Key barometers extended losses and hit fresh intraday low in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 128.95 points or 0.35% at 36,412.68. The Nifty 50 index was down 59.65 points or 0.54% at 10,959.25. Mixed global cues spoiled investors sentiment.
The Nifty was currently trading below the psychologically important 11,000 mark after falling below that level in intraday trade. Trading was volatile. Indices opened higher and declined as the session progressed. The Sensex rose 117.08 points, or 0.32% at the day's high of 36,658.71 in early trade. The index fell 135.30 points, or 0.37% at the day's low of 36,406.33 in mid-afternoon trade. The Nifty rose 0.6 points, or 0.01% at the day's high of 11,019.50 in early trade. The index fell 61.65 points, or 0.56% at the day's low of 10,957.25 in mid-afternoon trade.
Broader market witnessed a steep decline. Among secondary barometers, the BSE Mid-Cap index was down 2.11%. The BSE Small-Cap index was down 2.22%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 491 shares rose and 2029 shares fell. A total of 145 shares were unchanged.
Auto stocks declined. Tata Motors (down 3.12%), Ashok Leyland (down 0.87%), Hero MotoCorp (down 0.83%), Escorts (down 0.8%), Eicher Motors (down 0.52%), Bajaj Auto (down 0.51%), TVS Motor Company (down 0.31%) and Maruti Suzuki India (down 0.02%), edged lower. Mahindra & Mahindra was up 0.18%.
Most power generation stocks declined. Reliance Power (down 4.82%), Reliance Infrastructure (down 3.56%), Jaiprakash Power Ventures (down 3.53%), JSW Energy (down 3.38%), NHPC (down 3.15%), Adani Power (down 3.02%), Torrent Power (down 2.06%), edged lower. Tata Power (down 1.57%), GMR Infrastructure (down 1.41%), CESC (down 0.24%) and NTPC was up 1.77%), edged higher.
More From This Section
State-run Power Grid Corporation of India was up 0.25%. State-run Coal India was down 1.81%.
Dr Reddy's Laboratories was down 8.78%. A US District Court reportedly granted a preliminary injunction against sale of the generic version of Suboxone used for treating opioid dependence. The court has prevented Dr Reddy's from re-launching its generic product until the patent litigation by Indivior is concluded or until it prevails on an appeal of this injunction, media reports added.
Dr Reddy's Laboratories announced on Saturday, 14 July 2018, its intent to appeal the decision made by the US District Court for the District of New Jersey in a preliminary injunction hearing with respect to further sales and commercialization of Dr. Reddy's Buprenorphine and Naloxone Sublingual Film within the United States. The company disagrees with the court's decision, and will vigorously appeal it.
Dr. Reddy's had announced the receipt of the approval, on June 15, 2018 by one of its wholly owned subsidiaries, from the US Food and Drug Administration (USFDA) for its Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the United States market.
On the macro front, the annual rate of inflation, based on monthly WPI, stood at 5.77% (provisional) for the month of June 2018 (over June 2017) as compared to 4.43% (provisional) for the previous month and 0.90% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.49% compared to a build up rate of -0.44% in the corresponding period of the previous year.
Overseas, most stocks in Europe and Asia declined after mixed economic data out of China spurred selling. Market in Japan is closed for a holiday on Monday. Meanwhile, China on Monday posted second-quarter GDP growth of 6.7% from a year ago, slightly lower than 6.8% in the first quarter of 2018.
In US, the Dow on Friday moved above the 25,000 level for the first time in nearly a month while the technology-powered Nasdaq to a record, underlining an uptrend that has been driven by signs of economic strength and solid quarterly earnings.
On the US data front, the cost of import goods fell sharply in June to mark the biggest drop in about a year and a half, though the respite is unlikely to continue once tariffs between the US and other countries go into effect. A read on consumer sentiment fell to a six-month low of 97.1 in July.
Powered by Capital Market - Live News