A bout of volatility was witnessed in early afternoon trade as key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 75.66 points or 0.30% at 25,266.20. The Nifty 50 index was down 23.10 points or 0.30% at 7,715.30.
The Sensex rose 13.08 points, or 0.05% at the day's high of 25,354.94 in morning trade. The index fell 148.27 points, or 0.59% at the day's low of 25,193.59 in mid-morning trade, its lowest level since 30 March 2016. The Nifty 50 index rose 1.75 points, or 0.02% at the day's high of 7,740.15 in morning trade. The index fell 46.35 points, or 0.60% at the day's low of 7,692.05 in mid-morning trade, its lowest level since 30 March 2016.
The broad market depicted strength. There were two gainers against every loser on BSE. 1,456 shares rose and 727 shares fell. A total of 96 shares were unchanged. The BSE Mid-Cap index was currently down 0.25%. The BSE Small-Cap index was currently up 0.78%, Both these indices outperformed the Sensex.
In the overseas market, Asian stocks tumbled today, 1 April 2016, as investors began the new quarter in a cautious mood, with Japanese equities leading losses amid a slump in corporate sentiment. Metals rose after a gauge of Chinese manufacturing expanded for the first time since July. US stocks closed lower yesterday, 31 March 2016, but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve.
Most capital goods shares edged higher. Bharat Heavy Electricals (Bhel) (up 4.18%), Praj Industries (up 2.45%), SKF India (up 1.88%), ABB India (up 1.84%), Jindal Saw (up 1.69%), Reliance Defence and Engineering (up 1.68%), Siemens (up 1.67%), Alstom T&D India (up 1.62%), Thermax (up 1.29%), Lakshmi Machine Works (up 1.19%), AIA Engineering (up 1.02%), Punj Lloyd (up 0.66%), ALSTOM India (up 0.38%) and Suzlon Energy (up 0.28%), edged higher. BEML (down 0.46%), Crompton Greaves (down 0.71%), Bharat Electronics (down 1.59%) and Havells India (down 2.31%), edged lower.
Index heavyweight and engineering & construction major L&T was up 1.79% to Rs 1,238.45. The stock hit a high of Rs 1,247.90 and a low of Rs 1,212.60 so far during the day.
Car major Maruti Suzuki India rose 1.05% to Rs 3,758 after the company said its total sales rose 15.9% to 1.29 lakh units in March 2016 over March 2015. Maruti Suzuki India's (MSIL) total domestic sales rose 14.6% to 1.18 lakh units in March 2016 over March 2015. Exports surged 33.4% to 10,450 units in March 2016 over March 2015. The announcement was made during trading hours today, 1 April 2016.
Commercial vehicles maker Ashok Leyland rose 1.80% to Rs 110.50 after the company reported 31% growth in total sales to 16,702 units in March 2016 over March 2015. The company reported 32% increase in sales of medium and heavy commercial vehicles (M&HCV) to 13,240 units in March 2016 over March 2015. Sales of light commercial vehicles (LCV) rose 27% to 3,462 units in March 2016 over March 2015.
Aurobindo Pharma was down 0.97% to Rs 737.75 on media reports that a foreign brokerage has maintained its sell rating on the stock citing higher valuations. The foreign brokerage reportedly said that Aurobindo's EBITDA (earnings before interest, taxation, depreciation and amortization) margins are unlikely to improve and its balance sheet is weaker than peers. The brokerage expects slow earnings growth phase for the company.
Meanwhile, Aurobindo Pharma announced that it received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Vancomycin Hydrochloride for Injection USP, 500 mg/vial and 1 g/vial. This product is expected to be launched in the later part of the financial year ending March 2017. The approved Abbreviated New Drug Application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Vancomycin Hydrochloride for Injection USP, 500 mg/vial and 1 g/vial, of Fresenius Kabi USA, LLC. Vancomycin Hydrochloride for Injection is an antibiotic used in the treatment of severe infections caused by susceptible strains of methicillin-resistant (Beta-lactam resistant) staphylococci and others. The approved product has an estimated market size of US$ 94 million for the twelve months ending January 2016 according to IMS. This is the 30th ANDA (including two tentative approvals) to be approved out of Unit IV formulation facility in Hyderabad, India used for manufacturing general injectable products. Aurobindo now has a total of 250 ANDA approvals (214 Final approvals including 10 from Aurolife Pharma LLC and 36 tentative approvals) from USFDA. The announcement was made during trading hours today, 1 April 2016.
Aurobindo Pharma is one of the four stocks that entered the Nifty 50 index with effect from today, 1 April 2016.
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