Stocks gyrated in a small range near the flat line in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 26.53 points or 0.07% at 38,269.34. The Nifty 50 index was up 16.60 points or 0.14% at 11,553.50. Pharma shares gained.
Domestic stocks drifted lower in early trade on negative Asian stocks. Key benchmark indices cut almost entire intraday losses in morning trade. Indices hovered near the flat line in a small range in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.83%. The S&P BSE Small-Cap index was up 0.4%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1398 shares rose and 1060 shares fell. A total of 164 shares were unchanged.
Pharma shares gained. Cadila Healthcare (up 1.85%), Cipla (up 0.38%), Dr Reddy's Laboratories (up 1.86%), Glenmark Pharmaceuticals (up 0.9%), Lupin (up 2.99%), Alkem Laboratories (up 3.5%), GlaxoSmithKline Pharmaceuticals (up 1.37%), Aurobindo Pharma (up 6.21%) and Wockhardt (up 1.25%) edged higher.
Sun Pharmaceutical Industries fell 3.21% on reports that the US drug regulator issued six observations to the company's Halol plant for inspection in August 2018.
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Caplin Point Laboratories rose 3.76%. Caplin Point Laboratories announced that the United States Food and Drug Administration (USFDA) conducted an inspection at the company's sterile injectable site (CP-IV) located at Gummudipoondi (Tamil Nadu) from 30 August 2018 to 6 September 2018. This was a scheduled inspection and at the end of the inspection, there were zero Form 483s. The announcement was made during trading hours today, 7 September 2018.
Overseas, most Asian stocks were trading lower amid ongoing concerns about global trade and emerging markets. US stocks fell yesterday, 6 September 2018 amid renewed selling in technology shares as the Trump administration eyed escalating the trade war and concerns mounted over flagging demand for computer chips.
As per reports, turmoil in Argentina and Turkey, as their currencies continue to sink on deteriorating confidence, is dragging on the global market as investors fear a spillover effect on other healthier emerging markets and beyond.
On the trade front, the US and Canada continued high-stakes negotiations in the effort to revamp the North American Free Trade Agreement, which President Donald Trump said he is prepared to move forward with even without Canada's participation.
On the data front, the Institute for Supply Management's August read on the services sector rose to 58.5% from 55.7% in the previous month, while the final IHS Markit reading on the services purchasing managers index fell to 54.8 in August from 56 in July.
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