Amid a bout of volatility, key benchmark indices firmed up once again after hitting fresh intraday low in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 59.90 points or 0.22% at 27,896.40. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was up 12.15 points or 0.14% at 8,553.55. The Sensex was currently hovering below the psychologically important 28,000 mark after flirting with that level earlier during the session.
The Sensex rose 6.13 points, or 0.02% at the day's low of 27,842.63 in mid-afternoon trade. The index rose 177 points, or 0.64% at the day's high of 28,013.50 in morning trade. The Nifty fell 4.60 points, or 0.05% at the day's low of 8,536.80 in mid-afternoon trade. The index rose 45.70 points, or 0.53% at the day's high of 8,587.10 in morning trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,358 shares rose and 1,270 shares fell. A total of 172 shares were unchanged. The BSE Mid-Cap index was currently down 0.07%. The BSE Small-Cap index was currently up 0.19%. Both these indices underperformed the Sensex.
In overseas markets, most European stocks edged lower as investors digest a number of geopolitical events including the failed coup in Turkey. Most markets in Asia were trading higher today, 18 July 2016, ahead of a relatively data-light week in the region, while investors had a muted reaction to the risks surrounding a failed military coup in Turkey. In the US market, the Dow Jones Industrial Average edged higher on Friday, 15 July 2016, to post its fourth straight record close, while the S&P 500 broke its winning streak as the rally lost strength ahead of the weekend. The Nasdaq Composite Index shed 4.47 points to 5,029.59 but finished the week 1.5% higher.
Power generation stocks were mixed. Jaiprakash Power Ventures (up 4.41%), CESC (up 3.34%), Reliance Infrastructure (up 1.69%), Reliance Power (up 0.48%), NHPC (up 0.40%), Torrent Power (up 0.32%) and JSW Energy (up 0.12%), edged higher. GMR Infrastructure (down 0.07%), Adani Power (down 0.52%), NTPC (down 0.58%) and Tata Power (down 1.26%), edged lower.
Most metal shares declined. Jindal Steel & Power (down 2.62%), National Aluminium Company (down 2.38%), Hindustan Copper (down 1.93%), Steel Authority of India (down 1.3%), JSW Steel (down 0.78%), Vedanta (down 0.49%), NMDC (down 0.37%) and Hindustan Zinc (down 0.23%), edged lower. Bhushan Steel (up 0.12%), Tata Steel (up 0.13%) and Hindalco Industries (up 1.82%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.58% at $2.2205 per pound on the COMEX.
Sun Pharma Advanced Research Company (SPARC) jumped 3.79% after the company licensed ELEPSIA XR (Levetiracetam ER Tablets) to Sun Pharmaceutical Industries. SPARC and Sun Pharmaceutical Industries announced a licensing arrangement for SPARC's ELEPSIA XR (Levetiracetam Extended Release tablets). As per the agreement, SPARC will license ELEPSIA XR (Levetiracetam Extended Release tablets) to a wholly-owned subsidiary of Sun Pharma for the US market. SPARC will receive an up-front payment of $10 million from Sun Pharma. It is also eligible for certain additional milestone payments and defined royalties linked to any future sales of ELEPSIA XR.
ELEPSIA XR was approved by the United States Food & Drug Administration (USFDA) in March 2015. However, in September 2015, SPARC received a complete response letter (CRL) from the USFDA rescinding its earlier approval, citing that the compliance status of the manufacturing facility viz., Halol site of Sun Pharma was not acceptable on the date of approval. Sun Pharma has undertaken a detailed remediation at Halol for restoring cGMP compliance status for the site.
Levetiracetam products currently approved by FDA and available in the US market are generally indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age and older with epilepsy. As per IMS MAT December 2015, 9 million prescriptions were dispensed for Levetiracetam making it one of the most widely prescribed treatments for epilepsy in the US.
Ajanta Pharma rose 1.8% after the company said it has received final approval from US Food and Drug Administration for launch of Omeprazole and Sodium Bicarbonate Capsules in the US market. Omeprazole and Sodium Bicarbonate Capsules is a bioequivalent prescription generic version of Zegerid and the company has launched the product in 2 strengths viz. 20mg/1100mg & 40mg/1100mg capsules.
Jindal Poly Films rose 2.27% after the company announced that it has commissioned new films production line at Nashik plant. The company commissioned 7th Biaxially oriented polypropylene (BOPP) films production line of 41,000 tonnes per annum (TPA) increasing the India BOPP capacity to 2.51 lakh TPA at its Nasik, Maharashtra location. This is a part of Rs 1000 crore capital expenditure plans announced earlier by the company. This is in addition to coating and metalising capacities commissioned in the financial year ended 31 March 2016 (FY 2016). The global BOPP capacity now stands at 4.66 lakh TPA, the company added.
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