Indian share markets finished the trading day well below the dotted line. At the closing bell, the BSE Sensex closed lower by 49 points, whereas the NSE Nifty finished lower by 17 points. The S&P BSE Midcap finished down up 0.1% while the S&P BSE Small Cap ended flat. Losses were largely seen in metal sector, auto sector, and healthcare sector.
Asian equity markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.36% and the Shanghai Composite rose 0.26%. The Nikkei 225 lost 0.18%. European markets are mixed today. The DAX is up 0.15% while the FTSE 100 gains 0.15%. The CAC 40 is off 0.18%.
The rupee was trading at Rs 66.67 against the US$ in the afternoon session. Oil prices were trading at US$ 53.26 at the time of writing.
Metal stocks were under pressure in line with broader markets. Hindalco & Tata Steel together contributed almost 50% to the BSE Metal index fall. Tata Steel share price finished the day down by 2.2% as the company announced that the it is still in talks with Germany's ThyssenKrupp AG about a potential merger of their European steel assets.
The statement was in response to reports in the British media that Tata Steel might be in the process of calling off a potential deal with the Germans.
Moving on to the news from stocks in pharma sector. According to a report in a leading financial daily, India's National Pharmaceutical Pricing Authority (NPPA) has announced major price cuts for certain cancer drugs, up to 86% in some cases. This is the latest in a series of government price cuts that has reduced the costs of around 1,450 drugs since late 2016.
In another development, it was reported that, Lupin has launched generic Paxil drug used for treatment of major depressive order in the US market.
Currently, the company has a pipeline of 163 drugs awaiting for approval from USFDA. Lupin plans to launch 25-30 products in the US in FY17.
Lupin share price ended the day down by 1.4%.
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