Live: Sensex, Nifty Trade Lower; Glenmark Pharma At Over Six-Year Low
Market Check: Sensex, Nifty Trade Lower
Indian equity benchmarks erased their opening gains to trade lower.
The S&P BSE Sensex traded 80 points lower at 39,116 as of 11 a.m. and the NSE Nifty 50 hovered around 11,700. The small-cap index represented by the NSE Nifty SmallCap 100 Index traded 0.07 percent lower.
Glenmark Pharma was is focus after the stock extended declines for the second consecutive trading session to trade at over a six-year low.
Nifty Bank Swings
The NSE Nifty Bank Index fluctuated between gains and losses to trade 0.12 percent higher at 30,663 as of 11:30 a.m. The gains 12-share gauge were led by Yes Bank Ltd., RBL Bank Ltd. and Bank of Baroda.
Max India Resumes Gain After One-Day Blip
Shares Max India Ltd. resumed gains after a one-day blip. The stock rose as much as 2.25 percent to Rs 66.00.
Radiant Life Care Pvt. Ltd. and private equity firm KKR & Co. completed acquisition of 49 percent stake in Max Healthcare Institute Ltd., according to an exchange filing. Max India’s promoters have received an advance of Rs 361 crore from KKR in exchange for a 4.99 percent stake in the merged entity, the filing added.
Trading volume was more than four times its 20-day average, Bloomberg data showed. The stock 1.5 percent in the past five days and advanced 5.3 percent in the past 30 days.
Small-Cap Index Falls 0.1%
Nearly 64 stocks are trading lower in the small-cap Index represented by the NSE Nifty SmallCap 100. The declines were led by Reliance Communications Ltd. and Ceat Ltd.
IndiaMart InterMesh IPO Opens
IndiaMart InterMesh Ltd. launched its three-day initial public offering today as its investors and promoters are looking to pare holdings in the online marketplace for business products and services.
It has raised more than Rs 213 crore from 15 anchor investors by allotting 21.95 lakh equity shares at a price of Rs 973, the upper band of its IPO that opens on June 24.
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Glenmark Pharma At Over Six-Year Low
Shares of Glenmark Pharmaceuticals declined as much as 6.7 percent to Rs 466.25, their lowest levels since April 2013.
The U.S. FDA issued a Complete Response Letter for nasal spray Ryaltris and cited deficiencies in the Drug Master File for the drug, according to its stock exchange filing. The company sees resolution in the next six-to-nine months.
Trading volume was almost 14 times its 20-day average, Bloomberg data showed. The Relative Strength Index on the stock as below 30, indicating it may be oversold.