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Negative market breadth; pharma shares tumble
16-May-19   10:34 Hrs IST

Key equity indices were almost flat in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 6.19 points or 0.02% at 37,108.69. The Nifty 50 index was down 2.30 points or 0.02% at 11,154.70.

Indices opened on a mixed note and turned range bound near flat line in morning trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.50%. The BSE Small-Cap index was down 0.21%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 719 shares rose and 1054 shares fell. A total of 90 shares were unchanged.

Pharmaceutical shares tumbled. Sun Pharmaceutical Industries (down 6.55%), Cadila Healthcare (down 4.75%), Piramal Enterprises (down 4.33%), Wockhardt (down 3.81%), Glenmark Pharmaceuticals (down 3.47%), Strides Shasun (down 2.24%), Cipla (down 1.69%), Alkem Laboratories (down 1.4%), Aurobindo Pharma (down 1.39%), Dr Reddy's Laboratories (down 1.39%), GlaxoSmithKline Pharmaceuticals (down 0.62%) and Divi's Laboratories (down 0.46%), edged lower. IPCA Laboratories was up 0.42%.

Lupin was down 5.18%. The company announced the completion of the United States Food and Drug Administration (USFDA) inspection carried out at its Aurangabad manufacturing facility. The inspection was carried out from May 6 to May 15, 2019. The inspection at the Aurangabad facility closed with three observations. The company is confident of addressing them satisfactorily. The announcement was made after market hours yesterday, 15 May 2019.

Most FMCG shares declined. Colgate Palmolive (India) (down 0.67%), Godrej Consumer Products (down 0.66%), Marico (down 0.65%), Jyothy Laboratories (down 0.48%), GlaxoSmithKline Consumer Healthcare (down 0.43%), Dabur India (down 0.39%), Bajaj Corp (down 0.38%) and Tata Global Beverages (down 0.38%), edged lower. Britannia Industries (up 0.26%), Nestle India (up 0.35%), Hindustan Unilever (up 0.54%) and Procter & Gamble Hygiene & Health Care (up 1.95%), edged higher.

On the data front, India's overall exports (merchandise and services combined) in April 2019 is estimated to be $44.06 billion, exhibiting a positive growth of 1.34% over the April 2018. Overall imports in April 2019 is estimated to be $52.83 billion, exhibiting a positive growth of 4.53% over April 2018. Taking merchandise and services together, overall trade deficit for April 2019 is estimated at $8.78 billion as compared to $7.07 billion in April 2018, the Ministry of Commerce & Industry said in a statement yesterday, 15 May 2019.

India's merchandise exports in April 2019 were $26.07 billion, as compared to $25.91 billion in April 2018, exhibiting a positive growth of 0.64%. In Rupee terms, exports were Rs 1,81,021.34 crore in April 2019, as compared to Rs 1,70,052.96 crore in April 2018, registering a positive growth of 6.45%. Merchandise imports in April 2019 were $41.40 billion (Rs 2,87,432.93 crore), which was 4.48% higher in dollar terms and 10.52% higher in Rupee terms over imports of $39.63 billion (Rs 2,60,084.67 crore) in April 2018. The merchandise trade deficit for April 2019 was estimated at $15.33 billion as against the deficit of $13.72 billion in April 2018.

Overseas, Asian shares were mixed, following reports that US President Donald Trump plans to postpone auto tariffs by up to six months. Trade tensions, however, continued to weigh on investor sentiment as Trump declared a national emergency to protect US computer networks from foreign adversaries. He signed an executive order which effectively bars US companies from using foreign telecoms believed to pose national security risks.

China reported surprisingly weaker growth in retail sales for April on Wednesday. Overall retail sales in April rose 7.2% from a year earlier, data from the National Bureau of Statistics (NBS) showed.

US stocks closed higher on Wednesday after reports of delay in auto tariffs helped calm investors concern. US retail sales fell 0.2% in April, the Commerce Department said Wednesday.

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