The market was trading near the day's low in mid-morning trade. The Nifty slipped below the 9100 mark. Pharma shares corrected for the second day. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 562.90 points or 1.78% at 30,998.32. The Nifty 50 index shed 152.65 points or 1.65% at 9,086.55.
In the broader market, the S&P BSE Mid-Cap index lost 1.58% while the S&P BSE Small-Cap index fell 1.14%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 538 shares rose and 1353 shares fell. A total of 119 shares were unchanged. In the Nifty 50 index, 16 shares advances and 34 shares declined.
Investors were concerned about a second wave of coronavirus infections after the China's Wuhan city where the pandemic originated reported its first new cases since its lockdown was lifted. Wuhan reported five new cases on Monday.
Rapidly rising Covid-19 cases in India also weighed on the market sentiment. Total COVID-19 confirmed cases worldwide stood at 41,77,584 far with 2,86,330 deaths. India reported 46,008 active cases of COVID-19 infection and 2,293 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Pharma index lost 1.17% to 9,197.95, extending losses for second day. The index has lost 1.55% in two sessions.
Wockhardt (down 3.64%), Alkem Laboratories (down 2.26%), Cipla (down 1.6%), Dr Reddy's Laboratories (down 1.57%), GlaxoSmithKline Pharmaceuticals (down 1.46%), Strides Pharma Science (down 1.24%), Cadila Healthcare (down 1%), Sun Pharmaceutical Industries (down 0.7%) and IPCA Laboratories (down 0.49%) declined.
Glenmark Pharmaceuticals was down 1.04%. The company has initiated Phase 3 clinical trials in India on Antiviral tablet Favipiravir, for which it received approval from India's drug regulator DCGI in late April. Glenmark is the first company in India to initiate Phase 3 clinical trials on Favipiravir for COVID-19 patients in India. Favipiravir is a generic version of Avigan of Fujifilm Toyama Chemical, Japan, a subsidiary of Fujifilm Corporation. The company estimates study completion by July/August 2020.
Stocks in Spotlight:
Honeywell Automation shed 0.59% to Rs 26,712. The stock registered volume of 10019 shares on the BSE, a 12.53 fold spurt over two-week average daily volume of 800 shares. Volumes stood at 5450 shares in the last session.
Cochin Shipyard rose 2.08% to Rs 245.35. The firm registered a volume of 81,851 shares on the BSE, a 11.91 fold spurt over two-week average daily volume of 6875 shares. Volumes stood at 10,083 shares in the last session.
Aegis Logistics (down 6.57%), Endurance Technologies (down 1.58%) and CreditAccess Grameen (down 4.81%) are among the other stocks to see a surge in volumes on BSE today, 12 May 2020.
Indian Oil Corporation lost 0.40% to Rs 75.05. the company has raised operating levels at its refineries to about 60% after fuel demand showed a gradual pick up on easing of lockdown restrictions. It further plans to scale up refinery operations to 80% of design capacity by the end of the month. IOC also said that the company has also resumed manufacturing of petrochemical intermediates like HDPE (high-density polyethylene) and polypropylene at its Panipat complex.
Global Markets:
Overseas, Asian stocks were trading lower on Tuesday. China's Wuhan, where the global coronavirus epidemic first started, reported its first new infections since the Chinese city ended its 76-day lockdown on 8 April.
On the economic data front, China's consumer price index for April rose 3.3% year-on-year. Meanwhile, China's producer price index for April declined 3.1% year-on-year.
In US, stocks were little changed Monday as investors weighed the benefits of reopening the economy against concerns that such steps could lead to fresh waves of coronavirus infections and renewed lockdowns.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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May 12, 2020 at 12:56PM
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Sensex, Nifty trade near days low; pharma stocks correct - Business Standard
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