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News Mid-Session

 
Market trims intraday losses
08-Jun-18   14:21 Hrs IST

The market trimmed intraday losses in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 85.23 points or 0.24% at 35,377.85. The Nifty 50 index was down 27.10 points or 0.25% at 10,741.25. Weak global cues spoiled investors sentiment. Selling was also triggered by profit booking after two straight sessions of gains.

The indices opened lower and hit intraday low in early trade. The indices recovered in morning trade. After hovering in a range, indices hit fresh intraday low in early afternoon trade. Indices trimmed losses in mid-afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index were up 0.39%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,250 shares rose and 1,236 shares fell. A total of 130 shares were unchanged.

Drug major Cipla was up 3.28%. The company and Unitaid struck a landmark agreement today that will lower the price of the first combination therapy (containing co-trimoxazole, isoniazid and vitamin B6) that prevents opportunistic infections in people living with HIV. The HIV virus can weaken the immune system, increasing the risk of dangerous infection by bacteria and viruses. Under this agreement, Cipla will reduce the ceiling price of the medicine by more than 30% from $3 to $1.99 per person, per month, for all public-sector procurers in low- and middle-income countries. The price of the product is expected to come down more as governments and international funding bodies procure larger quantities for their HIV treatment programmes. The announcement was made during trading hours today, 8 June 2018.

In a separate announcement during trading hours today, 8 June 2018, Cipla announced its partnership with, Eli Lilly and Company (India), a 100% subsidiary of Eli Lilly and Company, a global multinational pharmaceutical leader, for the marketing and distribution of Lilly's BASAGLAR (insulin glargine injection) in India. Under this agreement, Lilly's BASAGLAR that is manufactured by Lilly will be marketed and distributed in India by Cipla.

Most capital goods shares rose. Crompton Greaves (up 2.94%), Punj Lloyd (up 2.47%), GE T&D India (up 1.46%), BEML (up 1.32%), Bharat Heavy Electricals (up 0.98%), Jindal Saw (up 0.90%), SKF India (up 0.81%), Siemens (up 0.8%), GE Power India (up 0.75%), Havells India (up 0.61%), Thermax (up 0.29%), AIA Engineering (up 0.18%), ABB India (up 0.16%), edged higher. Lakshmi Machine Works (down 0.1%), Reliance Defence and Engineering (down 0.34%), Praj Industries (down 0.99%), Suzlon Energy (down 1.22%) and Bharat Electronics (down 2.55%), edged lower.

Engineering and construction major Larsen & Toubro (L&T) was down 0.97% to Rs 1,341.

Most auto stocks declined. Ashok Leyland (down 2.03%), Eicher Motors (down 1.17%), Mahindra & Mahindra (down 1.05%), Hero MotoCorp (down 0.59%), Bajaj Auto (down 0.48%), Maruti Suzuki India (down 0.16%) and Escorts (down 0.07%), edged lower. TVS Motor Company (up 0.11%) and Tata Motors (up 2.16%), edged higher.

On the macro front, yields on the 10-year government bonds hit over 8% in the opening session on Friday, first time since December 2014, but soon declined ahead of weekly bond auction due later in the day.

The India Meteorological Department (IMD) stated yesterday, 7 June 2018, that Southwest Monsoon further advanced into some more parts of Central Arabian Sea, remaining parts of Coastal Karnataka, most parts of South Interior Karnataka and Goa and some parts of North Interior Karnataka. Conditions are favorable for further advance of Southwest Monsoon into some more parts of Central Arabian Sea, remaining parts of Goa, some parts of south Maharashtra, remaining parts of Karnataka and Rayalaseema, some parts of Telangana, some more parts of Coastal Andhra Pradesh and West Central Bay of Bengal during next 24 hours. Conditions are very likely to become favorable for further advance of Southwest Monsoon into some more parts of Maharashtra, Telangana & Coastal Andhra Pradesh in subsequent 48 hours.

Conditions are also likely to become favorable for further advance of Southwest Monsoon into most parts of Arabian Sea, remaining parts of Maharashtra, some parts of south Gujarat region, southern parts of Madhya Pradesh & Chhattisgarh, Odisha, West Bengal & Sikkim, remaining parts of Northeastern States and most parts of Bay of Bengal during 9th to 11th June 2018. In association with the likely strengthening of south west monsoon and likely formation of a low pressure system over the Bay of Bengal, enhanced rainfall activity with heavy to very heavy and isolated extremely heavy rainfall is likely along the west coast during 8th to 11th June 2018, IMD said.

Overseas, European stocks followed Asian peers lower as cyclical sectors including autos and mining dropped amid trade tensions ahead of the G7 summit.

Asian stocks declined after the mixed close on Wall Street. Worries over global trade relations ahead of a key meeting of global leaders weighed on investor sentiment as well. Asian shares also fell as risk appetite turned weak on bets that Europe's massive monetary stimulus was nearing an end.

Japan's economy shrank at an annualized pace of 0.6% in the January-March quarter.

In US, the S&P 500 and Nasdaq Composite ended with modest losses on Thursday, as a selloff in major technology shares put pressure on the benchmarks. Traders were cautious as leaders of the Group of Seven nations kicked off a summit in Canada. The G-7 summit takes place in Canada on Friday, 8 June 2018, and Saturday, 9 June 2018, with the issues related to protectionism and international trade expected to take center stage.

On the US data front, initial jobless claims fell slightly in early June, keeping the rate of layoffs in the US near a 50-year low. Household wealth topped $100 trillion for the first time in the first quarter, the Federal Reserve said. Consumer credit in April slowed to a seasonally adjusted annual rate of 2.9%, or $9.3 billion, down from 3.8% in March.

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