Key benchmark indices hovered near the flat line in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 25.96 points or 0.09% at 27,809.95. The Nifty 50 index was currently down 8.80 points or 0.1% at 8,583.40. The Sensex fell 42.69 points or 0.15% at the day's low of 27,793.22 in morning trade, its lowest level since 11 August 2016. The barometer index rose 99.97 points or 0.35% at the day's high of 27,935.88 in early trade. The Nifty fell 18.90 points or 0.21% at the day's low of 8,573.30 in morning trade, its lowest level since 11 August 2016. The index rose 30.75 points or 0.35% at the day's high of 8,622.95 in early trade.
The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,137 shares declined and 1,009 shares rose. A total of 136 shares were unchanged. The BSE Mid-Cap index was currently down 0.07%. The decline in this index was lower than Sensex's fall in percentage terms. The BSE Small-Cap index was currently up 0.03%, outperforming the Sensex.
Auto stocks edged higher. Ashok Leyland (up 1.15%), Mahindra & Mahindra (up 1.11%), Hero MotoCorp (up 0.43%), Eicher Motors (up 0.6%) and Maruti Suzuki India (up 0.44%) gained. TVS Motor Company (down 0.93%) edged lower. Bajaj Auto was unchanged at Rs 2,862.90.
Tata Motors rose 1.71% at Rs 502.20 ahead of Q1 June 2016 results today, 26 August 2016.
IT stocks were mixed. HCL Technologies (down 1.14%), Wipro (down 0.95%) and Oracle Financial Services Software (down 0.37%) edged lower. Tech Mahindra (up 1.11%) edged higher.
Index heavyweight and software major Infosys was up 0.47% at Rs 1,041.45. The stock hit a high of Rs 1,046 and a low of Rs 1,032 so far during the day.
TCS was up 0.27% at Rs 2,557 after the company announced new software that enables retailers to leverage insightful data to deepen relationships with customers. The new software enables retailers to leverage insightful data either from in-store sensors or other Internet of Things (IoT) devices to deepen relationships with customers through more personalized customer engagement strategies. The announcement was made after market hours yesterday, 25 August 2016.
Biocon gained 3.26% at Rs 893.80 after European Medicines Agency accepted for review Biocon's partner Mylan's marketing authorization application for a proposed biosimilar Trastuzumab. The announcement was made after market hours yesterday, 25 August 2016. Mylan N.V., a global pharmaceutical company and Biocon announced that the European Medicines Agency (EMA) has accepted for review Mylan's marketing authorization application (MAA) for a proposed biosimilar Trastuzumab, which is used to treat certain HER2-positive breast and gastric cancers. Mylan and Biocon, which have co-developed this proposed biosimilar, anticipate that this may be the first MAA for a Trastuzumab biosimilar accepted by the EMA for review. This filing includes analytical, functional and pre-clinical data, as well as results from the pharmacokinetics (PK) and confirmatory efficacy/safety global clinical trials for Trastuzumab.
This is the second biosimilar submission developed by the partnership that has been accepted for review in Europe. Last month, Mylan's MAA for the proposed biosimilar Pegfilgrastim was accepted for review by EMA.
Biocon and Mylan are exclusive partners on a broad portfolio of biosimilars and insulin analogs. The proposed biosimilar Trastuzumab is one of the six biologic products co-developed by Mylan and Biocon for the global marketplace. Mylan has exclusive commercialization rights for the proposed biosimilar Trastuzumab in the US, Canada, Japan, Australia, New Zealand, the European Union and European Free Trade Association countries. Biocon has co-exclusive commercialization rights with Mylan for the product in the rest of the world.
Meanwhile, RBI after trading hours yesterday, 25 August 2016, announced a package of measures for the development of fixed income and currency markets. The central said it has been decided to enhance the aggregate limit of partial credit enhancement (PCE) provided by banks, permit brokers in corporate bond repos, authorise the platform for repo in corporate bonds and encourage credit supply for large borrowers through market mechanism. The RBI has allowed banks to issue issue rupee bonds overseas (Masala Bonds) for their capital requirements and for financing infrastructure and affordable housing.
Foreign Portfolio Investors (FPIs) will be given direct access to NDS-OM to ease the process of investment in debt securities. The RBI said it has also been decided to provide FPIs facility to trade directly in corporate bonds.
Meanwhile, the India Meteorological Department (IMD) in its monsoon update issued yesterday, 25 August 2016, said that for the country as a whole, cumulative rainfall during this year's monsoon so far (till 25 August 2016) was 3% below the long period average (LPA).
In overseas stock markets, Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech today, 26 August 2016, which could provide hints about the timing of the next rate hike from the Fed. US stocks registered small losses yesterday, 25 August 2016, with healthcare stocks extending previous trading session's decline.
Globally, investors are awaiting Yellen's speech today, 26 August 2016, which could provide hints about the timing of the next rate hike from the Fed. High US interest rates would pull money out of emerging markets and redirect it to the US. Yellen is due to speak at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
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