A bout of volatility was witnessed in morning trade as key benchmark indices pared gains and hovered near the flat line after regaining strength. At 10:20 IST, the barometer index, the S&P BSE Sensex declined 24.34 points or 0.07% at 33,318.46. The Nifty 50 index dropped 13.50 points or 0.13% at 10,270.10. Weakness in Asian stocks weighed on sentiment. Indices swung between gains and losses close to the flat line in early trade.
The S&P BSE Mid-Cap index fell 0.02%. The decline in the index was lower than the Sensex's fall in percentage terms. The S&P BSE Small-Cap index advanced 0.24%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On BSE, 1,312 shares rose and 864 shares declined. A total of 103 shares were unchanged.
Telecom stocks were mixed. Bharti Airtel (up 0.05%) and Idea Cellular (up 0.26%) gained. Tata Teleservices (Maharashtra) (down 4.95%) and Reliance Communications (down 3.72%) declined.
Shares of Bharti Infratel rose 2.34%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Capital goods stocks gained for the third straight day. Havells India (up 1.03%), ABB India (up 0.52%), Bharat Electronics (up 0.25%), CG Power & Industries (up 1.02%), and Siemens (up 0.21%) gained. Bharat Heavy Electricals (Bhel) declined 0.06%.
Engineering and construction major Larsen & Toubro (L&T) rose 1.41% after the company said that heavy civil infrastructure business vertical of L&T Construction bagged a major order worth Rs 8650 crore from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link (MTHL), packages 01 and 03. The project involves construction of a 21.8 kilometer bridge connecting Mumbai mainland with Navi Mumbai. The project has been bagged against stiff competition from renowned international and domestic companies. The announcement was made on Saturday, 18 November 2017.
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Cipla declined 1.06%. The company announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Decitabine Injection 50 mg single-use sterile vial from the United States Food and Drug Administration (US FDA) to market generic version of Otsuka America Pharmaceutical Inc.'s Dacogen.
Cipla's Decitabine Injection 50 mg/vial is AP-rated and is generic equivalent of Otsuka America Pharmaceutical Inc.'s, Dacogen. It is indicated for treatment of patients with myelodysplastic syndromes (MDS). The product is available for shipping immediately.
Dacogen and its generic equivalents had US sales of approximately $180 million for the 12-month period ended September 2017, as reported by IMS Health. The announcement was made before market hours today, 20 November 2017.
Cadila Healthcare rose 0.82% after the company said that it received US drug regulator's final approval for Ethacrynate Sodium. The announcement was made on Saturday, 18 November 2017.
Cadila Healthcare announced that it received the final approval from the US Food and Drug Administration (USFDA) to market Ethacrynate Sodium for Injection USP, 50 mg/vial. The drug is used to decrease the swelling (edema) caused by various disease conditions such as liver disease, kidney disease, congestive heart failure, cancer etc. and will be produced at the group's formulations manufacturing facility at Moraiya, Ahmedabad.
Overseas, most Asian stocks declined pressured by a retreat on Wall Street on Friday, 17 November 2017, amid tax reform uncertainty. Meanwhile, among macroeconomic data from major economies, Japan's export growth held steady in October. Ministry of Finance (MOF) data showed that exports rose 14% year-on-year in October.
US stocks finished the week on a subdued note on Friday, 17 November 2017, as worries over US tax reform and a delay of the promises cut in corporate taxation, weighed on investors' minds. The US House of Representatives passed their version of a tax overhaul bill that would cut corporate taxes last week, but the Senate continued to wrangle over its rival tax bill, with investors uncertain about whether Congress will be able to reach a compromise.
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