Key benchmark indices settled near the flat line in what was a largely range-bound session of trade. The barometer index, the S&P BSE Sensex rose 30.68 points or 0.1% at 32,272.61, as per the provisional closing data. The Nifty 50 index fell 1.20 points or 0.01% at 10,085.40, as per the provisional closing data. Market sentiment was lackluster amid geopolitical tensions in the wake of North Korea's missile launch in the direction of the east of Japan.
Key indices opened the session lower on weak global cues. Later, indices hovered in negative terrain in a mostly range-bound trading till mid-afternoon trade. Indices witnessed a sudden recovery in mid-afternoon trade. However, the recovery proved short lived as key indices settled near the flat line.
Among other indices, the S&P BSE Mid-Cap index provisionally fell 0.28%, underperforming the Sensex. The S&P BSE Small-Cap index provisionally rose 0.38%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,467 shares declined and 1,101 shares advanced. A total of 157 shares were unchanged.
The total turnover on BSE amounted to Rs 4314.52 crore, higher than turnover of Rs 3427.26 crore registered during the previous trading session.
Shares of power generation and power distribution companies declined. Jaiprakash Power Ventures (down 4.97%), Adani Power (down 2.33%), Reliance Power (down 1.76%), Reliance Infrastructure (down 1.71%), Tata Power Company (down 1.41%), NHPC (down 1.23%), NTPC (down 0.56%), GMR Infrastructure (down 0.56%), Power Grid Corporation of India (down 0.66%) and JSW Energy (down 0.7%) edged lower.
Dr Reddy's Laboratories dropped 1.61% at Rs 2,213.85 after report suggested that Indivior Plc., the UK drug firm has filed patent lawsuits against the company, Teva and Mylan. The UK drug firm has filed complaint asserting new Suboxone film Patent versus abbreviated new drug application (ANDA) filers. Earlier this month, Indivior had stated that it would appeal against a US court ruling that generic drug maker Dr Reddy's Laboratories had not infringed its patents, potentially opening the way to the company to the Indivior's Suboxone Film opioid addiction treatment.
The India Meteorological Department (IMD) in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon upto 13 September has been 6% below the normal rainfall. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, European and Asian stocks recovered from earlier losses amid geopolitical tensions. As per reports, an unidentified missile launched by North Korea flew over Japan before landing 2,000 km east of Hokkaido. US equities closed mostly lower yesterday, 14 September 2017 after strong inflation data raised the possibility of tighter monetary policy from the Federal Reserve. However, the Dow index closed at its record high.
In the economic news, the US initial jobless claims fell by 14,000 to 284,000 from the previous week's unrevised level, figures released by the Labor Department yesterday, 14 September 2017 showed.
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