Benchmark indices hovered in a narrow range in negative zone in afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 75.66 points or 0.29% at 26,413.90. The Nifty 50 index was currently down 21.20 points or 0.26% at 8,118.25. Weakness in Asian stocks marred sentiment on the domestic bourses.
The BSE Mid-Cap index was currently down 0.2%. The BSE Small-Cap index was currently down 0.12%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Overseas, most Asian stocks edged lower after Chinese government researchers see GDP growth slowing in 2017. China's economy will grow at around 6.5% year-on-year in 2017, according to a forecast from government think tank China Academy of Social Sciences (CASS) published today, 19 December 2016. CASS sees quarterly on-year growth of 6.5% in the first and second quarters, and 6.4% in the third and fourth quarters. China's economy has grown at 6.7% for the first three quarters of 2016.
US stocks closed lower on Friday, 16 December 2016, with the Dow Jones Industrial Average swinging to a loss, following reports that a Chinese warship seized an underwater US Navy drone in international waters off the coast of the Philippines. In the latest economic data in US, housing starts tumbled 18.7% in November, while the number is volatile, it pointed to a housing market recovery that remains choppy.
Wall Street stocks had surged since the presidential election in November. The gains have been attributed to expectations that Donald Trump's policy proposals, such as increased infrastructure spending, tax cuts and deregulation, will spur economic growth.
Back home, the market breadth, indicating the overall health of the market, was negative. On the BSE, 1,363 shares fell and 1,099 shares rose. A total of 163 shares were unchanged.
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FMCG stocks declined. Godrej Consumer Products (down 1.87%), Jyothy Laboratories (down 1.66%), GlaxoSmithkline Consumer Healthcare (down 1.2%), Dabur India (down 0.85%), Bajaj Corp (down 0.78%), Emami (down 0.76%), Nestle India (down 0.59%), Hindustan Unilever (down 0.53%), Colgate-Palmolive (India) (down 0.52%), Marico (down 0.5%) and Procter & Gamble Hygiene and Health Care (down 0.07%) edged lower. Tata Global Beverages (up 0.56%) and Britannia Industries (up 0.29%) edged higher.
Pharma stocks were mixed. Sun Pharmaceutical Industries (down 1.41%), Dr Reddy's Laboratories (down 0.77%) and Divi's Laboratories (down 0.33%) edged lower. Aurobindo Pharma (up 2.16%), Wockhardt (up 0.29%) and Alkem Laboratories (up 0.5%) edged higher.
Lupin rose 0.45% after the company announced that it has launched its Voriconazole Tablets, 50 mg & 200 mg and Voriconazole Oral Suspension, 40 mg/ml in the US, having received an approval from the United States Food and Drug Administration (USFDA) earlier to market a generic equivalent of PF Prism CV's Vfend Tablets, 50 mg & 200 mg and Vfend Oral Suspension, 40 mg/ml. The announcement was made during market hours today, 19 December 2016.
It is indicated for use in patients 12 years of age and older in the treatment of some fungal infections. Vfend Tablets, 50 mg & 200 mg had annual US sales of $81 million as per the IMS MAT September 2016 data while Vfend Oral Suspension, 40 mg/ml had annual US sales of $15.2 million as per the IMS MAT September 2016 data.
Cipla rose 0.89% after the company said it has received final approval for its abbreviated new drug application (ANDA) for Fenofibrate tablets USP 48mg and 145mg, from the United States Food and Drug Administration (USFDA). The announcement was made during market hours today, 19 December 2016.
Fenofibrate tablets are generic equivalents of AbbVie's Tricor tablets and are indicated as adjunctive therapy to diet to reduce elevated low-density lipoproteincholesterol (LDL-C), total cholesterol (Total-C), Triglycerides and apolipoprotein B (Apo B), and to increase high-density lipoprotein cholesterol (HDL-C) in adult patients with primary hypercholesterolemia or mixed dyslipidemia.
Tricor tablets and generic equivalents had US annual sales about $307 million for the twelve months ended October 2016, according to IMS Health. Cipla's Fenofibrate tablets will be available for commercial shipment in the US in the coming weeks.
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