Key benchmark indices edged higher in early trade despite negative trend in Asian stocks. At 9:24 IST, the barometer index, the S&P BSE Sensex, rose 69.03 points or 0.2% at 34,840.08. The Nifty 50 index advanced 17.35 points or 0.16% at 10,717.80. IT stocks led gains on the bourses.
Among the secondary indices, the S&P BSE Mid-Cap index fell 0.19%. The S&P BSE Small-Cap index dropped 0.39%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,014 shares declined and 679 shares rose. A total of 54 shares were unchanged.
Sun Pharmaceutical Industries rose 0.9% after the company announced that its wholly-owned subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and Allergan plc (together known as the companies) to resolve the patent litigation regarding submission of an abbreviated new drug application (ANDA) for a generic version of Linzess (Linaclotide capsules) in the US. The announcement was made after market hours yesterday, 16 January 2018.
Pursuant to the terms of the settlement, the companies will grant the wholly owned subsidiaries of Sun Pharma, a license to market a generic version of Linzess in the United States beginning 1 February 2031 (subject to US drug regulator's approval) or earlier under certain circumstances. As a result of the settlement, all Hatch-Waxman litigation between Sun Pharma and the companies, regarding the Linzess patents, will be dismissed. Additional details regarding the settlement were not disclosed. The agreement is subject to customary regulatory approvals.
Hindustan Unilever fell 0.09% ahead of its Q3 results today, 17 January 2018.
Zee Entertainment Enterprises dropped 0.5% ahead of its Q3 results today, 17 January 2018.
Overseas, Asian stocks stepped back from a record high as the region's resource shares were dented by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations.
Japanese orders for machinery surged to their highest level in a decade in November. Cabinet Office data showed core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, grew 5.7% in November from the previous month.
US benchmark indices pulled back from lifetime highs set earlier in the session to end mostly lower yesterday, 16 January 2018, on likely profit booking amid concerns over the possibility of a government shutdown, reports said. On the data front, the Empire State manufacturing survey slipped to 17.7 in January from a revised 19.6 in December, the New York Fed said.
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