Moving in a narrow range, key benchmark indices languished in negative zone in early afternoon trade. The losses for key indices were small. The barometer index, the S&P BSE Sensex, was currently down 49.48 points or 0.19% at 26,371.19. The market breadth indicating the overall health of the market was positive. Pharma stocks rose on renewed buying, with Cipla, Glenmark Pharmaceuticals and Lupin hitting record high. Index heavyweight and cigarette maker ITC dropped. IT stocks gained on positive economic data in US.
Key indices had slipped into the red shortly after a higher opening triggered by overnight gains in US stocks and lower crude oil prices took the 50-unit CNX Nifty to record high.
At 12:16 IST, the S&P BSE Sensex was down 49.48 points or 0.19% at 26,371.19. The index fell 88.42 points at the day's low of 26,332.25 in mid-morning trade, its lowest level since 18 August 2014. The index rose 83.85 points at the day's high of 26,504.52 at the onset of the trading session.
The CNX Nifty was down 12.90 points or 0.16% at 7,884.60. The index hit a low of 7,872.05 in intraday trade, its lowest level since 18 August 2014. The index hit a high of 7,922.70 in intraday trade, lifetime high for the index.
The market breadth indicating the overall health of the market was positive. On BSE, 1,457 shares gained and 1,095 shares fell. A total of 87 shares were unchanged.
The BSE Mid-Cap index was up 15.02 points or 0.16% at 9,285.68. The BSE Small-Cap index was up 95.50 points or 0.94% at 10,264.30. Both these indices outperformed the Sensex.
IT stocks gained on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. HCL Technologies (up 0.92%), Infosys (up 0.25%), TCS (up 0.01%) and Wipro (up 1.16%) gained. Tech Mahindra fell 0.05%.
Index heavyweight and cigarette maker ITC dropped 0.96% to Rs 345.55. The stock hit high of Rs 350.50 and low of Rs 345.20 so far during the day.
Pharma stocks rose on renewed buying. Lupin gained 0.56% to Rs 1,223.30 after hitting record high of Rs 1,233.10 in intraday trade.
Cipla rose 1.07% to Rs 479 after hitting record high of Rs 480.25 in intraday trade.
Among other pharma stocks, Ranbaxy Laboratories (up 2.87%) and Sun Pharmaceutical Industries (up 2.46%) gained.
Dr Reddy's Laboratories rose 1.41% after a filing with the US Securities and Exchange Commission on Monday, 18 August 2014, showed market share gained in key drugs for the company in the US market. Dr Reddys Laboratories said global generics segment's revenues from North America (the United States and Canada) rose 51% to Rs 1646.80 crore in the three months ended 30 June 2014 over the three months ended 30 June 2013. In US dollar absolute currency terms (i.e., US dollars without taking into account the effect of currency exchange rates), such revenues increased by 43% in the three months ended 30 June 2014 as compared to the three months ended 30 June 2013.
This growth was largely attributable to revenues from new products launched between 1 July 2013 and 30 June 2014, such as decitabine, azacitidine and divalproex sodium ER; and gain in market shares of existing products, such as metoprolol succinate, fexofenadine, atorvastatin and ziprasidone.
The company said its global generics segment's revenues from Russia for the three months ended 30 June 2014 were Rs 419.80 crore, an increase of 15% as compared to the three months ended 30 June 2013.
The company's global generics segment's revenues from 'Rest of the World' markets were Rs 221.60 crore for the three months ended 30 June 2014, an increase of 50% as compared to the three months ended 30 June 2013. The growth was primarily attributable to sales volume growth in Venezuela and new products launched between 1 July 2013 and 30 June 2014.
The company's global generics segment's revenues from Europe were Rs 145.90 crore for the three months ended 30 June 2014, a decline of 7% as compared to the three months ended 30 June 2013. Revenues have declined primarily on account of reduced sales in Germany, which was mainly due to company's reduced participation in the competitive bidding tenders sponsored by statutory health insurance funds and other health insurance providers.
Glenmark Pharmaceuticals rose 3.06% to Rs 741.50 after a wholly owned subsidiary announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302. The stock hit record high of Rs 749.05 in intraday trade. The announcement was made before market hours today, 20 August 2014. Glenmark Pharmaceuticals S.A. (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals (GPL), announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 bispecific antibody. GBR 1302 was discovered and developed by the Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland. GBR 1302 is based on Glenmark's innovative BEAT antibody technology platform which facilitates the efficient development and manufacture of antibodies with dual specificities, so-called bispecific antibodies. GBR 1302 is the first clinical development candidate based on the BEAT technology. Glenmark expects to obtain approval for the initiation of clinical studies during this financial year.
Karur Vysya Bank rose 1.55% to Rs 477 after the bank on Tuesday, 19 August 2014, initiated a share sale process to raise Rs 1000 crore from institutional placement. The bank made the announcement after market hours on Tuesday, 19 August 2014. The board of Karur Vysya Bank approved the opening of the qualified institutional placement (QIP) on Tuesday, 19 August 2014, Karur Vysya Bank said in a statement. The floor price for the QIP is set at Rs 461.70 per equity share.
Earlier, the bank had secured shareholders approval for raising up to Rs 1000 crore through QIP.
In the foreign exchange market, the rupee reversed intraday losses against the dollar. The partially convertible rupee was hovering at 60.595, compared with its close of 60.685 on Tuesday, 19 August 2014.
India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. Brent crude oil futures steadied near 14-month lows above $101 a barrel today, 20 August 2014, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease. The October Brent crude contract was down 6 cents at $101.50 a barrel. The contract fell 4 cents a barrel to settle at $101.56 on Tuesday, 19 August 2014, after falling to $101.07, the lowest since June 2013.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 559.39 crore on Tuesday, 19 August 2014, as per provisional data from the stock exchanges.
Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Key benchmark indices in Japan, Taiwan, Singapore, Hong Kong, South Korea and Indonesia were up 0.03% to 0.48%. China's Shanghai Composite fell 0.21%.
Trading in US index futures indicated that the Dow could fall 4 points at the opening bell on Wednesday, 20 August 2014. US stocks ended higher for the second straight session on Tuesday, 19 August 2014, after a better-than-expected jump in July housing starts and upbeat earnings reports.
Housing starts posted their strongest rebound in eight months in July, topping expectations and adding another data point to suggest optimism is returning among homebuilders.
The minutes from the last Federal Open Market Committee meeting will be released today, 20 August 2014. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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