A bout of volatility was witnessed in today's trade as key benchmark indices displayed a divergent trend at closing bell after hitting day's low in late trade. The barometer index, the S&P BSE Sensex, rose 7.10 points or 0.02% to 31,290.74, as per the provisional closing data. The Nifty 50 index fell 11.15 points or 0.12% to 9,622.45, as per the provisional closing data.
The Sensex reversed trend after hitting record high level in early afternoon trade. The Nifty reversed trend after hitting its highest intraday level in more than two weeks in early afternoon trade. The Sensex rose 239.23 points, or 0.76% at the day's high of 31,522.87 in early afternoon trade, its record high level. The index fell 28.01 points, or 0.09% at the day's low of 31,255.63 in late trade. The Nifty rose 65.25 points, or 0.68% at the day's high of 9,698.85 in early afternoon trade, its highest level since 6 June 2017. The index fell 15.85 points, or 0.16% at the day's low of 9,617.75 in late trade.
Among secondary barometers, the BSE Mid-Cap index provisionally fell 0.59%. The BSE Small-Cap index provisionally fell 0.55%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,538 shares fell and 1,122 shares rose. A total of 158 shares were unchanged.
The total turnover on BSE amounted to Rs 4681.92 crore, lower than turnover of Rs 7510.41 crore registered during the previous trading session.
Most metal shares reversed early gains and declined. Bhushan Steel (down 9.43%), Hindalco Industries (down 2.44%), Jindal Steel & Power (down 2.41%), Vedanta (down 1.53%), JSW Steel (down 1.47%), NMDC (down 1.44%), Tata Steel (down 0.42%) and National Aluminium Company (down 0.4%), edged lower. Hindustan Copper (up 1.01%), Hindustan Zinc (up 1.63%) and Steel Authority of India (up 2.27%), edged higher.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for July 2017 delivery was currently up 0.04% at $2.603 per pound on the COMEX.
Shares of public sector oil marketing companies declined. BPCL (down 1.86%), HPCL (down 3.43%) and Indian Oil Corporation (down 3.77%), edged lower.
Reliance Defence and Engineering rose 5.63% at Rs 60.05 after the company said it has successfully delivered a 73,500 dead weight tonne (DWT) new-built Ice-class Panamax Bulk Carrier to an international customer on 21 June 2017. The announcement was made after market hours yesterday, 21 June 2017.
Drug major Lupin lost 2.67% to Rs 1,065, with the stock extending recent slide. Media reports suggested that Lupin's Pithampur Unit 3 has been issued 5 observations by the US Food and Drug Administration (USFDA).
Meanwhile, Lupin announced during market hours today, 22 June 2017, the launch of its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% having received an approval from the United States Food and Drug Administration (FDA) earlier.
Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% are the AB rated generic equivalent of Taro Pharmaceuticals North America, Inc's Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, Inc's (collectively Taro) Topicort Cream, 0.25%. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Topicort LP Emollient Cream and Topicort Cream had combined US sales of $38 million (IMS MAT April 2017).
Overseas, European stocks were trading lower as shares from the oil and gas sector fell as crude prices languished in a bear market. Late Thursday, UK Prime Minister Theresa May is expected in Brussels to present Britain's plans for European Union citizens living in the UK as part of Brexit negotiations.
Asian shares ended mixed as oil prices held steady in Asian deals after falling more than 2% overnight on worries over whether OPEC-led output cuts would be able to rein in a three-year glut. In US, the S&P 500 and Dow industrials ended slightly lower overnight, weighed down by losses in the energy sector as oil prices continued to slide. But the Nasdaq Composite posted moderate gains thanks to a surge in biotechnology shares.
The S&P 500 index closed with a loss of 1.42 points, or less than 0.1%, at 2,435.61. The Dow Jones Industrial Average lost 57.11 points, or 0.3%, to 21,410.03. The Nasdaq Composite Index bucked the trend, closing 45.92 points, or 0.7%, higher at 6,233.95.
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