A bout of volatility was witnessed as the BSE Sensex bounced back after hitting fresh intraday low in morning trade. The Nifty was trading near flat line after recovering from the day's low. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 19.08 points or 0.06% at 31,468.11. The Nifty 50 index was down 2.35 points or 0.02% at 9,791.80.
The Sensex rose 153.61 points, or 0.49% at the day's high of 31,602.64 in early trade, its highest level since 10 August 2017. The index fell 49.68 points, or 0.16% at the day's low of 31,399.35 in early trade. The Nifty rose 36.60 points, or 0.37% at the day's high of 9,830.75 in early trade, its highest level since 10 August 2017. The index fell 20.30 points, or 0.21% at the day's low of 9,773.85 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. 1,244 shares rose and 711 shares fell. A total of 83 shares were unchanged.
Metal shares were mixed. Jindal Steel & Power (down 2.86%), Hindalco Industries (down 0.48%), Bhushan Steel (down 0.46%), Steel Authority of India (down 0.34%), NMDC (down 0.12%), JSW Steel (down 0.09%) and Hindustan Copper (down 0.08%), edged lower. National Aluminium Company (up 0.08%), Vedanta (up 0.22%), Tata Steel (up 0.51%) and Hindustan Zinc (up 1.37%), edged higher.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.23% at $2.8895 per pound on the COMEX.
Pharmaceutical shares were mixed. Piramal Enterprises (down 1.03%), Cipla (down 0.99%), Cadila Healthcare (down 0.9%), Glenmark Pharmaceuticals (down 0.89%), Aurobindo Pharma (down 0.69%), Dr Reddy's Laboratories (down 0.54%), Divi's Laboratories (down 0.19%) and Wockhardt (down 0.12%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.07%), IPCA Laboratories (up 0.43%), Strides Shasun (up 0.58%) and Alkem Laboratories (up 1.17%), edged higher.
Drug major Lupin was down 0.27% to Rs 965. The company's said that the company and Natco announced the final ANDA approval of Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) from the United States Food and Drug Administration (FDA). The product, as the first generic, will be launched shortly. The announcement was made after market hours on Monday, 14 August 2017.
Natco's Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are generic equivalents of Shire Development LLC's Fosrenol Chewable Tablets 500 mg, 750 mg and 1000 mg. Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are indicated to reduce serum phosphate in patients with end stage renal disease (ESRD). Fosrenol Chewable Tablets has US sales of $122.4 million (IMS MAT June 2017). Lupin and Natco had entered into an agreement on 1 September 2008 to jointly commercialize generic equivalents of Fosrenol Chewable Tablets.
Commenting on the approval, Nilesh Gupta, Managing Director, Lupin said that the conpany's proven IP capabilities, marketing reach and expertise coupled with Natco's solid development and manufacturing abilities make a great combination.
Drug major Sun Pharmaceutical Industries was up 1.74% to Rs 480.70. The company said that it has received approval of scheme of arrangement among Sun Pharma Medisales, Ranbaxy Drugs, Gufic Pharma, Vidyut Investments and the company and their respective members and creditors from National Company Law Tribunal. The announcement was made after market hours on Monday, 14 August 2017.
On the macro front, the all-India general Consumer Price Index (CPI)-based inflation rebounded 2.36% in July 2017, compared with 1.46% in June 2017. The data was released after market hours on Monday, 14 August 2017.
Overseas, most Asian shares were trading higher as investors digested earnings releases from regional corporates and a resurgent dollar.
In US, the main benchmarks ended little changed overnight amid better-than-expected retail sales data and an abatement of tensions between the US and North Korea. The Dow Jones Industrial Average finished up 5.28 points, or less than 0.1%, at 21,998.99. The S&P 500 index declined 1.23 points to finish at 2,464.61. The Nasdaq Composite Index slipped 7.22 points, or 0.1%, to close at 6,333.01.
US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles as well as discretionary spending, suggesting the economy continued to gain momentum early in the third quarter. The Commerce Department said on Tuesday, 15 August 2017, that retail sales jumped 0.6% last month. That was the largest gain since December 2016 and followed June's upwardly revised 0.3% rise.
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