Market erases early gains, pharma shares advance

The key equity indices traded near the flat line with tiny losses in morning trade. The Nifty traded near the 19,800 level after hitting the day�s high of 19,832.85 in early trade. Pharma shares witnessed buying demand after declining in the past trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 25.77 points or 0.04% to 65,992.04. The Nifty 50 index shed 3.50 points or 0.02% to 19,798.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.42%.

The market breadth was positive. On the BSE, 1,966 shares rose and 1,358 shares fell. A total of 189 shares were unchanged.

Buzzing Index:

The Nifty Pharma index gained 1.06% to 15,985.80. The index slipped 1.57% in the past trading session.

Laurus Labs (up 2.18%), Lupin (up 2.14%), Gland Pharma (up 2.06%), Zydus Lifesciences (up 2.03%), Glenmark Pharmaceuticals (up 1.86%), Divis Laboratories (up 1.68%), Dr Reddys Laboratories (up 1.67%), Cipla (up 1.61%), Ipca Laboratories (up 1.25%) and Biocon (up 1.17%) edged higher.

Stocks in Spotlight:

Lupin rallied 3.32% after the company announced the receipt of tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Canagliflozin Tablets. The said tablets are a generic equivalent of Invokana Tablets of Janssen Pharmaceuticals, Inc.

Apar Industries declined 1.28%. The company said that its board has approved the opening of qualified institutions placement (QIP) of equity shares with the floor price of Rs 5,540.33. The issue price will be determined by the company in consultation with the lead managers appointed for the issue.

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