You are here: Home » News-CM » Equities » Market Report
Business Standard

Market trading weak ahead of outcome of RBI policy

Capital Market 

Weakness persisted on the bourses as caution prevailed ahead of the outcome of the Reserve Bank of India's (RBI) monetary policy meeting. At 14:25 IST, the barometer index, the BSE Sensex, was down 231.41 points or 0.64% at 35,902.90. The index was down 77.90 points or 0.72% at 10,791.60. Pharma shares declined.

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 index 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 index was down 1.11%. The BSE Small-Cap index was down 1.08%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 738 shares rose and 1713 shares fell. A total of 160 shares were unchanged.

Vedanta (down .3%), (down 3.1%), (down 3.09%), (down 2.65%) and (down 2.28%), were the major Sensex losers.

Pharma shares declined. (down 2.84%), (down 1.04%), (down 5.06%), (down 0.34%), (down 1.24%), (down 2.75%) and (down 2.35%) edged lower. Cadila Healthcare (up 1.84%) and (up 0.74%) rose.

fell 3%. 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 tomorrow, 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, European stocks were lower as resurgent trade worries worsened investor fears about global economic growth. Investors are likely to closely monitor any further political developments as lawmakers continue to debate Westminster's Brexit plan. suffered a series of embarrassing defeats in Parliament on Tuesday.

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.

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.

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.

Powered by Capital Market - Live News

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

First Published: Wed, December 05 2018. 14:29 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU