We had mentioned in Monday’s closing report that Nifty, Sensex were struggling to head higher. The major indices of the Indian stock markets were range-bound on Tuesday and closed with minor losses over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Negative global cues coupled with profit booking subdued the Indian equity markets during the mid-afternoon trade session on Tuesday. Consequently, the key indices traded slightly in the red, as selling pressure was witnessed in metal and healthcare stocks. However, increased chances of a key economic legislation's passage during parliament's monsoon session, value buying and positive macro-economic data supported prices at lower levels. On the NSE, there were 411 advances, 1,033 declines and 46 unchanged. Banking stocks traded sideways to firm on some buying support. Most sugar sector stocks faced profit booking, while auto stocks held their initial gains.
Australia's central bank cut the official cash rate to a new record low of 1.5% on Tuesday as inflation "remains quite low" despite the local economy continuing to make necessary adjustments. Reserve Bank of Australia (RBA) Governor Glen Stevens said the subdued growth in labour costs and low cost pressures globally are meaning inflation will remain quite low for some time. "Taking all these considerations into account, the Board judged that prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting," Stevens said in a statement on Tuesday. The Australian dollar initially fell to 74.92 US cents on the release, from 75.40 US cents just prior, however by 2.50 p.m., traders shrugged off the decision, with the unit trading at 75.26 US cents. This is likely to give a fillip to the major Asian indices, where the stock markets finish trading ahead of time as compared to Indian stock markets.
Indian drug major Sun Pharmaceutical Industries Ltd on Tuesday said it will launch the generic version of Glumetza, Metformin Hydrochloride tablets - a diabetes drug - soon in the US. The company said in a statement, that one of its subsidiaries got the final approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of Glumetza, Metformin Hydrochloride extended release tablets 500 mg and 1,000 mg. "These Metformin Hydrochloride extended release tablets are therapeutic equivalents of Santarus Inc's Glumetza tablets," the statement said. The tablets may have annual sales of around $1.2 billion in the US, the company added. The company’s shares closed at Rs830.00, down 0.61% on the BSE.
Coal India Ltd (CIL) on Monday reported a 5.4% rise in its production for the month of July this year to 36.74 million tonnes (mt) as compared to 34.83 mt produced in the same month last year. According to provisional data, coal behemoth's July production achieved 91 percent of the target set for the month at 40.29 mt. CIL's off-take also rose by 1.4% in the last month to 41.47 mt as compared to 40.88 mt in the year-ago month. The miner produced 125.65 mt of coal in April-June quarter of the current fiscal against a target of 132.43 mt. It achieved 95% of the production target set for the quarter. However, its production grew by 3.5% in the period as compared to 121.33 mt produced in the corresponding period last year. The miner set a target of 598.60 mt of production in the current fiscal. For 2016-17, its off-take target was set at 598.61 mt and out of this, 450 mt will be supplied to power sector utilities. In the last fiscal, the miner produced 536.51 mt of coal against a target of 550 mt and its off-take stood at 532.26 mt. CIL shares closed at Rs323.35, down 0.90% on the BSE on Tuesday.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: