The benchmark indices continued to trade with limited losses in morning trade. The Nifty traded below the 19,400 level. IT shares witnessed a bit of selling pressure after rising for past two days.
The barometer index, the S&P BSE Sensex, was down 250.99 points or 0.38% to 65,288.43. The Nifty 50 index lost 71.60 points or 0.37% to 19,393.40.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index rose 0.58%.
The market breadth was strong. On the BSE, 2,000 shares rose and 1,263 shares fell. A total of 147 shares were unchanged.
Buzzing Index:
The Nifty IT index fell 0.87% to 30,939.55. The index had advanced 1.26% in past two trading sessions.
LTIMindtree (down 1.88%), Coforge (down 1.78%), Tata Consultancy Services (down 0.82%), Wipro (down 0.74%), HCL Technologies (down 0.73%), Infosys (down 0.71%), Tech Mahindra (down 0.62%), L&T Technology Services (down 0.42%), Persistent Systems (down 0.25%) and Mphasis (down 0.02%) edged lower.
Stocks in Spotlight:
Lupin shed 0.41%. The drug major announced the launch of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, for the treatment of chronic obstructive pulmonary disease (COPD) in the US. Tiotropium Bromide Inhalation Powder (Reference Product Spiriva HandiHaler) had estimated annual sales of $1,264 million in the US (IQVIA MAT Mar 2023).
Glenmark Pharmaceuticals declined 1.66%. The drug maker said that it has received ANDA approval by US Food and Drug Administration (USFDA) for Tacrolimus Ointment. Tacrolimus Ointment tacrolimus is used on the skin to treat a skin condition in patients who have not responded well to other eczema medications. It is equivalent to generic version of Protopic, Ointment, 0.03%, of Leo Pharma AS. Glenmark's Tacroli.
Nava slipped 3.29% after the company said that there had been an accidental damage in the raw material handling system, thereby affecting the raw material feeding system and other supporting infrastructure.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper advanced 0.65% to 7.256 from its previous close of 7.209.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0450, compared with its close of 82.0850 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement shed 0.44% to Rs 58,421.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 103.54.
The United States 10-year bond yield gained 0.79% to 4.294.
In the commodities market, Brent crude for October 2023 settlement rose 5 cents or 0.06% to $83.50 a barrel.
Global Markets:
Asian stocks are trading lower on Thursday after the U.S. Federal Reserve's July minutes showed inflation concerns lingered.
Meanwhile, China's Premier Li Qiang reportedly said Wednesday the country would work to achieve its economic targets for the year. Li also said efforts should be made to ?organically combine? security with development.
US stocks closed lower on Wednesday US stocks ended lower on Wednesday after minutes from the last Federal Reserve meeting indicated that central bankers think inflation is still high enough to potentially warrant more interest rate hikes.
?With inflation still well above the Committee's longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,? the meeting summary stated.
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