Key benchmark indices logged small decline in volatile trading session. The barometer index, the S&P BSE Sensex, fell 47.13 points or 0.18% to settle at 26,765.65. The Nifty 50 index fell 16.20 points or 0.20% to settle at 8,203.70. Trading on the bourses was confined to a small range today, 22 June 2016 ahead of the key event in the UK and Europe of the Brexit referendum tomorrow, 23 June 2016.
Index heavyweight and cigarette major ITC dropped. Private bank stocks were mixed. PSU bank stocks declined. Pharmaceutical stocks were mixed. Auto stocks were mostly lower.Most metal shares edged lower. Telecom stocks edged lower.
The Sensex fell 47.13 points or 0.18% to settle at 26,765.65, its lowest closing level since 17 June 2016. The Sensex rose 74.51 points, or 0.28% at the day's high of 26,887.29. The index fell 195.33 points, or 0.73% at the day's low of 26,617.45.
The Nifty 50 index fell 16.20 points or 0.20% to settle at 8,203.70, its lowest closing level since 17 June 2016. The Nifty rose 18.45 points, or 0.22% at the day's high of 8,238.35. The index fell 66.65 points, or 0.81% at the day's low of 8,153.25.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,594 shares fell and 987 shares rose. A total of 199 shares were unchanged. The BSE Mid-Cap index fell 0.12%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index fell 0.6%. The decline in this index was higher than the Sensex's decline in percentage terms.
Among the sectoral indices on BSE, the S&P BSE Industrials index (down 0.79%), the S&P BSE Auto index (down 0.77%), the S&P BSE Telecom index (down 0.68%), the S&P BSE Utilities index (down 0.66%), the S&P BSE FMCG index (down 0.57%), the S&P BSE Capital Goods index (down 0.4%), the S&P BSE Basic Materials index (down 0.39%), the S&P BSE Power index (down 0.34%) underperformed the Sensex. The S&P BSE Oil & Gas index (down 0.17%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.16%), the S&P BSE Finance index (down 0.15%), the S&P BSE IT index (down 0.12%), the S&P BSE Energy index (down 0.09%), the S&P BSE Bankex (down 0.09%), the S&P BSE Consumer Durables index (down 0.08%), the S&P BSE Metal index (up 0.02%), the S&P BSE Realty index (up 0.24%), and the S&P BSE Healthcare index (up 0.42%) outperformed the Sensex. The S&P BSE Teck index fell 0.18%, matching the Sensex's fall in percentage terms.
In the overseas market, European and most Asian stocks were trading higher as investors were guardedly optimistic about a "Remain" vote in Britain's make-or-break European Union (EU) referendum. The key event in the UK and Europe this week is the Brexit referendum tomorrow, 23 June 2016, where British voters will decide whether the country should remain a member of the EU or leave it.
US stocks closed slightly higher yesterday, 21 June 2016, after trading within a narrow range after Federal Reserve Chairwoman Janet Yellen cautioned that the UK leaving the European Union (EU) posed a risk while new polls showed support for the "stay camp" growing. In her testimony to the Senate Banking Committee, Yellen said a victory for the "leave camp" in this week's UK referendum on membership in the EU would pose a significant risk to the US economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on US interest rates.
Index heavyweight and cigarette major ITC fell 1.12% to Rs 354.55. The stock hit high of Rs 359 and low of Rs 353.10 in intraday trade.
Lupin rose 1.04% after the company announced today, 22 June 2016 that it has received final approval for its Amabelz Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg / 0.1 mg and 1 mg / 0.5 mg) from the United States Food and Drug Administration (FDA) to market a generic version of Amneal Pharmaceuticals' Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg / 0.1 mg and 1 mg/ 0.5 mg). Lupin's Amabelz Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg / 0.1 mg and 1 mg / 0.5 mg) are the AB rated generic equivalent of Amneal Pharmaceuticals' Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg / 0.1 mg and 1 mg / 0.5 mg). Activella had US sales of $95.6 million (IMS MAT March 2016). The announcement was made at fag end of the day's trading session today, 22 June 2016.
Private bank stocks were mixed. Federal Bank (down 2.12%), Kotak Mahindra Bank (down 0.88%), Axis Bank (down 0.29%) and IndusInd Bank (down 0.17%) declined. Yes Bank (up 0.8%), HDFC Bank (up 0.21%) and ICICI Bank (up 0.21%) rose.
