Nifty Fails To Hold 8,300 But Posts Second Weekly Gains
Indian shares fluctuated between gains and losses before ending the session lower.
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Indian shares fluctuated between gains and losses before ending the session lower on last hour of accelerated selling. Investors chose to remain cautious, after benchmarks rose to a near two-month high, ahead of the announcement of GDP data.
The S&P BSE Sensex declined 0.3 percent 26,759 while the NSE Nifty dropped 0.3 percent to 8,243. Earlier, the 50-share index briefly went above the 8,300-mark intraday for the first time since November 11.
However, both the indices managed to advance for the week.
The market breadth, which was dominated by the bulls for the last couple of trading sessions, turned in favour of sellers at close. About 955 stocks declines, 640 advanced and 307 remained unchanged on the NSE.
Among the sectoral indices, the S&P BSE Information Technology dropped 2.1 percent. The index has declined 4 out of the last 5 trading sessions as U.S. visa concerns.
Natco Pharma Gains For Third Day On New Drug Launch
Shares of the drug maker gained 4.6 percent after it announced the launch date of its leukaemia drug in the U.S. market.
According to a statement issued by the pharma firm, the drug will be launched along with its marketing partner Breckenridge Pharmaceutical Inc and will have 180-days exclusivity.
Pursuant to the settlement of the Paragraph IV litigation, Natco plans to launch this drug on November 1, 2019, or earlier under certain circumstances, through its marketing partner Breckenridge Pharmaceutical, Inc., in the USA market.”Natco Pharma exchange filing.
The drug had U.S. sales of approximately $133 million for 12 months ending November, 2016, according to IMS Health, Natco said.