Investors were concerned about the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns. Meanwhile, the International Monetary Fund (IMF) chief Kristalina Georgieva on Friday (27 March) said the world has clearly entered a recession. The COVID-19 pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, she added.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 549.08 points or 1.84% at 29,266.51. The Nifty 50 index fell 151 points or 1.74% at 8,509.25.
The broader market was in line with benchmark indices and traded lower. The S&P BSE Mid-Cap index was down 1.75% while the S&P BSE Small-Cap index was down 1.19%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 627 shares rose and 1029 shares fell. A total of 121 shares were unchanged. In Nifty 50 index, 14 stocks advanced while 36 stocks declined.
Buzzing Index:
The Nifty Pharma index gained 0.75% to 6,863.80, rising for fifth consecutive trading session. The pharmaceutical index has gained 6.71% in five trading session.
Cipla (up 3.21%), Lupin (up 1.81%), Dr. Reddy's (up 1.7%), Aurobindo Pharma (up 1.26%), Piramal Enterprises (up 0.67%), Biocon (up 0.5%) and Divi's Laboratories (up 0.43%) were top gainers in pharmaceutical space.
Shares of Cadila Healthcare were up 1.07% at Rs 255.50. The drug major in a regulatory filing announced that Zydus Cadila has received a tentative approval from the USFDA to market Carbidopa and Levodopa Extended-Release Capsules. The combination medication is indicated for the treatment of Parkinson's disease or Parkinson-like symptoms (such as shakiness, stiffness, and difficulty moving).
Sun Pharmaceutical Industries fell 4.91% after the company informed that the USFDA has classified company's Halol facility as Official Action Indicated (OAI). The OAI classification implies that the USFDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved. The company continues to manufacture and distribute existing products for the US market, thereby not likely to have any adverse impact on current business from the facility.
Stocks in Spotlight:
Shares of realtor Sobha were down 2.25% at Rs 128. The company has informed that all its offices and units will remain under lockdown for 21 days. The company said that in view of the COVID-19 pandemic, it has taken various measures to ensure safety and well-being of all its employees and workmen. The announcement was made post market hours on Friday, 27 March 2020.
Shares of Graphite India were up 1.74% at Rs 120.2. The company on Friday (27 March) announced that ICRA has reaffirmed the long term rating for Rs 1,000 crore line of credit for working capital of the company at [ICRA] AA+ (pronounced ICRA double A plus). The outlook on the long term rating has been revised from stable to negative.
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