The market extended early losses in morning trade amid weak global cues following the latest flare up in US-China tensions. The Nifty was currently trading below the 9,400 mark. Pharma shares bucked trend. Extension of the nationwide lock-down in India for another two-weeks also weighed on the investor sentiment.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 1642.86 points or 4.87% at 32,074.76. The Nifty 50 index was down 491.10 points or 4.98% at 9,368.80.
In the broader market, the S&P BSE Mid-Cap index fell 4.12% while the S&P BSE Small-Cap index shed 3.41%. Both the indices outperformed the benchmark Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 382 shares rose and 1554 shares fell. A total of 120 shares were unchanged. In the Nifty 50 index, 3 shares advanced while 47 shares declined.
Lockdown 3.0
On 1 May 2020, the government announced extension of nationwide lockdown for two more weeks starting from May 4. However, several relaxations will be allowed as per zones. Apart from zone-wise restriction, there is a limited number of activities that will remain prohibited throughout the country, irrespective of zones
Economy:
The output of eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP) dipped by 6.5% in March 2020. The cumulative output rose marginally by 0.6% in April-March FY2020.
Buzzing Index:
The Nifty Pharma index rose 0.41% to 9,364.95 amid bargain hunting after a recent slide. The index had fallen 2.86% in the past three sessions.
Strides Shasun (up 3.26%), Cipla (up 2.17%), Wockhardt (up 2.17%), Lupin (up 2.14%), Sun Pharmaceutical Industries (up 1.4%), Glenmark Pharmaceuticals (up 1.29%), Aurobindo Pharma (up 1.09%) and Dr Reddy's Laboratories (up 0.53%) advanced.
Piramal Enterprises (down 8.67%), Alkem Laboratories (down 3.3%), Abbott India (down 2.05%), IPCA Laboratories (down 1.59%), Divi's Laboratories (down 1.12%) and GlaxoSmithKline Pharmaceuticals (down 1.01%) declined.
Cadila Healthcare was up 2.25%. The company announced that it has received tentative approval from the USFDA to market Empagliflozin and Metformin Hydrochloride Tablets of 5 mg/500 mg, 5 mg/1000 mg, 12.5 mg/500 mg, and 12.5 mg/1000 mg. A combination of 2 drugs: empagliflozin and metformin, this medication is used with a proper diet and exercise programme to control high blood sugar in people with type 2 diabetes. The company said that tablets will be manufactured at the group's formulations manufacturing facility at SEZ in Ahmedabad.
Stocks in news:
Reliance Industries lost 1.32% to Rs 1447.65. RIL and Jio Platforms announced on Monday (4 May) that Silver Lake will invest Rs 5,655.75 crore into Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5% premium to the equity valuation of the Facebook investment announced on 22 April 2020.
Silver Lake is the global leader in large-scale technology investing. Its mission is to build and grow great companies by partnering with world-class management teams. Its investments have included Airbnb, Alibaba, Ant Financial, Alphabet's Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.
Coal India fell 4.64% to Rs 141.70. The company's provisional coal production dropped 10.9% to 40.38 million tonnes (MT) in April 2020 compared with 45.30 MT in April 2019. Provisional coal offtake slipped 25.5% to 39.06 MT in April 2020 as against 52.41 Mill Te in April 2019.
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