Key benchmark indices hovered near the flat line in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex lost 27.10 points or 0.08% at 32,606.54. The Nifty 50 index rose 1.85 points or 0.02% at 10,232.70.
Key indices traded with small losses till morning trade after a subdued opening. Indices entered into positive zone for a brief phase in the mid-morning trade. The Nifty had hit a record high in mid-morning trade. Overall trading sentiment was subdued ahead of a long Diwali weekend. Also, investors remained on the sidelines in anticipation of a market correction after the key indices hit record highs yesterday, 16 October 2017.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.26%. The S&P BSE Small-Cap index advanced 0.47%. Both the indices outperformed the Sensex.
Overseas, Asian stocks edged higher as commodities held onto most overnight gains made on the back of better-than-expected China producer prices. US stocks hit record highs yesterday, 16 October 2017 as Wall Street bets on another strong earnings season.
Among global news, reports suggested that North Korea's deputy UN ambassador warned yesterday, 16 October 2017 that the situation on the Korean Peninsula has reached the touch-and-go point and a nuclear war may break out any moment.
At the International Monetary Fund's (IMF) annual meeting, deputy managing director of the fund Tao Zhang was quoted as saying that China and emerging markets have to stay vigilant to possible risks. Emerging markets have major development needs, but they need to pay attention to how to better use their money, Zhang reportedly said.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,282 shares rose and 1,109 shares declined. A total of 112 shares were unchanged.
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Pharma stocks were mixed. Sun Pharmaceutical Industries (up 0.27%), Cipla (up 0.14%) and Divi's Laboratories (up 0.11%) edged higher. Dr Reddy's Laboratories (down 0.51%), Cadila Healthcare (down 0.51%) and Lupin (down 0.38%) edged lower.
Aurobindo Pharma rose 1.17% at Rs 766.50 after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Esomeprazole Magnesium Delayed-Release Capsules OTC, 20mg. Esomeprazole Magnesium Delayed-Release Capsules OTC is a therapeutic equivalent generic version of AstraZeneca's Nexium 24HR Capsules. The product will be launched immediately.
Nexium 24HR (Esomeprazole Magnesium) capsules are indicated to treat frequent heartburn - occuring 2 or more days a week. The approved product has an approximate annual sales in excess of $300 million, according to IRI database. The announcement was made during market hours today, 17 October 2017.
Auto stocks were mostly higher on festive sales demand ahead of Diwali. Hero MotoCorp (up 1.16%), Ashok Leyland (up 0.35%) and Mahindra & Mahindra (up 0.14%) edged higher. TVS Motor Company (down 0.96%), Eicher Motors (down 0.74%) and Tata Motors (down 0.77%) edged lower.
Bajaj Auto rose 0.84% at Rs 3,248.90 ahead of the company's Q2 September 2017 results today, 17 October 2017.
Maruti Suzuki India rose 0.44% after the company said its all-new Dzire has achieved the fastest 1-lakh sales mark, a distinctive feat in the Indian automobile industry. The third generation Dzire, launched in May 2017, has surpassed the 1-lakh sales milestone in just five and half months. The announcement was made during market hours today, 17 October 2017.
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