As European stocks dropped in early trade there, key benchmark indices in India continued to languish in red. The losses for key indices were small. The barometer index, the S&P BSE Sensex, was currently down 70.48 points or 0.27% at 26,350.19. The market breadth indicating the overall health of the market was positive. The BSE Small-Cap index was up almost 1%. Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Brent crude was a tad higher after hitting 14-month low yesterday, 18 August 2014. Pharma stocks saw across the board gains, with shares of Cipla, Glenmark Pharmaceuticals, Lupin and Cadila Healthcare hitting record high. Shares of a number of secondline pharma stocks rose.
Key indices had slipped into the red shortly after a higher opening triggered by overnight gains in US stocks and lower crude oil prices took the 50-unit CNX Nifty to record high.
At 13:15 IST, the S&P BSE Sensex was down 70.48 points or 0.27% at 26,350.19. The index fell 88.42 points at the day's low of 26,332.25 in mid-morning trade, its lowest level since 18 August 2014. The index rose 83.85 points at the day's high of 26,504.52 at the onset of the trading session.
The CNX Nifty was down 17.25 points or 0.22% at 7,880.25. The index hit a low of 7,872.05 in intraday trade, its lowest level since 18 August 2014. The index hit a high of 7,922.70 in intraday trade, lifetime high for the index.
The market breadth indicating the overall health of the market was positive. On BSE, 1,548 shares gained and 1,147 shares fell. A total of 98 shares were unchanged.
The BSE Mid-Cap index was up 18.74 points or 0.2% at 9,289.60. The BSE Small-Cap index was up 98.99 points or 0.97% at 10,267.79. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1929 crore by 13:15 IST.
Among the 30-share Sensex pack, 19 stocks declined and rest of them gained.
ONGC (down 2.55%), GAIL (India) (down 1.22%) and Hindustan Unilever (down 1.15%) edged lower from the Sensex pack.
Pharma stocks saw across the board gains. Lupin gained 1.94% to Rs 1,240.05 after hitting record high of Rs 1,246.60 in intraday trade.
Cipla rose 3.22% to Rs 489.20 after hitting record high of Rs 490 in intraday trade.
Among other pharma stocks, Ranbaxy Laboratories (up 3.33%) and Sun Pharmaceutical Industries (up 3.29%) gained.
Dr Reddy's Laboratories rose 2.32% after a filing with the US Securities and Exchange Commission on Monday, 18 August 2014, showed market share gained in key drugs for the company in the US market. Dr Reddys Laboratories said global generics segment's revenues from North America (the United States and Canada) rose 51% to Rs 1646.80 crore in the three months ended 30 June 2014 over the three months ended 30 June 2013. In US dollar absolute currency terms (i.e., US dollars without taking into account the effect of currency exchange rates), such revenues increased by 43% in the three months ended 30 June 2014 as compared to the three months ended 30 June 2013.
This growth was largely attributable to revenues from new products launched between 1 July 2013 and 30 June 2014, such as decitabine, azacitidine and divalproex sodium ER; and gain in market shares of existing products, such as metoprolol succinate, fexofenadine, atorvastatin and ziprasidone.
The company said its global generics segment's revenues from Russia for the three months ended 30 June 2014 were Rs 419.80 crore, an increase of 15% as compared to the three months ended 30 June 2013.
The company's global generics segment's revenues from 'Rest of the World' markets were Rs 221.60 crore for the three months ended 30 June 2014, an increase of 50% as compared to the three months ended 30 June 2013. The growth was primarily attributable to sales volume growth in Venezuela and new products launched between 1 July 2013 and 30 June 2014.
The company's global generics segment's revenues from Europe were Rs 145.90 crore for the three months ended 30 June 2014, a decline of 7% as compared to the three months ended 30 June 2013. Revenues have declined primarily on account of reduced sales in Germany, which was mainly due to the company's reduced participation in the competitive bidding tenders sponsored by statutory health insurance funds and other health insurance providers.
