Key benchmarks once again slipped into negative terrain in the mid-afternoon trade. The Nifty slipped below 11,550. At 14:28 IST, the barometer index, the S&P BSE Sensex was down 122.62 points or 0.31% at 38,867.12. The Nifty 50 index was down 47.05 points or 0.41% at 11,524.15.
The S&P BSE Mid-Cap index was down 0.26%. The S&P BSE Small-Cap index fell 0.49%.
The market breadth was negative. On the BSE, shares 956 rose and 1,404 shares fell. A total of 153 shares were unchanged.
Pharmaceutical stocks witnessed selling pressure. Sequent Scientific (down 14.42%), Piramal Enterprises (down 5.19%), Glenmark Pharmaceuticals (down 2.4%), Wockhardt (down 2.2%), GlaxoSmithKline Pharmaceuticals (down 2.19%), Sun Pharmaceuticals (down 1.91%), Aurobindo Pharma (down 1.76%), Lupin (down 1.28%), Cadila Healthcare (down 0.94%) and Dr Reddy's Laboratories (down 0.79%) tumbled.
The S&P BSE Healthcare index was down 0.93% at 12,772.34.
Solara Active Pharma Sciences was down 4.8% after the company received request for information from USFDA and EDQM regarding N-nitrosodimethylamine (NDMA) content in Ranitidine Hydrochloride drug substance. The company further stated that it has temporarily suspended production and distribution of Ranitidine Hydrochloride drug substance.
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Strides Pharma Science slumped 7.12% to Rs 303.3 after the company suspended sales of ranitidine tablets in the US market until such time it has clarity of next steps as would be indicated by the USFDA. On 25 September 2019, Strides Pharma received an information request from the US drug regulator to provide test data related to NDMA impurities in ranitidine tablets.
ICICI Prudential Life Insurance Company (up 2.72%), HDFC Life Insurance Company (up 2.28%), Tata Global Beverages (up 1.72%), Siemens (up 1.57%), Polycab India (up 1.49%), Bajaj Finance (up 1.42%) and Berger Paints India (up 1.38%) hit 52-week high today.
In the foreign exchange market, the partially convertible rupee edged higher and was hovering at 70.76, compared with its close of 70.88 during the previous trading session.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.726% at 14:21 IST compared with 6.710% at close in the previous trading session.
In the commodities market, Brent crude for November 2019 settlement was down 23 cents at $62.51 a barrel. The contract rose 0.56% to settle at $62.74 a barrel in the previous trading session.
MCX Gold futures for 4 October 2019 settlement fell 0.57% at Rs 37,579.
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