Weakness continued on the bourses as key benchmark indices traded in a narrow range in negative zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was down 254.07 points or 1.04% at 24,284.93. The 50-unit Nifty 50 index was currently off 79.80 points or 1.07% at 7,375.75. Weakness in global stocks hit sentiment on the domestic bourses adversely. The broad market depicted weakness. There were more than five losers against every gainer on BSE. 1,942 shares declined and 386 shares rose. A total of 72 shares were unchanged. The BSE Mid-Cap index was currently off 1.6%. The BSE Small-Cap index was currently off 2.19%. The losses for both these indices were higher in percentage terms than those for the Sensex.
In overseas stock markets, Chinese and Japanese stocks led decline in Asian equities as a steep drop in crude prices rekindled concerns that global growth is slowing. In Japan, the Nikkei Stock Average ended 3.15% lower. In mainland China, the Shanghai Composite index was currently off 1.1%. In Hong Kong, the Hang Seng index was currently off 2.72%. US stocks closed sharply lower yesterday, 2 February 2016, as investors unloaded energy and financial stocks amid a selloff in crude-oil futures.
Pharma stocks declined. Wockhardt (down 2.62%), Cadila Healthcare (down 1.18%), GlaxoSmithkline Pharmaceuticals (down 1.21%), Dr Reddy's Laboratories (down 1.15%), Ipca Laboratories (down 0.8%), Divi's Laboratories (down 0.59%), Alkem Laboratories (down 0.16%), Lupin (down 0.13%) and Glenmark Pharmaceuticals (down 0.45%) edged lower. Sun Pharmaceutical Industries (up 2%), Strides Shasun (up 0.58%) and Cipla (up 0.66%) edged higher.
Aurobindo Pharma rose 0.45% at Rs 770 after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Isosulfan Blue injection, 1% (50 mg/5 ml) single-dose vials in the US market. The product is expected to be launched in Q4 March 2016. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Lymphazurin Injection, 1%, of Covidien. The announcement was made during trading hours today, 3 February 2016.
Isosulfan Blue injection, under cardio vascular therapeutic group, is used in a lymphography procedure. Isosulfan Blue Injection, upon subcutaneous administration, delineates the lymphatic vessels draining the region of injection. The approved product had an estimated market size of $57 million in US for the twelve months ended December 2015 according to IMS data.
Auto stocks declined. Tata Motors (down 2.79%), Ashok Leyland (down 1.87%), TVS Motor Company (down 1.74%), Eicher Motors (down 1.47%), Maruti Suzuki India (down 1.35%), Mahindra & Mahindra (down 0.17%) and Hero MotoCorp (down 0.23%) edged lower. Bajaj Auto (up 0.53%) gained.
Meanwhile, the outcome of a monthly survey showed that growth in India's services sector accelerated last month. The seasonally adjusted Nikkei India services purchasing managers' index (PMI) hit a 19-month high at 54.3 in January 2016. The Services PMI rose from December's reading of 53.6. Amid forecasts of further improvements in demand and favourable government policies, service providers in India expect output to continue to increase over the course of the next year. Additionally, the degree of optimism registered in January was the most pronounced in six months, Markit Economics said.
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