A divergent trend was seen as the Sensex provisionally ended with small gains while the Nifty 50 index ended with minor losses. The barometer index, the S&P BSE Sensex, rose 33.13 points or 0.09% at 36,858.23, as per the provisional closing data. The Nifty 50 index fell 2.30 points or 0.02% at 11,132, as per the provisional closing data.
A bout of volatility was seen in early trade as stocks regained positive zone soon after erasing intraday gains. A divergent trend was witnessed in morning trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with minor losses. Divergent trend continued in mid-morning trade. Indices pared gains after hitting fresh intraday high in afternoon trade with the Sensex scaling record high. Stocks hovered in a small range with positive bias in mid-afternoon trade. Indices once again regained positive zone in volatile trade after sinking in negative zone.
The S&P BSE Mid-Cap index fell 0.12%, underperforming the Sensex. The S&P BSE Small-Cap index rose 0.23%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,369 shares rose and 1,268 shares fell. A total of 151 shares were unchanged.
Maruti Suzuki India shed 0.64%. Maruti Suzuki India will proactively and voluntarily undertake a recall for new Swift and new Dzire models to inspect for a possible fault in the Airbag Controller Unit. 1,279 vehicles (566 new Swift and 713 new Dzire) manufactured between 7 May 2018 and 5 July 2018 will be covered in this campaign. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects. The announcement was made during market hours today, 25 July 2018.
Sun Pharmaceutical Industries fell 0.98%. Sun Pharmaceutical Industries including its subsidiaries and/or associate companies) today announced that one of its wholly owned subsidiaries has launched the generic versions of Glumetza (metformin hydrochloride) extended release tablets, 500 mg and 1000 mg in the US. The announcement was made during market hours today, 25 July 2018.
These generic Metformin HCl extended release tablets, 500mg and 1000mg are therapeutic equivalents of Santarus Inc.'s Glumetza HCl extended release tablets, 500 mg and 1000 mg. The addressable market size is approximately US$443 million for the 12 months ended April 2018, as per IQVIA.
Ambuja Cements fell 1.5% ahead of its April-June 2018 earnings today, 25 July 2018.
Hero MotoCorp rose 0.34% ahead of its April-June 2018 earnings today, 25 July 2018.
L&T shed 0.19% ahead of its April-June 2018 earnings today, 25 July 2018.
Asian Paints fell 1.45%. On a consolidated basis, Asian Paints' net profit rose 29.63% to Rs 571.31 crore on 15.07% increase in net sales to Rs 4390.27 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 24 July 2018.
Symphony lost 19.34% after consolidated net profit fell 48.72% to Rs 20 crore on 23.16% decline in net sales to Rs 146 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 24 July 2018.
Overseas, most European declined on Wednesday, as investors awaited a key meeting between the European Commission and President Donald Trump and digested fresh earnings. Asian stocks were mixed. Meanwhile, Beijing on Tuesday reportedly signalled that it would shift to a looser fiscal policy in a bid to protect the world's second largest economy from the impact of an escalating trade row with Washington. US equity benchmarks finished Tuesday mostly higher, led by technology and health-care companies.
Investor sentiment was cautious ahead of a meeting between president of the European Commission, Jean-Claude Juncker, and Trump at the White House in Washington. During the gathering, the two leaders are expected to discuss a range of topics including trade relations the latter will be watched closely following a recent trade spat between the two regions.
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