Key benchmark indices continued to trade in the negative terrain with small losses in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 64.33 points or 0.24% at 26,427.68. The Nifty 50 index was currently down 17.85 points or 0.22% at 8,121.60. Weakness in Asian stocks marred sentiment on the domestic bourses.
After opening slightly higher, key indices slipped into the red at the onset of the trade and hovered in negative terrain so far during the session. The losses were small. The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,227 shares fell and 1,098 shares rose. A total of 140 shares were unchanged.
Among side indices, the BSE Mid-Cap index was currently down 0.23%. The BSE Small-Cap index was currently down 0.09%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Capital goods stocks were mixed. BEML (up 0.67%), Bharat Heavy Electricals (Bhel) (up 0.16%), and Havells India (up 1.05%) rose. L&T (down 0.93%), Thermax (down 0.32%), Crompton Greaves (down 0.34%) and Siemens (down 0.76%) declined.
Lupin rose 1.53% after the company announced that it has launched its Voriconazole Tablets, 50 mg & 200 mg and Voriconazole Oral Suspension, 40 mg/ml in the US, having received an approval from the United States Food and Drug Administration (USFDA) earlier to market a generic equivalent of PF Prism CV's Vfend Tablets, 50 mg & 200 mg and Vfend Oral Suspension, 40 mg/ml. The announcement was made during market hours today, 19 December 2016.
It is indicated for use in patients 12 years of age and older in the treatment of some fungal infections. Vfend Tablets, 50 mg & 200 mg had annual US sales of $81 million as per the IMS MAT September 2016 data while Vfend Oral Suspension, 40 mg/ml had annual US sales of $15.2 million as per the IMS MAT September 2016 data.
IT stocks dropped in line with fall in indices. HCL Technologies (down 0.04%), TCS (down 0.63%), Infosys (down 0.76%), and Oracle Financial Services Software (down 0.29%) dropped. Wipro rose 0.09%.
Jindal Stainless rose 0.65% after the company said that the meeting of the board of directors of the company will be held on 23 December 2016, to consider and approve the issuance of equity shares/preference shares to the lenders of the company on preferential basis upon conversion of Funded Interest Term Loan I & II (FITL).
The board will also consider and approve issuance of convertible warrants/equity shares to the promoter group of companies on preferential basis. The announcement was made after market hours on Friday, 16 December 2016.
Raymond fell 2.21% on reports the company has seen nearly 30% decline in demand since demonetisation was announced last month. Raymond CEO Sanjay Behl was quoted by the media as saying that the company has seen a nearly 30% decline in demand since demonetisation was announced. He, however added that he expects the situation easing up in the beginning of next year.
The media report suggested that Raymond's expansion plans will not be affected by the current situation. It has 1,060 stores at present, and will continue to add about 150-200 stores every year for the next three years. The company is targeting about 1,500 stores for its brands by 2020, Sanjay Behl said.
Overseas, most Asian stocks edged lower after Chinese government researchers see GDP growth slowing in 2017. China's economy will grow at around 6.5% year-on-year in 2017, according to a forecast from government think tank China Academy of Social Sciences (CASS) published today, 19 December 2016. CASS sees quarterly on-year growth of 6.5% in the first and second quarters, and 6.4% in the third and fourth quarters. China's economy has grown at 6.7% for the first three quarters of 2016.
US stocks closed lower on Friday, 16 December 2016, with the Dow Jones Industrial Average swinging to a loss, following reports that a Chinese warship seized an underwater US Navy drone in international waters off the coast of the Philippines. In the latest economic data in US, housing starts tumbled 18.7% in November, while the number is volatile, it pointed to a housing market recovery that remains choppy.
Wall Street stocks had surged since the presidential election in November. The gains have been attributed to expectations that Donald Trump's policy proposals, such as increased infrastructure spending, tax cuts and deregulation, will spur economic growth.
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