After languishing in negative zone in morning trade, key benchmark indices extended losses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 132.95 points or 0.52% at 25,204.61. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was down 29.05 points or 0.38% at 7,687.45.
The Sensex fell 147.49 points, or 0.58% at the day's low of 25,190.07 in mid-morning trade. The barometer index rose 95.38 points, or 0.38% at the day's high of 25,432.94 at the onset of trading session, its highest level since 6 January 2016. The Nifty fell 36.55 points, or 0.47% at the day's low of 7,679.95 in mid-morning trade. The index rose 32.90 points, or 0.43% at the day's high of 7,749.40 at the onset of trading session, its highest level since 6 January 2016.
The market breadth indicating the overall health of the market was weak. On BSE, 1,306 shares fell and 849 shares rose. A total of 151 shares were unchanged. The BSE Mid-Cap index was currently down 0.35%. The BSE Small-Cap index was currently down 0.5%. The decline for both these indices was lower than the Sensex's decline in percentage terms.
In overseas stock markets, most Asian indices languished in negative zone. US stocks ended little-changed during the previous trading session on Thursday, 24 March 2016, after weaker-than-expected economic data. Meanwhile, St. Louis Federal Reserve President James Bullard said the relatively minor downgrades to the Fed's economic outlook suggest the next rate hike 'may not be far off provided that the economy evolves as expected.' On Friday, 25 March 2016, data showed that the US economy grew at a 1.4% seasonally adjusted annual rate in the fourth quarter, higher than a previous estimate for 1% growth.
Index heavyweight and housing finance major HDFC was down 1.24% to Rs 1,148.70. The stock hit a high of Rs 1,167.45 and a low of Rs 1,145 so far during the day.
Index heavyweight and IT major Infosys was up 0.68% to Rs 1,216. The stock hit a high of Rs 1,234.65 and a low of Rs 1,212 so far during the day.
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Dr Reddy's Laboratories was up 0.26% to Rs 3,055.05 after the company and XenoPort, Inc announced entering into a license agreement for the development and commercialization of the latter's clinical-stage oral new chemical entity XP23829. Dr Reddy's plans to develop XP23829 as a potential treatment for moderate-to-severe chronic plaque psoriasis and may potentially develop XP23829 for relapsing forms of multiple sclerosis (MS). Under the terms of the agreement, Dr Reddy's will receive exclusive US rights to develop and commercialize XP23829 for all indications. In exchange for these rights, XenoPort will receive a $47.5 million up-front payment and an additional $2.5 million for transfer of certain clinical trial materials to Dr Reddy's. XenoPort will also be eligible to receive up to $190 million upon the achievement by Dr Reddy's of certain regulatory milestones, which could be achieved over a period of several years. In addition, XenoPort will be eligible to receive up to $250 million upon the achievement of commercial milestones, and up to mid-teens royalty payments based on potential net sales of XP23829 in the United States, Dr Reddy's said in a statement.
XP23829 is an investigational drug discovered by XenoPort. In September 2015, XenoPort announced results of a Phase 2 clinical trial of XP23829 as a potential treatment for moderate-to-severe chronic plaque-type psoriasis. Psoriasis is a chronic, systemic, inflammatory disease that manifests in the skin and/or joints.
Most realty shares edged lower. Housing Development and Infrastructure (HDIL) (down 2.48%), Indiabulls Real Estate (down 2.15%), Unitech (down 2.13%), D B Realty (down 2.06%), Anant Raj (down 1.52%), Godrej Properties (down 0.98%), Sunteck Realty (down 0.77%), Peninsula Land (down 0.54%), Sobha (down 0.49%), Oberoi Realty (down 0.3%) and Mahindra Lifespace Developers (down 0.18%), edged lower. Prestige Estates Projects (up 0.24%) and Parsvnath Developers (up 3.46%), edged higher.
Realty major DLF was down 4.16% at Rs 110.50 on turning ex-dividend for interim dividend of Rs 2 per share for the year ending 31 March 2016 (FY 2016).
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