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Bank, realty stocks witness mixed trend
(12-Jan-2017  , 12:08 Hours IST)

Range-bound trading in positive zone continued on the bourses in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 61.55 points or 0.23% at 27,201.96. The Nifty 50 index was up 14.45 points or 0.17% at 8,395.10. Market sentiment was positive bylarge amid mixed Asian cues and modest gains on the Wall Street overnight.

The BSE Mid-Cap index was down 0.08%. The BSE Small-Cap index was down 0.05%. Both these indices underperformed the Sensex.

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The President-elect said Obamacare would be repealed and replaced “on the same day” and a Supreme Court justice would be chosen “within two weeks” of his inauguration.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.

Closer home, the market breadth, indicating the overall health of the market, was negative. On the BSE, 1,344 shares declined and 1,096 shares rose. A total of 150 shares were unchanged.

Bank stocks witnessed mixed trend. Among public sector banks, Union Bank of India (down 1.85%), Indian Bank (down 1.35%), IDBI Bank (down 0.67%) and Bank of Baroda (down 0.09%) edged lower. Punjab National Bank (up 1.29%), State Bank of India (up 0.34%) and Central Bank of India (up 0.06%) edged higher.

Among private sector banks, IndusInd Bank (down 1.28%), HDFC Bank (down 0.53%) and RBL Bank (down 0.16%) edged lower. Axis Bank (up 1.05%), ICICI Bank (up 1.15%), Yes Bank (up 0.21%) and Kotak Mahindra Bank (up 0.3%) edged higher.

Realty stocks were mixed. Indiabulls Real Estate (down 1.09%), Prestige Estates Projects (down 0.91%), Housing Development and Infrastructure (down 0.71%), DLF (down 0.24%) and Unitech (down 0.44%) edged lower. Godrej Properties (up 3.72%), Oberoi Realty (up 0.52%) and Sobha (up 0.13%) edged higher. D B Realty was unchanged at Rs 38.50.

Biocon rose 2.49% after the company and its US partner Mylan said the US Food and Drug Administration (USFDA) has accepted the biologics licence application for its biosimilar drug to treat breast cancers. The announcement was made after market hours yesterday, 11 January 2017.

Biocon and Mylan N V announced that the USFDA has accepted Mylan's biologics license application (BLA) for MYL-1401O,a proposed biosimilar trastuzumab, for filing through the 351(k) pathway. This product is a proposed biosimilar to branded trastuzumab,which is indicated to treat certain HER2-positive breast cancers. The anticipated USFDA goal date set under the Biosimilar User Fee Act(BsUFA) is 3 September 2017. Mylan and Biocon's proposed biosimilar trastuzumab is also under review by the European Medicines Agency (EMA).

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