mg, 150mg, 200mg, 225mg and 300mg from the United States Food and Drug Administration (US FDA).

Cipla informed that the United States Food and Drug Administration (USFDA) conducted a routine cGMP inspection at API manufacturing facility in Virgonangar, Bengaluru from 15 June 2019 to 19 June 2019. The inspection ended with 7 observations, none of which were repeat or related to data integrity. The company will respond to the agency within the stipulated timeline. The announcement was made on Saturday, 20 July 2019.

Pharma stocks were mixed. IPCA Laboratories (down 1.9%), Alkem Laboratories (down 1.53%), Glenmark Pharmaceuticals (down 1.29%), Divi's Laboratories,(down 0.13%) and Wockhardt (down 0.1%) declined. Sun Pharmaceutical Industries (up 3.11%), Lupin (up 1.41%), Cadila Healthcare (up 1.36%), Strides Shasun (up 0.95%), Aurobindo Pharma (up 0.9%), Piramal Enterprises (up 0.31%) and Dr Reddy's Laboratories (up 0.08%) advanced.

Can Fin Homes (down 2.58%), Just Dial (down 6.60%), TVS Motor Company (down 1.52%), GlaxoSmithKline Pharmaceuticals (down 1.15%), Hindustan Media Ventures (down 2.44%), ICICI Securities (down 0.63%), Coromandel International (down 1.55%), Allsec Technologies (down 0.32%), Apollo Tricoat Tubes (up 2.29%), Aptech (down 2.59%), Lakshmi Machine Works (down 0.64%), Mastek (up 0.02%), Oriental Bank of Commerce (up 0.61%), Srikalahasthi Pipes (down 2.20%), United Spirits (up 1.27%), Wendt (India) (down 4.41%), Kirloskar Ferrous Industries (down 1.87%) and Jiya Eco-Products (down 4.67%) will declare their Q1 June 2019 results today.

DHFL (up 0.47%), IDBI Bank (down 0.15%), Reliance Capital (down 0.88%) and Reliance Infrastructure (down 0.82%) are currently under F&O ban. F&O ban was imposed after these contracts crossed 95% of the market-wide position limit in derivatives market.

On the data front, India's foreign exchange reserves declined by $1.11 billion to $428.80 billion in the week ended 12 July 2019. The foreign exchange reserves had stood at $429.91 a week ago.

Powered by Capital Market - Live News