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Market breadth turns negative from positive
(12-Jan-2017  , 10:15 Hours IST)

Key benchmark indices trimmed intraday gains in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 68.76 points or 0.25% at 27,209.17. The Nifty 50 index was up 13.30 points or 0.16% at 8,393.95. Earlier, the two benchmark indices opened higher on positive global cues.

The Sensex rose 26.28 points or 0.09% at the day's low of 27,166.69 in morning trade. It rose 138.52 points or 0.51% at the day's high of 27,278.93 in early trade, its highest level since 11 November 2016. The Nifty rose 1.65 points or 0.01% at the day's low of 8,382.30 in morning trade. It rose 36.55 points or 0.43% at the day's high of 8,417.20 in early trade, its highest level since 11 November 2016.

The BSE Mid-Cap index was down 0.22%. The BSE Small-Cap index lost 0.17%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1,131 shares declined and 900 shares rose. A total of 104 shares were unchanged.

Pharma stocks declined after US President-elect Donald Trump during his first press meet promised a complete turnaround in drug pricing. Cadila Healthcare (down 2.42%), Aurobindo Pharma (down 2.35%), Wockhardt (down 2.17%), Ipca Laboratories (down 2.16%), Dr Reddy's Laboratories (down 2.03%), Sun Pharmaceutical Industries (down 1.81%), Lupin (down 1.4%), Glenmark Pharmaceuticals (down 1.13%), Strides Shasun (down 1.16%), Cipla (down 0.97%), Alkem Laboratories (down 0.99%) and Divi's Laboratories (down 0.68%) edged lower. GlaxoSmithkline Pharmaceuticals (up 0.1%) edged higher.

Trump said in his first press conference late yesterday, 11 January 2017 that pharmaceutical companies were getting away with murder with respect to drug pricing and promised a complete turnaround, making healthcare less expensive and better.

He said that US is the largest buyer of drugs in the world, and yet, the country does not bid properly, prioritising bringing back drug industries back to the US. He added that US firms would start bidding and save billions.

IT stocks advanced. Infosys (up 2.19%), Tech Mahindra (up 2.14%), Persistent Systems (up 1.1%), HCL Technologies (up 1.08%), Wipro (up 0.76%) and Oracle Financial Services Software (up 0.47%) edged higher.

TCS was up 0.17%. The company is scheduled to announce Q3 December 2016 earnings today, 12 January 2017.

NTPC rose 1.16% after the company said it has signed a non-binding memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan and Rajasthan Urja Vikas Nigam for take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2x660 MW) of Rajasthan Urja Vikas Nigam by NTPC. The announcement was made during market hours today, 12 January 2017.

Separately, NTPC announced that its board has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 million tonnes per annum (MTPA) at an appraised estimated cost of Rs 1053.41 crore.The announcement was made after market hours yesterday, 11 January 2017.

Murudeshwar Ceramics surged 4.92% after the company scheduled a board meeting on 25 January 2017 to consider issue of equity shares/convertible warrants to the promoter/promoter's group companies on preferential basis. The announcement was made after market hours yesterday, 11 January 2017.

Finance Minister Arun Jaitley, in his address on the second day of vibrant Gujarat Global Investors Summit yesterday, 11 January 2017, on demonetization, said that difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them. Stressing the implementation of the Goods and Services Tax (GST), Jaitley said that most of the issues have been resolved, few critical issues are left which will be resolved in the next few weeks. He further added that GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year.

Overseas, Asian stocks were mixed. US stocks registered modest gains yesterday, 11 January 2017, shrugging off a sharp decline in health care stocks following remarks made by President-elect Donald Trump.

Trump held his first press conference since winning the presidency yesterday, 11 January 2017, touching on many of the issues that will dominate the opening weeks of his presidency. Looming over the proceedings was a newly-published, and entirely unverified, dossier claiming the Russian government had collected compromising information on him.

The President-elect said Obamacare would be repealed and replaced “on the same day” and a Supreme Court justice would be chosen “within two weeks” of his inauguration. He also reaffirmed commitments to build a wall on the border with Mexico and said he would bring in a border tax for companies that chose to move operations offshore.

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