Key benchmarks hit fresh intraday low in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 57 points or 0.18% at 31,240.53. The Nifty 50 index was down 30.75 points or 0.32% at 9,622.75. Negative global cues spoiled investors sentiment.
The Sensex rose 8.07 points, or 0.03% at the day's high of 31,305.60 in early trade. The index fell 103.92 points, or 0.33% at the day's low of 31,193.61 in morning trade, its lowest intraday level since 19 June 2017. The Nifty fell 3.05 points, or 0.03% at the day's high of 9,650.45 in early trade. The index fell 44.15 points, or 0.46% at the day's low of 9,609.35 in morning trade, its lowest intraday level since 16 June 2017.
Among secondary barometers, the BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was up 0.29%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,015 shares rose and 968 shares fell. A total of 114 shares were unchanged.
Metal shares declined. Jindal Steel & Power (down 1.39%), Vedanta (down 1.22%), Hindalco Industries (down 1.04%), Hindustan Zinc (down 0.75%), JSW Steel (down 0.75%), Tata Steel (down 0.61%), National Aluminium Company (down 0.47%), NMDC (down 0.31%) and Steel Authority of India (down 0.26%), edged lower. Hindustan Copper (up 0.69%) and Bhushan Steel (up 6%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently up 0.08% at $2.5565 per pound on the COMEX.
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Pharmaceutical shares were mixed. Lupin (down 1.3%), Piramal Enterprises (down 1.25%), Cadila Healthcare (down 0.99%), Cipla (down 0.63%), IPCA Laboratories (down 0.54%), Aurobindo Pharma (down 0.5%), Alkem Laboratories (down 0.48%) and Dr Reddy's Laboratories (down 0.16%), edged lower. Divi's Laboratories (up 0.05%), GlaxoSmithKline Pharmaceuticals (up 0.10%), Sun Pharmaceutical Industries (up 0.57%), Wockhardt (up 0.65%) and Strides Shasun (up 1.09%), edged lower.
Glenmark Pharmaceuticals was up 0.33%. The company has entered into a licensing agreement with Boston-based APC Therapeutics Inc., a biopharmaceutical company focused on building a portfolio of best-in-class immuno-oncology (IO) therapies, for exclusive rights to a small molecule, oncology compound based on Antigen Presenting Cell (APC) biology. The compound has the potential to be used as a monotherapy or in combination with approved therapies to address unmet needs in cancer treatment. The announcement was made before market hours today, 21 June 2017.
Under the terms of the agreement, Glenmark will license the product from APC Therapeutics, and manage all clinical development including regulatory filings and commercialization worldwide. APC Therapeutics will receive development milestones and sales royalty payments.
GHCL fell 1.90% to Rs 237.35 after the stock turned ex-dividend today, 21 June 2017, for the dividend of Rs 3.50 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of Rs 1.45% based on the closing price of Rs 241.95 yesterday, 20 June 2017.
Thomas Cook (India) rose 0.11% after the company said that its subsidiary successfully subscribed to 49% of equity share capital in joint venture company. The announcement was made after market hours yesterday, 20 June 2017.
Thomas Cook (India) said that Travel Corporation (India), wholly-owned subsidiary of the company, successfully subscribed to 49% of equity share capital of TCI-Go Vacation India Private Limited, a joint venture company with DER Touristik Group, Europe's leading trade and tourism group. On 3 May 2017, Travel Corporation (India) intimated that they have entered into joint venture agreement with DER Touristik Group to form a joint venture company 'TCI Go Vacation India Private Limited' to be operational from Delhi NCR.
Overseas, Asian shares declined following a sell off in energy shares after oil prices slipped around 2% overnight.
China's Shanghai Composite was up 0.15%. MSCI said yesterday, 20 June 2017, it planned on adding China A-shares to its benchmark MSCI Emerging Markets Index. The index giant said it will add 222 China A Large Cap stocks in a phased manner beginning next year. The review is the fourth straight year MSCI has considered adding the mainland-traded stocks.
US stocks declined overnight as investors dumped energy shares after crude-oil prices sank into bear-market territory amid growing concerns that an uptick in global production would derail Opec's efforts to reduce supply. The Dow Jones Industrial Average fell 61.85 points, or 0.3%, to end at 21,467.14. The Nasdaq Composite Index slid 50.98 points, or 0.8%, to close at 6,188.03.
In the global commodities markets, Brent for August 2017 settlement was down 11 cents at $45.91 a barrel. The contract fell 89 cents, or 1.90% to settle at $46.02 a barrel during the previous trading session.
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