Key indices gyrated in a small range near the flat line in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 15.65 points or 0.04% at 38,294.40. The Nifty 50 index was up 13.75 points or 0.12% at 11,565.50.
Domestic stocks reversed intraday gains soon after a gap-up opening pushed the Sensex and the Nifty to record high. Stocks once again regained positive zone in morning trade. A divergent trend was witnessed in mid-morning trade as the Sensex was trading with small losses while the Nifty was trading with small gains. Key benchmark indices were trading a tad below the flat line in early afternoon trade. Stocks hovered in a small range near the flat line in afternoon trade.
The S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.37%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1322 shares rose and 1315 shares fell. A total of 168 shares were unchanged.
Coal India (up 2.66%), Wipro (up 2.08%), and Sun Pharmaceutical Industries (up 1.85%) edged higher from the Sensex pack.
Pharma stocks gained. Cadila Healthcare (up 1.99%), Cipla (up 0.93%), Dr Reddy's Laboratories (up 1.5%), Glenmark Pharmaceuticals (up 3.92%), Sun Pharmaceutical Industries (up 1.79%), Aurobindo Pharma (up 0.58%) and Wockhardt (up 0.78%) rose. Alkem Laboratories (down 1.11%) and GlaxoSmithKline Pharmaceuticals (down 0.77%) fell.
Pharma major Lupin rose 1.16%. Lupin announced that it has received final approval for its Hydrocortisone Butyrate Lotion, 0.1% from the United States Food and Drug Administration (FDA) to market a generic version of PreCision Dermatology, Inc.'s (PreCision) Locoid Lotion, 0.1%. The announcement was made during market hours today, 21 August 2018.
Lupin's Hydrocortisone Butyrate Lotion, 0.1% is the generic version of PreCision's Locoid Lotion, 0.1%. It is a corticosteroid indicated for the topical treatment of mild to moderate atopic dermatitis in patients 3 months of age and older. Hydrocortisone Butyrate Lotion, 0.1% had annual sales of approximately USD 13.8 million in the US (IQVIA MAT April 2018).
Overseas, Asian and European shares rose on optimism over trade talks between the United States and China. Immediate focus was on the lower-level trade talks due to start this week between the United States and China. However, this week will also see the imposition of 25% tariffs on $16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against.
US stocks closed higher for a third session Monday as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. Meanwhile, the minutes from the Federal Reserve's most recent meeting will be released later in the global day today, which could provide insight into the central bank's thinking in terms of policy changes.
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