Key indices edged lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 159.80 points or 0.42% at 38,116.83. The Nifty 50 index was down 58.70 points or 0.51% at 11,439.20.
The S&P BSE Mid-Cap index was down 0.21%. The S&P BSE Small-Cap index was down 0.2%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 399 shares rose and 746 shares fell. A total of 45 shares were unchanged.
Overseas, Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth.
U.S. stocks dropped sharply Tuesday, building on the previous day's decline after U.S. officials confirmed that tariffs on imported goods from China could be raised by the end of the week.
U.S. Trade Representative Robert Lighthizer reportedly said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday from 10% to 25%.
Back home, Vedanta dropped 2.82%. On a consolidated basis, Vedanta's net profit fell 46% to Rs 2,615 crore on 15% decline in net sales to Rs 23,092 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 7 May 2019.
Biocon shed 0.28%. Biocon informed that following the successful approval and European launch of Hulio, (biosimilar Adalimumab) in-licensed by the company's partner Mylan from Fujifilm Kyowa Kirin Biologics, the commercialization rights have been extended from Europe to Global Markets. Biocon, under the terms of its global partnership with Mylan for monoclonal antibodies, retains its economic interest in this expanded in-licensing arrangement and will gain a share of profits from global markets. Biocon is committed to enable patient access to affordable biosimilars and this partnership accelerates that process. The announcement was made after market hours yesterday, 7 May 2019.
Alembic Pharmaceuticals gained 2.3%. Alembic Pharmaceuticals said it has entered into a joint venture (JV) agreement dated 7 May 2019 with SPH SINE Pharmaceutical Laboratories Co, China ('SPH Sine') and Adia (Shanghai) Pharma Co, China ('Adia') to promote and sell pharmaceutical products for the Chinese market. Initially this JV will commercialize products manufactured by Alembic Pharmaceuticals. Subsequently the JV plans to set up a manufacturing facility in China. The JV will commercialize products in the Chinese market which has an increasing demand for generic drugs. It will initially launch with a portfolio of oral solids and is expected to widen to other areas like injectable, ophthalmology, dermatology & oncology which are being currently developed and manufactured by Alembic. SPH Sine, Alembic and Adia shall hold 51 %, 44% & 5% equity in the JV agreement. The JV agreement has standard terms including management functioning, restriction on transfer of shares, non-compete and termination events and consequences. The announcement was made after market hours yesterday, 7 May 2019.
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