Gains in banking stocks aided recovery for key benchmark indices. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 95.81 points or 0.38% at 25,246.05. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently down 40.05 points or 0.52% at 7,698.35. Weakness in global stocks weighed on sentiment on the domestic bourses.
The Sensex fell 222.51 points, or 0.88% at the day's low of 25,119.35 in afternoon trade, its lowest level since 30 March 2016. The barometer index rose 13.08 points, or 0.05% at the day's high of 25,354.94 in morning trade. The Nifty fell 72.30 points, or 0.93% at the day's low of 7,666.10 in afternoon trade, its lowest level since 30 March 2016. The index rose 1.75 points, or 0.02% at the day's high of 7,740.15 in morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,540 shares rose and 833 shares fell. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently up 0.18%. The BSE Small-Cap index was currently up 0.78%. Both these indices outperformed the Sensex.
In the overseas stock market, European stocks edged lower ahead of release of the closely-watched US jobs data which could reveal more about the state of health of the US economy. Asian stocks edged lower as investors began the new quarter in a cautious mood, with Japanese equities leading losses amid a slump in business confidence in Q1 March 2016. The Nikkei 225 Average ended 3.55% lower. 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.
Index heavyweight and cigarette major ITC was up 1.89% to Rs 334.25. The stock hit a high of Rs 336.45 and a low of Rs 325.85 so far during the day.
Index heavyweight Reliance Industries (RIL) was down 1.34% to Rs 1,031.20. The stock hit a high of Rs 1,045.90 and a low of Rs 1,026.40 so far during the day.
Index heavyweight and IT major Infosys was down 0.9% to Rs 1,207. The stock hit a high of Rs 1,221.80 and a low of Rs 1,197 so far during the day. Infosys is set to announce its Q4 March 2016 results on 15 April 2016.
Diesel car makers fell after the Supreme Court yesterday, 31 March 2016, extended a ban on the registration of diesel cars with engine capacity over 2000 cc in the national capital region until the next hearing of the case. Tata Motors was down 1.50% at Rs 380.50. On 16 December 2015, the apex court had banned the registration of new diesel-guzzling luxury cars and SUVs with engine capacity of over 2000 cc until 31 March 2016. The ban is part of a raft of judicial measures undertaken to clean up Delhi's air that is among the most polluted in the world.
Mahindra & Mahindra (M&M) fell 1.45% to Rs 1,192.10. M&M during market hours today, 1 April 2016, announced that its total tractor sales rose 19.81% to 14,682 units in March 2016 over March 2015. Domestic sales rose 34.05% to 13,931 units in March 2016 over March 2015. Exports declined 59.66% to 751 units in March 2016 over March 2015.
In a separate announcement today, M&M said that that its total automobile sales rose 17% to 52,718 units in March 2016 over March 2015. Domestic sales rose 19% to 48,967 units in March 2016 over March 2015. Exports declined 7% to 3,751 units in March 2016 over March 2015.
Metal shares were mixed. Jindal Steel & Power (up 6.91%), Hindustan Copper (up 1.58%), Steel Authority of India (up 1.28%), Bhushan Steel (up 0.84%), Hindustan Zinc (up 0.65%) and Vedanta (up 0.22%), edged higher. NMDC (down 0.26%), Tata Steel (down 0.86%), National Aluminium Company (down 1.64%), Hindalco Industries (down 1.65%) and JSW Steel (down 1.92%), edged lower.
Copper prices edged higher in the global commodities markets. High Grade Copper for May 2016 delivery was currently up 0.66% at $2.1975 per pound on the COMEX.
Fertiliser stocks edged higher. Fertilisers & Chemicals Travancore (up 1.90%), Coromandel International (up 1.63%), Deepak Fertilisers & Petrochemicals Corporation (up 1.52%), Gujarat State Fertilizers Company (up 1.39%), National Fertilizers (up 0.88%), Zuari Global (up 0.84%), Rashtriya Chemicals and Fertilisers (up 0.13%) and Chambal Fertilisers & Chemicals (up 0.09%), edged higher. Tata Chemicals was down 0.74%.
Aurobindo Pharma lost 1.45% on media reports that a foreign brokerage has maintained its sell rating on the stock citing high valuations. Meanwhile, Aurobindo Pharma announced during market hours today, 1 April 2016, that it has received final approval from the US Food and 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 had an estimated market size of $94 million in the United States for the twelve months ended January 2016, according to IMS data.
Separately, Aurobindo Pharma announced during market hours today, 1 April 2016, that it has received final approval from USFDA to manufacture and market Valganciclovir Tablets USP, 450 mg. This product is to be launched in Q1 June 2016. The approved ANDA is bioequivalent and therapeutically equivalent to RLD Valcyte of Hoffman-La Roche Inc. Valganciclovir Tablets is an anti-viral used in the treatment of Cytomegalovirus (CMV) retinitis in patients with acquired immunodeficiency syndrome and prevention of CMV disease in kidney, heart or kidney-pancreas transplant patients. The approved product had an estimated market size of $391 million in the United States for the twelve months ended February 2016, according to IMS data.
Aurobindo Pharma is one of the four stocks that became a constituent of the Nifty 50 index with effect from today, 1 April 2016.
Bharat Heavy Electricals (Bhel) rose 4.22% to Rs 118.55 on media reports that a foreign brokerage has upgraded the stock to buy from sell citing robust order pipeline. Bhel is scheduled to announce flash results for the year ended 31 March 2016 (FY 2016) on 7 April 2016.
Meanwhile, data released by the government after trading hours yesterday, 31 March 2016, showed that the output of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) surged 5.7% in February 2016, the highest rate of expansion in the past 15 months. The cumulative growth during April to February 2015-16 stood at 2.3%.
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