Key barometers extended losses and hit fresh intraday low in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 158.51 points or 0.46% at 34,575.07. The Nifty 50 index was down 48.10 points or 0.46% at 10,424.40.
Broader market was trading firm. Among secondary barometers, the BSE Mid-Cap index was up 0.06%. The BSE Small-Cap index was up 0.67%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1316 shares rose and 912 shares fell. A total of 134 shares were unchanged.
Most IT shares rose. MphasiS (up 5.08%), Hexaware Technologies (up 1.99%), MindTree (up 1.74%), Persistent Systems (up 1.48%), Infosys (up 0.63%), TCS (up 0.63%), Oracle Financial Services Software (up 0.56%) and HCL Technologies (up 0.09%), edged higher. Wipro (down 0.25%) and Tech Mahindra (down 0.68%), edged lower.
Most pharmaceuticals shares climbed. Dr Reddy's Laboratories (up 3.92%), Lupin (up 3.27%), Divi's Laboratories (up 1.98%), GlaxoSmithKline Pharmaceuticals (up 1.90%), Cipla (up 1.75%), Aurobindo Pharma (up 1.70%), Wockhardt (up 1.53%), Cadila Healthcare (up 1.33%), Sun Pharmaceutical Industries (up 1.32%), Glenmark Pharmaceuticals (up 1.26%), Strides Shasun (up 1.01%) and IPCA Laboratories (up 0.28%), edged higher. Piramal Enterprises (down 0.02%) and Alkem Laboratories (down 0.46%), edged lower.
Shares of Natco Pharma was up 6.09%. Natco Pharma announced before trading hours today, 15 October 2018, that the United States Court of Appeals for the Federal Circuit has affirmed the District of Delaware's decision that Teva's Copaxone 40 mg/ml dosing patents are invalid as obvious. The Federal Circuit also affirmed the final written decisions issued by the Patent Trial and Appeal Board (PTAB) in three inter partes reviews filed by Natco's marketing partner, Mylan, related to the same patents.
These were the last remaining patent infringement cases Mylan was defending in the US relating to Glatiramer Acetate Injection 40mg/ml. Decisions are important milestones as Natco Pharma continues to focus its efforts on meeting the needs of multiple sclerosis patients in the US. The invalidated patents are US Patent Numbers 8,232,250; 8,399,413; 8,969,302; and 9,155,776, which are owned by Veda Research & Development Co., and licensed to Teva Pharmaceuticals Industries.
Copaxone is the most prescribed MS treatment for relapsing forms of MS in the US with brand sales for the 20 mg/ml dose of approximately $527 million and for the 40 mg/ml dose of approximately $2.86 billion for the 12 months ending 31 August 2018, according to IQVIA. Approximately 400,000 individuals in the US have MS and relapsing MS accounts for 85% of initial MS diagnoses.
On the macro front, India's industrial production (base year 2011-12=100) increased at moderate pace of 4.3% in August 2018, compared with 6.5% growth recorded in July 2018. The industrial production growth for July 2018 has been revised marginally downwards from 6.6% increase reported provisionally.
The all-India general CPI inflation rose marginally to 3.77% in September 2018 (new base 2012=100), compared with 3.69% in August 2018. The corresponding provisional inflation rate for rural area was 3.34% and urban area 4.31% in September 2018 as against 3.41% and 3.99% in August 2018. The core CPI inflation declined to 5.82% in September 2018 compared with 5.95% in August 2018.
Overseas, most Asian shares were trading lower as worries over US-China trade disputes, a possible slowdown in the Chinese economy and higher US borrowing costs tempered optimism despite a rebound in global equities late last week.
US stocks ended higher on Friday, with equities rebounding from a multi-day rout that slashed 1,400 points from the Dow Jones Industrial Average at its worst and left the Nasdaq on the precipice of a correction.
In the latest economic data, import prices rose 0.5% in September. Separately, an index of consumer sentiment fell to 99 from a previous reading of 100.1.
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