A divergent trend was witnessed between the two key benchmark indices in mid-morning trade with the barometer index, the S&P BSE Sensex, trading with small gains and the 50-unit Nifty 50 index trading with minuscule losses. At 11:17 IST, Sensex was up 12.41 points or 0.05% at 25,048.46. The Nifty was currently down 1.70 points or 0.02% at 7,610.80. The Nifty fell 1.95 points or 0.02% at the day's low of 7,610.55 in mid-morning trade. The index rose 39 points or 0.51% at the day's high of 7,651.50 at the onset of the trading session. The Sensex fell 1.91 points at the day's low of 25,034.14 in mid-morning trade. The barometer index rose 139.77 points or 0.55% at the day's high of 25,175.82 at the onset of the trading session.
In overseas stock markets, Asian stocks edged lower after a decline in US stocks overnight. Chinese stocks bucked a downward trend in Asian markets after news broke that Beijing will finally introduce much-need IPO reforms. In mainland China, the Shanghai Composite index was currently up 0.35%. US stocks edged lower in a choppy trading session yesterday, 9 December 2015, as weak oil prices continued to feed global growth worries.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,256 shares rose and 879 shares declined. A total of 147 shares were unchanged. The BSE Mid-Cap index was currently down 0.32%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.13%, outperforming the Sensex.
Pharma stocks were mostly lower. Lupin (down 2.27%), Glenmark Pharmaceuticals (down 2.02%), Divi's Laboratories (down 1.5%), Strides Shasun (down 0.73%), Ipca Laboratories (down 0.59%) and Cadila Healthcare (down 0.64%) edged lower. Cipla (up 1.14%), Dr Reddy's Laboratories (up 0.42%), GlaxoSmithkline Pharmaceuticals (up 0.43%) and Wockhardt (up 0.2%) edged higher.
Sun Pharmaceutical Industries (Sun Pharma) reversed initial gains triggered by the company's announcement that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke, as well as glioblastoma, a lethal brain cancer. The stock was currently off 2.93% at Rs 736.55. The stock hit a high of Rs 767.50 and a low of Rs 734.40 so far during the day. Scientists at Weizmann Institute have developed a recombinant enzyme currently undergoing animal studies for indications of brain stroke and glioblastoma. Further studies of this enzyme will be conducted at IDIS. Sun Pharma will have the exclusive option to conduct further development of the enzyme after completion of the preclinical studies. Sun Pharma will have commercial rights to this product globally. Moreover, this enzyme may potentially be indicated for uses beyond these two brain diseases, Sun Pharma said. Sun Pharma will have the right to develop these additional indications.
Aurobindo Pharma rose 0.89% at Rs 793.65 after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Eptifibatide Injection USP, 20 mg/10 mL, 75 mg/100 mL, and 200 mg/100 mL single-use vials. The product is expected to be launched in this month. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Integrilin Injection, 20 mg/10 mL, 75 mg/100 mL, and 200 mg/100 mL of Schering Corporation. Eptifibatide Injection is used in the treatment of acute coronary syndrome. The approved product has an estimated market size of $137 million in the US for the twelve months ended October 2015 according to IMS.
In another announcement, Aurobindo Pharma said that the company has received final approval from the USFDA to manufacture and market Levonorgestrel Tablet, 1.5 mg. The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Plan B One-Step Tablet of Teva Branded Pharmaceutical Products R&D, Inc. Levonorgestrel Tablet is an oral contraceptive used for prevention of pregnancy. The approved product has an estimated market size of $64 million in the US for the twelve months ended October 2015 according to IMS.
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Cement stocks were mixed. UltraTech Cement (down 1.06%) and ACC (down 0.19%) edged lower. Ambuja Cements (up 0.79%) and Shree Cement (up 1.01%) edged higher.
Grasim Industries was off 0.39%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
ABG Shipyard rose 3.34% at Rs 65 after the Union Cabinet yesterday, 9 December 2015, approved policy measures to promote the shipbuilding industry. The government will provide financial assistance to shipyards at 20% of the contract price or the fair price of the ship whichever is lower. The rate of the government grant will reduce at 3% every three years. This policy will be in force for ten years. The shipyard will receive the financial grant from the government after the delivery of the ship to the buyer. The financial grant will be available for all types of ships. Additionally, the policy includes grant of a 'Right of First Refusal' for Indian shipyards for government purchases.
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