Glenmark Pharmaceuticals rose 2.17% after a wholly owned subsidiary announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302. The stock hit record high of Rs 749.05 in intraday trade. The announcement was made before market hours today, 20 August 2014. Glenmark Pharmaceuticals S.A. (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals (GPL), announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 bispecific antibody. GBR 1302 was discovered and developed by the Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland. GBR 1302 is based on Glenmark's innovative BEAT antibody technology platform which facilitates the efficient development and manufacture of antibodies with dual specificities, so-called bispecific antibodies. GBR 1302 is the first clinical development candidate based on the BEAT technology. Glenmark expects to obtain approval for the initiation of clinical studies during this financial year.
Cadila Healthcare rose 3.69% to Rs 1,236 after scaling a record high of Rs 1,239 in intraday trade. Cadila Healthcare during market hours said that the company has received the final approval from the US Food and Drug Administration (USFDA) to market Acyclovir tablets in the strengths of 400 mg and 800 mg. The drug falls under the anti-viral segment, Cadila Healthcare said. Sales of Acyclovir Tablets are estimated at $55.8 million in the United States in 2014, as per IMS. Cadila Healthcare now has 95 approvals and has so far filed 249 Abbreviated New Drug Application (ANDAs) since the commencement of the filing process in FY 2003-04, the company said.
Second line pharma stocks also participated in the rally. Indoco Remedies (up 12.56%), Orchid Chemicals & Pharmaceuticals (up 10.01%), Granules (India) (up 6.34%), Alembic Pharmaceuticals (up 5.63%), Shasun Pharmaceuticals (up 15.79%), Dishman Pharmaceuticals & Chemicals (up 3.78%), FDC (up 12.99%), Amrutanjan Healthcare (up 13.7%), Kopran (up 12.01%) and Elder Pharmaceuticals (up 12.45%) surged.
TVS Motor Company fell 1.44%. The company today, 20 August 2014, launched TVS Scooty Zest 110. The all new TVS Scooty Zest 110 offers customers an optimum balance of power, performance, ride quality and handling along with a host of other attractive features, while staying true to its Scooty DNA, the company said.
Blue Dart Express (up 7.01%), Arvind (up 6.6%), BASF India (up 6.14%), Hathway Cable & Datacom (up 5.59%) and Jaypee Infratech (up 4.48%) were among the top gainers from the BSE Mid-Cap index.
Esaar India (up 19.92%), Lumax Industries (up 14.78%), Hercules Hoists (up 11.4%), Magma Fincorp (up 9.85%) and Shree Ram Urban Infrastructure (up 9.5%) were among the top gainers from the BSE Small-Cap index.
In the foreign exchange market, the rupee was a tad higher against the dollar. The partially convertible rupee was hovering at 60.65, compared with its close of 60.685 on Tuesday, 19 August 2014.
India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. The October Brent crude contract was up 19 cents at $101.75 a barrel. The contract fell 4 cents a barrel to settle at $101.56 on Tuesday, 19 August 2014, after falling to $101.07, the lowest since June 2013.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 559.39 crore on Tuesday, 19 August 2014, as per provisional data from the stock exchanges.
European stocks edged lower today, 20 August 2014, as investors awaited cues from central banks. Key benchmark indices in UK, France and Germany were down 0.19% to 0.25%.
The Bank of England publishes the minutes from its August policy meeting in London today, 20 August 2014. The minutes could give more hints on the rate hike from the UK central bank.
Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Key benchmark indices in Japan, Taiwan, Singapore, Hong Kong, South Korea and Indonesia were up 0.03% to 0.48%. China's Shanghai Composite fell 0.23%.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Wednesday, 20 August 2014. US stocks ended higher for the second straight session on Tuesday, 19 August 2014, after a better-than-expected jump in July housing starts and upbeat earnings reports.
Housing starts posted their strongest rebound in eight months in July, topping expectations and adding another data point to suggest optimism is returning among homebuilders.
The minutes from the last Federal Open Market Committee meeting will be released today, 20 August 2014. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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