Stocks hovered in a small range with positive bias in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 48.33 points or 0.13% at 36,873.43. The Nifty 50 index was up 5.30 points or 0.05% at 11,139.60. Realty stocks saw mixed trend. Gains were boosted by data showing that FPIs and DIIs, both, turning net buyers of equities yesterday, 24 July 2018.
A bout of volatility was seen in early trade as stocks regained positive zone soon after erasing intraday gains. A divergent trend was witnessed in morning trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with minor losses. Divergent trend continued in mid-morning trade. Indices pared gains after hitting fresh intraday high in afternoon trade.
As per provisional data released by the stock exchanges, foreign portfolio investors (FPIs) bought shares worth a net Rs 104.34 crore while domestic institutional investors (DIIs) bought shares worth a net Rs 513.78 crore yesterday, 24 July 2018.
The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was up 0.38%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,378 shares rose and 1,141 shares fell. A total of 158 shares were unchanged.
NTPC (down 3.85%), Bharti Airtel (down 2.33%), Axis Bank (down 1.64%), Hindustan Unilever (down 1.26%) and Coal India (down 0.96%) edged lower from the Sensex pack.
Sun Pharmaceutical Industries fell 0.72%. Sun Pharmaceutical Industries including its subsidiaries and/or associate companies) today announced that one of its wholly owned subsidiaries has launched the generic versions of Glumetza (metformin hydrochloride) extended release tablets, 500 mg and 1000 mg in the US. The announcement was made during market hours today, 25 July 2018.
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These generic Metformin HCl extended release tablets, 500mg and 1000mg are therapeutic equivalents of Santarus Inc.'s Glumetza HCl extended release tablets, 500 mg and 1000 mg. The addressable market size is approximately US$443 million for the 12 months ended April 2018, as per IQVIA.
Realty stocks saw mixed trend. DLF (down 2.97%), Sobha (down 2.71%), Godrej Properties (down 0.34%) and Oberoi Realty (down 2.03%) fell. Prestige Estates Projects (up 2.65%), Indiabulls Real Estate (up 1.29%), Housing Development and Infrastructure (up 1.58%), D B Realty (up 2.2%) and Unitech (up 1.17%) rose.
Overseas, most European declined on Wednesday, as investors awaited a key meeting between the European Commission and President Donald Trump and digested fresh earnings. Asian stocks were mixed. Meanwhile, Beijing on Tuesday reportedly signalled that it would shift to a looser fiscal policy in a bid to protect the world's second largest economy from the impact of an escalating trade row with Washington. US equity benchmarks finished Tuesday mostly higher, led by technology and health-care companies.
Investor sentiment was cautious ahead of a meeting between president of the European Commission, Jean-Claude Juncker, and Trump at the White House in Washington. During the gathering, the two leaders are expected to discuss a range of topics including trade relations the latter will be watched closely following a recent trade spat between the two regions.
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