Market breadth turns negative

Key indices extended losses and hit intraday lows in mid-morning trade. The Nifty was hovering near 11800-mark. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 80.79 points or 0.2% at 39,505.62. The Nifty 50 index was down 26.35 points or 0.22% at 11,815.20.

The S&P BSE Mid-Cap index was down 0.09%. The S&P BSE Small-Cap index was down 0.18%.

The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 938 shares rose and 1080 shares fell. A total of 104 shares were unchanged.

Shares of Karnataka-based real estate companies declined after media reports suggested that the state government is contemplating a five-year ban on construction of multi-storeyed residential buildings in view of the acute water crisis.

Sobha (down 5%), Puravankara (down 4.27%), Brigade Enterprises (down 3.18%) and Prestige Estates Projects (down 1.98%) edged lower.

Among other realty stocks, Anant Raj (down 2.45%), Godrej Properties (down 1.83%), The Phoenix Mills (down 0.87%) and Sunteck Realty (down 0.31%) edged lower. DLF (up 2.05%), Mahindra Lifespace Developers (up 0.82%), Oberoi Realty (up 0.28%), Omaxe (up 0.25%) and Indiabulls Real Estate (up 0.17%) edged higher

Pharmaceuticals stocks advanced. Dr Reddy's Laboratories (up 1.66%), Cadila Healthcare (up 1.62%), Divi's Laboratories (up 1.28%), Sun Pharmaceuticals (up 1.04%), Aurobindo Pharma (up 0.6%), Wockhardt (up 0.58%), Piramal Enterprises (up 0.38%), GlaxoSmithKline Pharmaceuticals (up 0.21%), Alkem Laboratories (down 0.21%) and IPCA Laboratories (up 0.04%), edged higher. Cipla (down 0.18%) was edged lower.

Glenmark Pharmaceuticals was up 0.6% to Rs 450.15. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for ezetimibe and simvastatin tablets, a generic version of vytorin tablets of MSD International GmbH. According to IQVIA sales data for the 12 month period ending April 2019, the Vytorine tablets market achieved annual sales of approximately $92.4 million.

Lupin was up 0.71% to Rs 768.95. The company announced that it has received tentative approval for its Mirabegron extended release (ER) tablets, 25 mg and 50 mg, from the United States Food and Drug Administration (USFDA), which is a generic version of Myrbetriq extended release tablets, 25 mg and 50 mg, of Astellas Pharma Global Development Inc. (Astellas).

Power Grid Corporation of India was up 0.22% to Rs 208 after the company planned to raise funds up to Rs 10,000 crore from domestic market through issue of secured or unsecured, or non-convertible, or non-cumulative, or redeemable, taxable or tax-free debentures or bonds. A meeting of board of directors of the company will be held on 3 July 2019 to consider and approve the fund raising.

Sadbhav Infrastructure Project declined 5.63% to Rs 67.95 after company's wholly owned subsidiary, Rohtak-Hissar Tollway, received a credit rating downgrade. CARE Ratings change the rating from "CARE BB+; (Stable)" to "CARE D". Sadbhav Infrastructure Project and Sadbhav Group are sponsorers to the project.

Overseas, Asian stocks were trading lower on Friday as investors watched for developments from the G-20 summit in Osaka, Japan.

In US, the S&P 500 halted a four-day slump but the Dow marked its longest skid since March as investors awaited U.S.-China trade talks between President Donald Trump and China's President Xi Jinping during the G-20 meeting in Japan that begins Friday. A tariff cease-fire between Beijing and Washington would avert the next round of tariffs on additional $300 billion worth of Chinese imports.

On the economic data front, the Commerce Department issued its final revision of first quarter GDP growth and said the U.S. economy grew at a solid rate of 3.1% in the first quarter, but consumer spending and business investments grew at a slower pace than in the earlier estimates. The economy grew at a 2.2% pace in the October-December period.

Powered by Capital Market - Live News