Key benchmark indices slipped into the negative zone in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, fell 81.60 points or 0.24% at 33,479.95. The Nifty 50 index lost 19.60 points or 0.19% at 10,322.70.
Indices hovered between gains and losses near the flat line in early trade amid mixed Asian cues. Indices extended gains in mid-morning trade. Later, indices trimmed gains and slipped into negative zone in afternoon trade.
Earlier during the session, the Government constituting a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with economic needs of the country supported gains on the bourses.
Pharma stocks were mixed. Biocon nudged higher after the company said it has launched KRABEVA, a biosimilar Bevacizumab for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers, in India. FMCG stocks were mostly higher.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.12%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.14%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was almost flat. On BSE, 1,246 shares rose and 1,276 shares declined. A total of 147 shares were unchanged.
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Pharma stocks were mixed. Sun Pharmaceutical Industries (up 0.95%), Lupin (up 0.39%) and Divi's Laboratories (up 0.2%) gained. Aurobindo Pharma (down 0.11%), Cipla (down 0.27%) and Dr Reddy's Laboratories (down 1.85%) declined.
Biocon was up 0.92% at Rs 412.35 after the company said it has launched KRABEVA, a biosimilar Bevacizumab for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers, in India. The announcement was made during trading hours today, 23 November 2017.
FMCG stocks were mostly higher. Colgate-Palmolive (India) (up 0.84%), Marico (up 0.65%), Dabur India (up 0.41%) and Britannia Industries (up 0.17%) gained. Hindustan Unilever (down 0.06%) and Nestle India (down 0.01%) declined.
On the macro front, in order to review the Income-tax Act, 1961 (the Act) and to draft a new Direct Tax Law in consonance with economic needs of the country, the Government yesterday, 22 November 2017, constituted a task force with Arbind Modi, Member (Legislation), CBDT-Convener. Dr. Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanent special invitee in the task force.
The terms of reference of the task force is to draft an appropriate Direct Tax Legislation keeping in view; the direct tax system prevalent in various countries, the international best practices, the economic needs of the country and any other matter connected thereto.
Overseas, Asian stocks were mixed with Chinese stocks dropping after Beijing took steps to halt the proliferation of small online lenders.
In US, the S&P 500 index and the Dow Jones Industrials Average ended slightly lower yesterday, 22 November 2017, maintaining a soft tone after the Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation. The Nasdaq Composite Index bucked the broader trend to finish at a record, logging its third gain in a row.
The Fed viewed a near-term increase in interest rates as possible but central bank officials also expressed concerns about persistently low inflation, hinting that the bank may dial back its rate increases in 2018. The minutes also showed that several members worried that keeping interest rates too low could create a financial bubble.
Coming to the economic data, US durable-goods orders fell 1.2% in October. Excluding transportation, orders increased 0.4%. Initial jobless claims a tool to measure US layoffs, fell by 13,000 to 239,000 in the week ended 18 November. The University of Michigan's latest read on consumer sentiment came in at 98.5, topping expectations.
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