A divergent trend was witnessed between the two key benchmark indices, with the barometer index, the S&P BSE Sensex, registering small losses and the 50-unit Nifty 50 index ending with minuscule gains based on provisional closing data. The Sensex fell 29.79 points or 0.12% at 25,300.70, as per the provisional closing data. The Nifty rose 1.60 points or 0.02% at 7,716.50 as per the provisional closing data. After languishing in red almost throughout the trading session, the two key benchmark indices staged a rebound in late trade.
The Sensex rose 37.32 points or 0.14% at the day's high of 25,367.81 in late trade. The barometer index fell 173.67 points or 0.68% at the day's low of 25,156.82 in mid-morning trade. The Nifty rose 11.95 points or 0.15% at the day's high of 7,726.85 in late trade. The index fell 44.10 points or 0.57% at the day's low of 7,670.80 in mid-morning trade. The index
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,329 shares declined and 1,274 shares gained. A total of 169 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.24%. The BSE Small-Cap index was provisionally up 0.24%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3098 crore, lower than turnover of Rs 3117.71 crore registered during the previous trading session.
In overseas stock markets, European shares edged higher after a pullback during the previous trading session triggered by deadly attacks in Brussels. Most Asian stocks edged lower following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016. Most US stocks fell yesterday, 22 March 2016, as a decline in financial and consumer-staples shares weighed on the main benchmarks.
Index heavyweight Reliance Industries (RIL) lost 1.94% to Rs 1,028.15 after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. Shares of RIL had gained 3.24% in the preceding three trading sessions to settle at Rs 1,048.50 yesterday, 22 March 2016, from its close of Rs 1,015.55 on 17 March 2016. According to reports, the reason for the likely delay for the launch of mobile broadband service is that the network is taking time to stabilise. There were expectations that Reliance Jio will launch its mobile broadband service on pan India basis at the start of the new financial year in April 2016. The company had announced soft launch of the broadband services for its employees in December 2015.
Telecom stocks edged higher as a delay in the launch of mobile broadband service from Reliance Jio will give other telecom players time to consolidate their position in the market. Bharti Airtel (up 1.17%), Idea Cellular (up 2.79%) and Tata Teleservices (Maharashtra) (up 5.38%) gained. MTNL (down 1.14%) and Reliance Communications (down 0.29%) fell.
Index heavyweight and software major Infosys advanced 1.86% to Rs 1,212. The stock hit high of Rs 1,212 and low of Rs 1,181.95 in intraday trade.
Sun Pharmaceutical Industries slipped 0.24%. Sun Pharmaceutical Industries and AstraZeneca Pharma India today, 23 March 2016, announced a partnership for the distribution of dapagliflozin, an innovative Type 2 diabetes medicine, in India. Dapagliflozin is AstraZeneca India's leading diabetes medicine. Under the agreement, Sun Pharma will promote and distribute dapagliflozin under the brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name Forxiga and under the terms of the agreement, both companies will promote, market and distribute dapagliflozin in India under different brand names, as per the joint press release. AstraZeneca will retain the intellectual property rights to dapagliflozin. Sun Pharma will also gain the rights to promote and distribute the combination of dapagliflozin with metformin under the brand name Oxramet after regulatory approval. AstraZeneca India is currently seeking approval from the Drug Controller General of India for the combination of dapagliflozin with metformin, the two companies jointly said.
The size of the overall Indian anti-diabetes market is more than Rs 8400 crore (includes Type 1 & 2), growing at approximately 21% year on year (IMS February 2016 MAT). The top 5 players (which includes Sun Pharma) cumulatively account for 50% of this market.
There is an extended weekend for stock market traders this week. The stock market remains shut tomorrow, 24 March 2016, on account of Holi and again on Friday, 25 March 2016, on account of Good Friday. Most global stock markets are closed on account of Good Friday.
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