Key benchmark indices extended intraday recovery and were trading with minor losses in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, fell 18.96 points or 0.06% at 30,838.56. The Nifty 50 index declined 4.70 points or 0.05% at 9,499.40. Market sentiment was weak amid negative global cues.
Markets were awaiting the nation-wide rollout of the much discussed indirect tax reform the Goods and Services Tax (GST) with effect from tomorrow, 1 July 2017.
The Sensex rose 1.76 points or 0.01% at the day's high of 30,859.28 in afternoon trade. The index lost 176.86 points or 0.57% at the day's low of 30,680.66 in early trade, its lowest level since 25 May 2017.
The Nifty fell 1.50 points or 0.02% at the day's high of 9,502.60 in afternoon trade. The index lost 55.35 points or 0.58% at the day's low of 9,448.75 in early trade, its lowest level since 25 May 2017.
The S&P BSE Mid-Cap index rose 0.29%. The S&P BSE Small-Cap index advanced 0.24%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, turned positive from negative. On the BSE, 1,190 shares rose and 1,180 shares declined. A total of 187 shares were unchanged.
Most pharmaceutical shares rose. Sun Pharmaceutical Industries (up 3.85%), Aurobindo Pharma (up 2.01%), Strides Shasun (up 1.97%), Dr Reddy's Laboratories (up 1.87%), Cipla (up 1.22%), IPCA Laboratories (up 1.11%), Divi's Laboratories (up 1.06%), Glenmark Pharmaceuticals (up 0.80%), Lupin (up 0.77%) and Piramal Enterprises (up 0.54%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.15%), Alkem Laboratories (down 0.21%) and Wockhardt (down 0.41%), edged lower.
Cadila Healthcare rose 0.93% to Rs 526.75 after the company announced that it received final approval from the United States Food & Drug Administration (USFDA) to market Phentermine Hydrochloride Orally Disintegrating Tablets in strengths of 15mg, 30 mg and 37.5 mg. The drug is used together with diet and exercise to treat obesity (overweight) in people with risk factors such as high blood pressure, high cholesterol or diabetes and will be produced at the group's formulations manufacturing facility at Moraiya in Ahmedabad. The announcement was made during market hours today, 30 June 2017.
Unichem Laboratories gained 3.40% to Rs 268.95 after the company said that that its formulations manufacturing facility at Goa has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA). The receipt of EIR indicates the successful closure of the inspection and the queries raised during the audit (Form 483). The inspection has now been closed by the USFDA. The inspection was carried out from 14 March 2017 to 20 March 2017. The announcement was made during market hours today, 30 June 2017.
Most power generation stocks declined. JSW Energy (down 1.62%), Reliance Infrastructure (down 1.3%), Tata Power (down 0.92%), Reliance Power (down 0.7%), CESC (down 0.48%), NHPC (down 0.47%), Torrent Power (down 0.28%), edged lower. NTPC (up 0.16%), Adani Power (up 1.55%), GMR Infrastructure (up 3.14%) and Jaiprakash Power Ventures (up 4.60%), edged higher.
State-run Power Grid Corporation of India was down 1.08%. State-run Coal India was down 0.39%.
Goa Carbon lost 2.73% to Rs 258.65, with the stock sliding on profit booking after recent rally. Shares of Goa Carbon had rallied 14.96% in the preceding two trading sessions to settle at Rs 265.90 yesterday, 29 June 2017, from its close of Rs 231.30 on 27 June 2017.
Meanwhile, the India Meteorological Department (IMD) in its weekly weather report yesterday, 29 June 2017 said that during the week from 22nd June to 28th June 2017, the all India actual rainfall stood at 48.6 mm as against normal rainfall of 51.1 mm, with a departure of minus 5%.
The all India cumulative seasonal rainfall from 1st June to 28th June 2017 stood at 147.8 mm as against normal rainfall of 148 mm, with a departure of 0%.
On the macro front, the implementation of landmark tax reform Goods and Services Tax (GST) will be closely watched. There will be a special function in the Central Hall of Parliament House tonight wherein a number of programs will be witness to the change in tax structure and implementation of GST across the country between the night of June 30 and July 1. The government expects GST to revolutionize India's taxing system and is being marketed as one nation one tax.
Overseas, European stocks opened lower today, 30 June 2017, as global investors grapple with a major selloff in the tech sector. Asian stocks declined despite marginal improvement in China's manufacturing activity as select tech shares around the region sold off.
In economic news, China's manufacturing activity accelerated more than expected in June, suggesting the world's second-largest economy continued to confound expectations for a slowdown. The official manufacturing PMI rose to 51.7 in June, from 51.2 in May. Levels above 50 indicate expansion, while levels below signal contraction.
US equities fell yesterday, 29 June 2017 as technology stocks' latest drop washed out strong gains from the big banks.
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