Key benchmark indices gyrated in a small range with negative bias in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 27.16 points or 0.08% at 33,913.14. The Nifty 50 index was off 7.70 points or 0.07% at 10,485.30. Trading was range bound near the flat line so far during the session. Most auto stocks declined. IT stocks saw mixed trend.
Domestic stocks edged higher in early trade as trading resumed after a long weekend. The Sensex scaled record high above the psychological 34,000 mark at onset of the day's trading session. The Nifty also hit record high above the 10,500 mark in early trade. A bout of volatility was seen as the key indices traded on a flat note in morning trade after alternately moving above and below the flat line. Stocks once again dipped in negative zone and hit fresh intraday low in mid-morning trade. Indices traded with small losses in early afternoon and afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.64%. The S&P BSE Small-Cap index gained 0.76%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,660 shares rose and 1,035 shares fell. A total of 177 shares were unchanged.
Most auto stocks declined. Mahindra & Mahindra (M&M) (down 1.03%), Maruti Suzuki India (down 0.53%), Hero MotoCorp (down 0.72%) and Eicher Motors (down 0.52%) fell. Ashok Leyland (up 1.7%), Bajaj Auto (up 0.89%) and Tata Motors (up 0.37%) rose.
IT stocks saw mixed trend. Persistent Systems (up 3.42%), TCS (up 0.57%) and Oracle Financial Services Software (up 0.47%) edged higher. Infosys (down 0.41%), Tech Mahindra (down 0.39%), HCL Technologies (down 0.07%) and Wipro (down 0.35%) edged lower.
Coromandel International gained 2.78%. EID-Parry (India) rose 3.05%. Coromandel International signed a term sheet to acquire the bio-pesticides business from EID-Parry (India) together with its wholly-owned subsidiary Parry America, Inc, USA through a slump sale. The transaction is valued at Rs 338 crore (subject to changes in working capital), which includes purchase of bio-pesticides business of EID-Parry together with its research and development (R&D) unit, captive plantations and its wholly-owned subsidiary Parry America, Inc. This transaction is subject to receipt of approval of the shareholders and other relevant authorities. The announcement was made after market hours on Friday, 22 December 2017.
The bio-pesticides business is engaged in the manufacture and marketing of Neem based Azadirachtin technical and formulations, plant extract based bio-stimulants, micronutrients, microbials, etc. and has brands that are well established in India and globally. The business has a manufacturing facility in Tamil Nadu and manufactures Azadirachtin using technology sourced from Trifolio, Germany. Parry America, Inc, a 100% subsidiary of EID-Parry headquartered in US sources Azadirachtin technical from bio-pesticides business in india, formulates and markets the products in North and South America, Canada and adjacent markets of USA.
Alembic Pharmaceuticals fell 0.18% to Rs 528.40 after the company announced that its associate company received USFDA orphan-drug designation for Tenasilib. The announcement was made before market hours today, 26 December 2017.
Alembic Pharmaceuticals announced that its associate company, Rhizen Pharmaceuticals S.A. (Rhizen) has been granted by the United States Food & Drug Administration (USFDA) the orphan-drug designation for the active moiety of Tenalisib (RP6530), the company's highly selective and orally active dual PI3K delta/gamma inhibitor, for the treatment of peripheral T-cell lymphoma (PTCL).
The orphan-drug designation is granted to a drug or biological product intended to treat a rare disease in the United States. A number of incentives are provided for an orphan-drug such as a 7-year marketing exclusivity, tax credit for clinical development costs, exemption/waiver of application (filing) fees and assistance from the USFDA office of Orphan Products Development during the development process.
Rhizen Pharmaceuticals is an innovative, clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics for the treatment of cancer, immune and metabolic disorders.
Overseas, Asian stocks were mixed in trading thinned by year-end holidays as several regional markets re-opened after the Christmas break. Hong Kong, Australia and New Zealand markets remain closed today, 26 December 2017. US markets remained shut yesterday, 25 December 2017 on account of Christmas.
In Japan, the nationwide core consumer price index (CPI), which includes oil goods but excludes volatile fresh food prices, rose 0.9% in November from a year earlier, government data showed today, 26 December 2017. The pace of price growth was just ahead of October's 0.8%.
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