23 March 2019, Saturday  |  
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Market Commentary - Mid-Session  
Telecom stocks decline
(11:40, 15 Mar 2019)

Stocks hovered in positive zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 219.30 points or 0.58% at 37,974.19. The Nifty 50 index was up 70.95 points or 0.63% at 11,414.20. Telecom stocks declined.

The Sensex was currently trading a tad below the psychological 38,000 level after hitting an intraday high above that level in morning trade. Domestic stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices extended early gains and hit intraday high in morning trade.

The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.36%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1268 shares rose and 955 shares fell. A total of 154 shares were unchanged.

Telecom stocks declined. Bharti Airtel (down 2.65%), MTNL (down 0.45%), Tata Teleservices (Maharashtra) (down 0.88%) and Reliance Communications (down 4.48%) declined. Vodafone Idea (up 0.15%) rose.

Shares of Bharti Infratel fell 0.76%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Kotak Mahindra Bank (up 3.44%), Power Grid Corporation of India (up 2.69%), State Bank of India (up 1.97%), TCS (up 1.65%) and IndusInd Bank (up 1.48%) edged higher from the Sensex pack.

Glenmark Pharmaceuticals rose 1.68%. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for clindamycin and benzoyl peroxide gel, 1% / 5%, a generic version of BenzaClin Gel, 1% / 5%, of Valeant Bermuda. According to IQVIA sales data for the 12 month period ending January 2019, the BenzaClin Gel, 1% / 5% market achieved annual sales of approximately $99.4 million. The announcement was made during trading hours today, 15 March 2019.

CMI rose 7.87% after the company said that it received vendor approval for power cables from four government entities in Q3 December 2018. The announcement was made after market hours yesterday, 14 March 2019.

Overseas, Asian markets were trading higher Friday as China took a step to appease U.S. trade negotiators. Chinese legislators on Friday approved a new law against the forced transfer of technology by foreign companies, which has been a major complaint by the U.S. and other countries. The move was intended to smooth the path to a trade deal, but it's unclear if it will be enough.

US stocks closed mostly lower Thursday as investors digested headlines suggesting progress toward a US-China trade deal has stalled against the backdrop of weaker-than-expected Chinese economic data.

A meeting between President Donald Trump and Chinese President Xi Jinping will be delayed until at least April, as per reports, indicating that a bilateral trade deal will not be finalized this month.

Meanwhile, the U.K. Parliament voted to request an extension of the March 29 Brexit deadline to June 30 if lawmakers can agree to a withdrawal deal by March 20. Thursday's vote comes after Prime Minister Theresa May failed to secure support for her revised Brexit plan and lawmakers on Wednesday ruled out a no-deal exit.

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