Key benchmark indices edged lower in volatile trade. The barometer index, the S&P BSE Sensex, fell 51.44 points or 0.2% at 25,767.90, as per the provisional closing data. The Nifty 50 index fell 17.65 points, or 0.22% to 7,831.60, as per the provisional closing data. Fresh selling in late trade derailed an intraday recovery in key benchmark indices triggered after an initial decline.
The market breadth indicating the overall health of the market was positive. On BSE, 1,478 shares rose and 1,184 shares fell. A total of 197 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.08%. The BSE Small-Cap index was provisionally up 0.33%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2651 crore, lower than turnover of Rs 2774.23 crore registered during the previous trading session.
In overseas markets, European shares fell to a one-week low, with some disappointing updates from companies such as Zodiac Aerospace and Kingfisher putting pressure on the market. Most Asian stocks settled higher. US markets closed marginally lower yesterday, 23 November 2015, as Pfizer's plan to buy Allergan plc in a $160 billion deal quickly drew criticism from politicians as a tax dodge.
Hindustan Unilever (up 2.81%), HDFC (up 2.03%) and Reliance Industries (up 1.78%) edged higher from the Sensex pack.
Capital goods stocks declined. L&T (down 1.89%), Siemens (down 2.45%), ABB India (down 1.51%), Thermax (down 0.99%), and Bharat Heavy Electricals (Bhel) (down 0.71%) fell. Crompton Greaves (up 2.17%), BEML (up 0.16%) and Bharat Electronics (up 0.15%) rose.
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Lupin rose 0.64% after the company received United States Food and Drug Administration (USFDA) approvals for Generic Loestrin Fe 1/20 and Loestrin 1.5/30 tablets. Lupin during market hours today, 24 November 2015 announced that the company has today, 24 November 2015 received final approvals for its Blisovi Fe 1/20 Tablets (Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1 mg/0.02 mg and Ferrous Fumarate Tablets, 75 mg) and Blisovi 1.5/30 Tablets (Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1.5 mg/0.03 mg and Ferrous Fumarate Tablets, 75 mg) from the United States Food and Drug Administration (USFDA). The approval is to market generic versions of Warner Chilcott's Loestrin Fe 1/20 tablets (Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1 mg/0.02 mg and Ferrous Fumarate Tablets, 75 mg) and Loestrin Fe 1.5/30 Tablets (Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1.5 mg/0.03 mg and Ferrous Fumarate Tablets, 75 mg). Lupin's US subsidiary, Lupin Pharmaceuticals Inc. shall commence promoting the product in the US shortly.
Blisovi Fe 1/20 Tablets and Blisovi 1.5/30 Tablets are the AB rated generic equivalent of Warner Chilcott's Loestrin Fe 1/20 Tablets and Loestrin Fe 1.5/30 Tablets and are indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception, Lupin said.
Loestrin Fe 1/20 had annual US sales of $139.7 million (IMS MAT September 2015) while Loestrin Fe 1.5/30 had annual US sales of $55.5 million (IMS MAT September 2015).
Indian Oil Corporation (IOCL) rose 1.23% after the company announced dispatch of first consignment of products from the company's Paradip refinery on 22 November 2015. IOCL during market hours today, 24 November 2015 announced that the first consignment of products from IOCL's Paradip refinery comprising of high speed diesel, superior kerosene and liquefied petroleum gas was dispatched. The consignment is considered a significant milestone for Paradip refinery and IndianOil is now ready to supply products in small quantities from its 15 (million metric tonnes per annum) MMTPA state-of-the-art Paradip refinery, IOCL said. The whole refinery complex will become fully operational in an integrated manner in the near future, the company said.
Indian stock markets will remain closed tomorrow, 25 November 2015, on account of Gurunanak Jayanti.
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