A setback in pharma stocks weighed on key benchmark indices, with the barometer index, the S&P BSE Sensex, and the Nifty 50 index, both, hitting 1-1/2-week low. At 11:19 IST, the Sensex was down 80.86 points or 0.32% at 24,885.54. The Nifty was currently down 23.80 points or 0.31% at 7,591.30. The Sensex failed to retain the psychologically important 25,000 mark after crossing that level earlier during the trading session.
The Sensex fell 130.84 points, or 0.52% at the day's low of 24,835.56 in mid-morning trade, its lowest level since 18 March 2016. The barometer index rose rose 87.33 points, or 0.35% at the day's high of 25,053.73 in morning trade. The Nifty fell 31.70 points, or 0.42% at the day's low of 7,583.40 in mid-morning trade, its lowest level since 18 March 2016. The index rose 30.70 points, or 0.4% at the day's high of 7,645.80 in morning trade.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,423 shares fell and 698 shares rose. A total of 128 shares were unchanged. The BSE Mid-Cap index was currently down 0.43%. The BSE Small-Cap index was currently down 0.64%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
In the overseas stock market, most Asian markets were trading lower on continued concern over whether the US Federal Reserve might hike interest rates at its April meeting. In mainland China, the Shanghai Composite was currently down 1.14%. Hong Kong's Hang Seng index was currently down 0.04%. US stocks finished flat yesterday, 28 March 2016, as gains in consumer-discretionary and materials shares were mitigated by weakness in utilities and energy. Federal Reserve Chairwoman Janet Yellen will deliver a speech at the Economic Club of New York later today, 29 March 2016. Markets globally expect Yellen to drop hints about future rate hike path.
Drug maker Lupin was down 11.42% at Rs 1,324.50 after media reports suggested that the United States Food and Drug Administration (USFDA) has issued Form 483 after concluding inspection of Lupin's Mandideep unit in Madhya Pradesh. The unit is the second largest revenue contributor to the company's US business after its Goa plant, reports suggested. The company's Mandideep unit was inspected by USFDA between 8-19 February 2016, reports added.
The FDA Form 483 notifies the company's management of objectionable conditions. At the conclusion of an inspection, the FDA Form 483 is presented and discussed with the company's senior management.
Power generation stocks were mixed. Adani Power (down 2.99%), Jaiprakash Power Ventures (down 1.75%), CESC (down 1.34%), Reliance Power (down 0.43%), Tata Power (down 0.41%) and GMR Infrastructure (down 0.09%), edged lower. Reliance Infrastructure (up 0.05%) and JSW Energy (up 0.83%), edged higher.
NTPC was down 0.04% to Rs 129.30. The company announced after market hours yesterday, 28 March 2016, that unit-3 of 660 megawatts (MW) of Mouda Super Thermal Power Station of NTPC has been commissioned on 28 March 2016. With this, the total installed capacity of Mouda Super Thermal Power Station has become 1,660 MW. The total installed capacity of NTPC on standalone basis has become 40,012 MW and that of NTPC group has become 46,653 MW.
Torrent Power was up 1.23% to Rs 218.90 after the company announced after market hours yesterday, 28 March 2016, that it has entered into a contract with a leading WTG manufacturing group for development of 197.40 megawatts (MW) wind power project. The capacity will be developed across three sites in Kutch and Bhavnagar districts in Gujarat. This project is expected to be commissioned progressively by March 2017 and shall have off take arrangements for fulfilment of renewable power purchase obligations.
Realty shares witnessed selling pressure. Peninsula Land (down 3.38%), Phoenix Mills (down 1.77%), D B Realty (down 1.71%), Housing Development and Infrastructure (HDIL) (down 0.89%), Mahindra Lifespace Developers (down 0.85%), Parsvnath Developers (down 0.82%), Unitech (down 0.81%), Sunteck Realty (down 0.77%), Oberoi Realty (down 0.69%), Anant Raj (down 0.63%), Indiabulls Real Estate (down 0.37%) and Godrej Properties (down 0.32%), edged lower. DLF (up 0.28%), Sobha (up 0.77%) and Prestige Estates Projects (up 5%), edged higher.
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