PSU bank stocks declined. Indian Bank (down 4.15%), State Bank of India (SBI) (down 0.51%), Punjab National Bank (down 0.36%), Bank of Baroda (down 0.93%), Canara Bank (down 0.28%), IDBI Bank (down 1.27%), Bank of India (down 0.62%) and Union Bank of India (down 0.91%) dropped.
Pharmaceutical stocks were mixed. Dr Reddy's Laboratories (up 1.76%), Piramal Enterprises (up 2.67%), Glenmark Pharmaceuticals (up 1.89%), Alkem Laboratories (up 1%), Sun Pharmaceutical Industries (up 0.54%), Lupin (up 1.04%), Cipla (up 0.13%) and Cadila Healthcare (up 0.52%) edged higher. Divi's Laboratories (down 0.63%), Wockhardt (down 1.57%), IPCA Laboratories (down 1.35%), Aurobindo Pharma (down 0.17%), GlaxoSmithKline Pharmaceuticals (down 1.58%) and Strides Shasun (down 2.31%) edged lower.
Auto stocks were mostly lower. Tata Motors (down 2.58%), TVS Motor Company (down 0.42%), Maruti Suzuki India (down 0.26%), Mahindra & Mahindra (M&M) (down 0.64%) and Ashok Leyland (down 2.3%) fell. Escorts (up 13.86%), Bajaj Auto (up 0.06%), Hero MotoCorp (up 0.7%) and Eicher Motors (up 0.22%) rose.
Most metal shares edged lower. Bhushan Steel (down 2.02%), National Aluminium Company (down 1.67%), Steel Authority of India (down 1.23%), Hindustan Zinc (down 0.99%), Hindalco Industries (down 0.93%), Tata Steel (down 0.66%), JSW Steel (down 0.62%) and NMDC (down 0.27%), edged lower. Vedanta (up 0.80%) and Hindustan Copper (up 1.44%) edged higher.
Jindal Steel & Power (JSPL) fell 1.35% to Rs 65.65. JSPL said that its board approved issuing non-convertible debentures of upto Rs 5000 crore. The board also approved issuing further securities upto Rs 5000 crore. The announcement was made after market hours yesterday, 21 June 2016.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2016 delivery was currently up 0.73% at $2.1315 per pound on the COMEX.
Telecom stocks edged lower. Tata Teleservices (Maharashtra) (down 5.67%), MTNL (down 2.12%), Reliance Communications (down 1.55%) and Idea Cellular (down 0.73%) edged lower.
Telecom major Bharti Airtel rose 0.19% to Rs 362.90.
Telecom tower infrastructure provider Bharti Infratel fell 2.87% to Rs 337.85.
Majesco rose 0.48% after the company announced a partnership with eGain, a global provider of cloud customer engagement solutions. The announcement was made after market hours yesterday, 21 June 2016. As part of the alliance, Majesco will embed eGain's knowledge-guided digital engagement capabilities into its insurance industry solution. The companies will also team together on joint business opportunities in engaging and serving clients. eGain's cloud-based customer engagement hub (CEH) consists of modular applications built on an open omnichannel platform. eGain's digital capability is embedded in Majesco's DigitalConnect solution and is a part of the Majesco Cloudlnsurer platform that unifies processes, technology, knowledge, interactions, and analytics and applies them across channels to enable greenfields, startups and existing insurers.
BASF India rose 1.88% after the company said its parent BASF SE, Germany has signed an agreement to acquire Albermarle's global surface treatment business of Chemetall for a consideration of $3.2 billion. Chemetall is a global technology and innovation leader in the metals surface treatment market and is headquartered in Frankfurt, Germany. For the calendar year 2015, Chemetall clocked global sales of $845 million. BASF India said that the transaction is subject to approval by the relevant authorities and is expected to close by the end of 2016. The products of Chemetall complements BASF's current portfolio by adding highly attractive surface treatment business to its coatings offerings. In India, the coatings business is part of the Functional Material & Solutions segment of the company, BASF said in a statement. The announcement was made before market hours today, 22 June 2016.
The Sensex has risen 97.69 points or 0.36% in this month so far (till 22 June 2016). The Sensex has risen 648.11 points or 2.48% in calendar year 2016 so far (till 22 June 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,271.04 points or 18.98%. The Sensex is off 1,812.68 points or 6.34% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,259.09 points 10.85% from a record high of 30,024.74 hit on 4 March 2015.
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