The market was trading in a narrow range in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 32.01 points or 0.09% at 37,058.81. The Nifty 50 index was down 11.90 points or 0.11% at 11,136.30.
The undertone of the market was weak as the trade war between the United States and China escalated. The domestic indices opened lower and briefly bounced into positive terrain in early trade. Recovery was short lived as indices once again dipped into the red in morning trade. Indices turned range bound in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.13%. The BSE Small-Cap index was down 0.43%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 740 shares rose and 1259 shares fell. A total of 111 shares were unchanged.
Metal shares were mixed. Steel Authority of India (down 3.15%), Hindustan Copper (down 1.31%), Tata Steel (down 1.21%), NMDC (down 0.54%), Hindustan Zinc (down 0.12%) and JSW Steel (down 0.05%), edged lower. Hindalco Industries (up 0.08%), National Aluminium Company (up 0.52%), Vedanta (up 2.17%) and Jindal Steel & Power (up 2.33%), edged higher.
FMCG shares were mixed. Colgate Palmolive (India) (down 1.51%), Procter & Gamble Hygiene & Health Care (down 1%), Godrej Consumer Products (down 0.74%), Bajaj Corp (down 0.61%), Marico (down 0.46%), Dabur India (down 0.45%) and Hindustan Unilever (down 0.36%), edged lower. Britannia Industries (up 0.18%), Tata Global Beverages (up 0.25%), GlaxoSmithKline Consumer Healthcare (up 0.29%) and Jyothy Laboratories (up 0.40%), edged higher.
Drug major Lupin was up 0.28%. The company announced during trading hours today, 14 May 2019, that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for the Post-marketing Adverse Drug Experience (PADE) inspection, indicating successful closure of the inspection. The inspection was conducted at Lupin's global pharmacovigilance group DSRM (Drug Safety & Risk Management) based out of Mumbai between 14 January 2019 and 18 January 2019. The inspection included a comprehensive scrutiny of practices and procedures for reporting of adverse events of Lupin's marketed products worldwide. The inspection closed with four observations.
Glenmark Pharmaceuticals was up 1.16%. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by USFDA for Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg and 40 mg, a generic version of Nexium Delayed-Release Capsules, 20 mg and 40 mg, of AstraZeneca Pharmaceuticals LP. The announcement was made during trading hours today, 14 May 2019.
According to IQVIATM sales data for the 12 month period ending March 2019, the Nexium Delayed-Release Capsules, 20 mg and 40 mg market achieved annual sales of approximately $395.1 million.
On the economic front, the all-India general Consumer Price Index (CPI) inflation rose to 2.92% in April 2019, compared with 2.86% in March 2019. The inflation based on CPI was 4.58% in April 2018. The Central Statistics Office (CSO) released the data after market hours yesterday, 13 May 2019.
China announced on Monday that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of agricultural products. Last week, US President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%.
US Trade Representative's office reportedly said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.
In US, stocks closed sharply lower Monday, as investors weighed an escalating tariff fight that could pose risks to the US, Chinese and global economies.
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