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Market hovers near day's low

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Key benchmark indices were trading near day's low in afternoon trade. At 13:25 IST, the barometer index, the BSE Sensex, was down 223.68 points or 0.62% at 35,910.63. The was down 78.70 points or 0.72% at 10,790.80.

Provisional data released by the stock exchanges showing that local and foreign funds, both, were net sellers of Indian stocks yesterday, 4 December 2018, also weighed on the sentiment. The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 55.89 crore. Domestic institutional investors (DIIs) sold shares worth a net Rs 521.38 crore.

Domestic stocks edged lower in early trade as key pivotals dropped. Key benchmark indices traded with weakness in morning trade after a subdued start to the day's trading session. Weakness persisted on the bourses in afternoon trade.

In broader market, the BSE Mid-Cap was down 1.05%. The BSE Small-Cap index was down 1.04%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 717 shares rose and 1661 shares fell. A total of 137 shares were unchanged.

(up 0.73%), (up 0.59%), (up 0.42%), (up 0.42%) and Economic Zone (up 0.36%), were the Sensex gainers.

(down 2.95%), Vedanta (down 2.74%), (down 2.45%), Coal (down 2.4%) and ITC (down 2.11%), were the Sensex losers.

Car was down 1.26%. The company informed that over the past year, the cost of Company's vehicles has been impacted adversely due to increase in commodity prices and foreign exchange rates, etc. Hence, it has become imperative for the Company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2019. This price increase shall vary for different models.

Meanwhile, the company said that its total production fell 12.6% to 135,946 units in November 2018 over November 2017.

lost 2.73% after the company announced that Ratings has lowered the credit rating of the company and luxury car unit, (JLR), citing weaker profitability at JLR. S&P cut its rating on Tata Motors' issuer credit and senior unsecured notes to 'BB-' from 'BB'. The ratings remain on negative watch. The announcement was made after market hours yesterday, 4 December 2018.

Pharma major fell 2.26%. The company announced today, 5 December 2018, the completion of Food and Drug Administration (US FDA) inspections carried out at its location. Lupin's location houses the company's cardiovascular "Pril" facilities, Cephalosporin facilities and These inspections were carried out between November 26 and December 4,2018.

The inspection at Unit-2, the Cardiovascular "Pri l" facilities closed with 4 observations. The inspection at Unit-I, the Cephalosporin facilities closed with 10 observations for the Cephalosporin API facilities and 8 observations for the The observations are largely procedural in nature with some gaps identified in the of the Cepha losporin API block and the company is confident of addressing them satisfactorily. As a company, has committed to an enhanced Quality Management System and Compliance Sustainability Plan. The site is already executing the plan, which also serves to address some of the concerns ra ised during this inspection. There are no new DMF and ANDA applications pending for review or approval from Lupin's Mandideep facilities.

Further, Lupin announced the launch of 4mg and 8mg, having received an approval from the Food and Drug Administration (USFDA) earlier. Lupin's 4mg and 8mg; is the generic equivalent of Allergan's Rapaflo. An alpha-1 adrenergic receptor antagonist, it is indicated for the of benign prostatic hyperplasia (BPH). Rapaflo had annual sales of $198.5 million in the US (IQVIA MAT September 2018). The announcement was made after market hours yesterday, 4 December 2018.

On the political front, state assembly elections will be closely watched. Polling in and Telangana will be held on 7 December 2018. Assembly elections in and were held on 28 November 2018. The election to the 90-member Assembly was held in two phases 12 and 20 November 2018. Counting of votes will be held across all the five states on 11 December 2018.

Overseas, Asian stocks dropped in the wake of the biggest slide in stocks on Wall Street. Activity in China's service sector expanded at a faster pace in November, a private gauge showed Wednesday. The Caixin services purchasing managers' index rose to 53.8 in November from a 13-month low of 50.8 in October, and research firm Markit said.

US financial markets will remain closed Wednesday for a of mourning to honor former US stocks finished sharply lower Tuesday, logging their worst day in nearly a month, as skepticism mounted over the significance of an agreement reached by the US and to postpone new tariffs.

Doubts surrounding the US and China's ability to achieve a concrete deal to avoid new, or expanded, bilateral tariffs are rising, as investors focused on the lack of specific concessions made by at last weekend's meeting in Argentina, where and Chinese met.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 13:23 IST