Stocks hovered in small range with positive bias in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 100.30 points or 0.29% at 34,415.93. The Nifty 50 index was up 19.35 points or 0.19% at 10,322.90. Oil stocks declined.
Domestic stocks trimmed gains after a firm start on steady buying demand in index pivotals. Volatility struck bourses in morning trade as the key benchmark indices once again regained strength soon after erasing almost entire gains posted in early trade.
The S&P BSE Mid-Cap index was off 0.04%. The S&P BSE Small-Cap index was off 1.08%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 925 shares rose and 1233 shares fell. A total of 124 shares were unchanged.
Oil stocks declined. Among shares of oil exploration and production (E&P) companies, Reliance Industries (down 1.46%), ONGC (down 2.61%) and Oil India (down 1.47%) edged lower.
Among PSU OMCs, HPCL (down 1.23%), BPCL (down 3.29%) and Indian Oil Corporation (down 1.87%) dropped.
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Biocon rose 3.15%. Biocon and Mylan N.V. announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Ogivri, a biosimilar to Roche's Herceptin (trastuzumab). The CHMP positive opinion will now be considered by the European Commission. The announcement was made after market hours on Friday, 19 October 2018.
The decision on approval is expected by the end of 2018. Ogivri is indicated for treatment of patients with HER2 positive early breast cancer (EBC), metastatic breast cancer (MBC) and metastatic gastric cancer (MGC). Under supervision of the relevant healthcare professional it can be prescribed as either monotherapy or in combination with other medicines dependent on the relevant diagnosis. Herceptin had brand sales of approximately $1.9 billion in Europe for the 12 months ending 31 July 2018, according to IQVIA.
Bhansali Engineering Polymers was locked in 20% lower circuit at Rs 100.80 after net profit declined 32.71% to Rs 16.89 crore on 41.16% rise in net sales to Rs 349.98 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 19 October 2018.
Overseas, most Asian stocks rose led by Chinese stocks after Beijing's pledge to support the economy and tackle market volatility. Chinese stocks advanced after top officials continued to express support for the nation's struggling private sector.
Over the weekend, President Xi Jinping vowed unwavering support for non-state firms, while the country's stock exchanges committed to help manage share-pledge risks. China also released its widely-expected plan to cut personal income taxes after data showed the nation's economy grew at the slowest pace since 2009.
US stocks closed mostly lower on Friday, 19 October 2018 as weak housing data overshadowed solid corporate earnings. On the data front, existing-home sales fell 3.4% in August, according to the National Association of Realtors, the lowest level since November 2015.
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