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Sensex, Nifty come off day's low

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Key benchmarks pared losses after hitting fresh intraday low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 68.18 points or 0.18% at 37,022.64. The index was down 17.20 points or 0.15% at 11,131. Investor sentiment took a hit as the trade war between the and escalated.

Meanwhile, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.07% (provisional) in April 2019 (over April 2018) as compared to 3.18% (provisional) in the previous month and 3.62% during the corresponding month of the previous year, the said in a release during trading hours today, 25 May 2019.

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. Volatility was witnessed in early afternoon trade as indices trimmed losses after hitting fresh intraday low.

Among secondary barometers, the BSE Mid-Cap index was up 0.10%. The BSE Small-Cap index was down 0.38%.

The market breadth, indicating the overall of the market, was weak. On BSE, 820 shares rose and 1333 shares fell. A total of 121 shares were unchanged.

Most IT shares declined. (down 2.85%), (down 2.31%), (down 2.06%), (down 1.97%), (down 1.88%), (down 0.4%) and (down 0.21%), edged lower. (up 0.35%), (up 0.88%) and (up 2.04%), edged higher.

Most pharma shares advanced. (up 3.53%), (up 1.95%), (up 0.92%), (up 0.35%), (up 0.34%), (up 0.28%) and (up 0.18%), edged higher. (down 0.5%), (down 0.53%), (down 0.58%) and (down 1.93%), edged lower.

was down 0.67%. With reference to media report titled "Pharma Stocks Bleed As US States File Lawsuit Against Firms", clarified dueing trading hours today, 14 May 2019, that in December 2016, the Attorney of the State of along with the Attorneys' of various other U.S. states filed a lawsuit in alleging that Aurobindo and other in the U.S. industry had violated antitrust laws by fixing prices and allocating customers (the 'First Action'). On 18 June 2018, an Amended Complaint was filed in the First Action. Aurobindo has denied all the relevant accusations in the First Action and is vigorously defending against the matter.

On 10 May 2019, the Attorney of the State of and additional Attorneys' General of various U.S. states filed a second lawsuit in similarly alleging that the Aurobindo and other in the U.S. industry had violated antitrust laws by fixing prices and allocating customers (the 'Second State AG Action'). The Second State AG Action includes additional parties and additional products which were not referenced in the First State AG Action. While Aurobindo is currently reviewing the Second State AG Action, it expects to file papers with the in due course denying each of the relevant accusations.

Aurobindo said it does not, at this time, anticipate that these matters will have a material impact on the company's operations or business results.

Drug major Lupin was up 0.33%. The company announced during trading hours today, 14 May 2019, that it has received the Establishment Inspection Report (EIR) from the 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 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 0.65%. , 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 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-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 (CSO) released the data after market hours yesterday, 13 May 2019.

Overseas, Asian shares declined Tuesday following a sharp fall in US stocks overnight as the trade war between and the escalated.

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 Last week, US 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 12:22 IST