Key benchmark indices pared gains after hitting fresh intraday high in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 5.18 points or 0.02% at 25,684.11. The Nifty 50 index was up 8.95 points or 0.11% at 7,864.
The Sensex rose 21.57 points, or 0.08% at the day's high of 25,700.50 in early afternoon trade. The index fell 129.88 points, or 0.51% at the day's low of 25,549.05 in early trade, its lowest level since 13 April 2016. The Nifty rose 13.70 points, or 0.17% at the day's high of 7,868.75 in in early afternoon trade. The index fell 32.50 points, or 0.41% at the day's low of 7,822.55 in early trade, its lowest level since 13 April 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,291 shares rose and 930 shares fell. A total of 136 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.39%. Both these indices outperformed the Sensex.
In overseas markets, Asian stocks were mixed as investors braced for central bank policy meetings in the United States and Japan later this week. The Bank of Japan (BOJ) holds a two-day monetary policy meeting on Wednesday, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stock prices fell yesterday, 25 April 2016, as weaker oil prices weighed on energy shares. The US Federal Reserve holds a two-day policy meeting on Tuesday, 26 April 2016 and Wednesday, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Shares of Anil Dhirubhai Ambani group companies rose. Reliance Communications (up 1.50%), Reliance Infrastructure (up 0.95%), Reliance Capital (up 0.92%) and Reliance Power (up 0.38%), edged higher.
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Pharmaceutical shares were mixed. Strides Shasun (up 1.86%), Wockhardt (up 1.30%), Aurobindo Pharma (up 1.24%), Cipla (up 0.59%), Lupin (up 0.40%), GlaxoSmithKline Pharmaceuticals (up 0.35%) and Piramal Enterprises (up 0.28%), edged higher. IPCA Laboratories (down 0.01%), Dr Reddy's Laboratories (down 0.07%), Divi's Laboratories (down 0.15%), Alkem Laboratories (down 0.57%) and Cadila Healthcare (down 0.66%), edged lower.
Drug major Sun Pharmaceutical Industries was up 0.34% to Rs 811.70. The company said it entered into a partnership with the Indian Council of Medical Research (ICMR) and Madhya Pradesh government for a malaria eradication programme and other innovation in preventive health measures. Under the public-private-partnership stakeholders will jointly undertake malaria control and elimination programme by setting-up management and technical committees to provide oversight for disease surveillance and elimination. The announcement was made after trading hours yesterday, 25 April 2016.
Glenmark Pharmaceuticals rose 0.35% to Rs 834.45 after the company received tentative approval from the USFDA for a drug, which is a generic version of Lo Loestrin Fe Tablets. The announcement was made before market hours today, 25 April 2016. Glenmark Pharmaceuticals said that its US arm, Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1 mg/0.01 mg, Ethinyl Estradiol Tablets USP, 0.01 mg and Ferrous Fumarate Tablets, 75 mg. The drug is a generic version of Lo Loestrin Fe (norethindrone acetate and ethinyl estradiol, ethinyl estradiol and ferrous fumarate) Tablets of Allergan Pharms Intl.
Glenmark will market this product upon receiving final approval of its Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1 mg/0.01 mg, Ethinyl Estradiol Tablets USP, 0.01 mg and Ferrous Fumarate Tablets, 75 mg Abbreviated New Drug Application (ANDA). The patent listed in the Orange Book for Lo Loestrin Fe (norethindrone acetate and ethinyl estradiol, ethinyl estradiol and ferrous fumarate) Tablets is scheduled to expire on 2 February 2029. According to IMS Health sales data for the 12 month period ended February 2016, the Lo Loestrin Fe achieved annual sales in US of approximately $432.2 million.
Bharat Forge rose 2.17% after the company said it has entered into a contract with Boeing for developing and manufacturing 777X titanium forgings. The announcement was made during market hours today, 26 April 2016. The titanium forgings will be developed and manufactured by Bharat Forge using a closed die forging process, the company said. The first two forgings are scheduled to begin shipping to Boeing in late 2016, and will be followed by two more forgings in early 2017, the company said. Bharat Forge said it has started supplying titanium forged flap tracks for the Boeing Next Generation 737 airplane earlier this year. The company will also supply forgings for the 737 MAX, scheduled to enter service in 2017.
Apollo Hospitals Enterprise fell 0.46% on media reports that a foreign brokerage has cut its rating on the stock to neutral from buy. According to reports, the foreign brokerage stated that the current valuations of Apollo Hospitals Enterprise stock already captures the long-term growth prospects for the company.
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