Key benchmark indices edged lower in early trade tracking weakness in Asian markets and overnight sharp decline on the Wall Street. At 9:22 IST, the barometer index, the S&P BSE Sensex was down 315.62 points or 1.24% at 25,090.71. The 50-unit Nifty 50 index was currently down 90.65 points or 1.17% at 7,650.35.
In overseas markets, Asian markets edged lower after overnight slide on Wall Street. In China, trading was suspended for the rest of the day after the CSI 300 index tumbled more than 7% in early trade, triggering the market's circuit breaker for a second time this week. US stocks closed sharply lower yesterday, 6 January 2015, pressured by continued concerns about global economic growth, declining oil prices and increased geopolitical tensions.
Closer home, the broad market depicted weakness. There were more than four losers against every gainer on BSE. 1,219 shares declined and 264 shares rose. A total of 37 shares were unchanged. The BSE Mid-Cap index was currently off 1.15%. The decline in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was currently off 1.41%. The decline in this index was higher than Sensex's decline in percentage terms.
Telecom stocks edged lower. Reliance Communications (down 2.85%), Idea Cellular (down 2.11%), Mahanagar Telephone Nigam (down 1.79%), Tata Teleservices (Maharashtra) (down 1.6%) and Bharti Airtel (down 0.96%) declined.
Lupin rose 0.5% at Rs 1,762.85 after the company announced that its US subsidiary Lupin Pharmaceutical Inc. has launched in the US its Tri-Lo-Marzia Tablets (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg) after receiving approval from the United States Food and Drug Administration (FDA) to market a generic equivalent of Janssen Pharmaceuticals Inc. (Janssen) Ortho Tri-Cyclen Lo Tablets, (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg). Lupin's Tri-Lo-Marzia Tablets are the AB rated generic equivalent of Janssen Ortho Tri-Cyclen Lo Tablets. It is indicated for use by women to prevent pregnancy. Ortho Tri-Cyclen Lo Tablets had annual sales of $488.4 million in the US as per IMS MAT September 2015 data. The product represents Lupin's 16th oral contraceptive launch in the US. The announcement was made after market hours yesterday, 6 January 2016.
HDFC was down 0.72% at Rs 1,199.80. The stock hit a high of Rs 1,201 and a low of Rs 1,197.60 so far during the day. The company after market hours yesterday, 6 January 2016 announced that it will issue secured redeemable non-convertible debentures worth Rs 690 crore on private placement basis to select individuals. The coupon rate on debentures is 8.45% per annum. The issue opens and closes on the same day tomorrow, 8 January 2016. HDFC plans to augment its long-term resources with the proceeds from the issue. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company, HDFC said.
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