As per provisional closing data, the barometer index, the S&P BSE Sensex declined 388.40 points or 0.59% to 65,151.02. The Nifty 50 index lost 99.75 points or 0.51% to 19,365.25.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,839 shares rose and 1,739 shares fell. A total of 162 shares were unchanged.

Investor sentiment nosedived as the global cues risk assets continued to remain weak. The latest US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation. Further, the recent Chinese macroeconomic data indicates that the economy is slowing more-than-feared earlier, and this will impact global economic growth.

Economy:

The Union Cabinet has approved the extension of the Digital India programme with an outlay of Rs 14,903 crore with an aim to re-skill and up-skill over 6 lakh IT professionals, train over 2.50 lakh people, etc.

The Union Cabinet has approved the 'PM Vishwakarma' scheme with a financial outlay of Rs 13,000 crore for a period of five years that will benefit about 30 lakh families of traditional artisans and craftsmen.

The Union Cabinet has approved seven proposals by the ministry of railways to expand the rail network in various parts of the country, at an estimated cost of around Rs 32,500 crore.

Stocks in Spotlight:

Lupin declined 2.05%. The drug major announced the launch of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, for the treatment of chronic obstructive pulmonary disease (COPD) in the US. Tiotropium Bromide Inhalation Powder (Reference Product Spiriva HandiHaler) had estimated annual sales of $1,264 million in the US (IQVIA MAT Mar 2023).

Aurobindo Pharma fell 0.62%. Aurobindo Pharma announced the launch HIV triple combination product for children living with HIV in low- and middle-income countries under voluntary licence from ViiV Healthcare. Aurobindo has capacities in their FDA approved plant to meet the market demand for this product and commercial production will commence in Q3 FY24.

Cipla skid 0.27%. The pharma company has received an order from the Joint Commissioner, Konkan Division, Food and Drugs Administration (FDA), suspending the FDA license issued to its manufacturing unit located at Patalganga (Unit II) for a period of 10 days in December 2023.

Glenmark Pharmaceuticals declined 2.18%. The drug maker said that it has received ANDA approval by US Food and Drug Administration (USFDA) for Tacrolimus Ointment. Tacrolimus Ointment tacrolimus is used on the skin to treat a skin condition in patients who have not responded well to other eczema medications. It is equivalent to generic version of Protopic, Ointment, 0.03%, of Leo Pharma AS. Glenmark's Tacroli.

Pidilite Industries shed 1.35%. The company announced that it has appointed Manish Dubey as its chief marketing officer (CMO).

Nava slipped 4.89% after the company said that there had been an accidental damage in the raw material handling system, thereby affecting the raw material feeding system and other supporting infrastructure.

Dr Agarwals Eye Hospital surged 9.63% after the company said it has raised $80 million from TPG and Temasek to expand network to 300 hospitals.

Global Markets:

European and Asian shares declined on Thursday after the U.S. Federal Reserve's July minutes showed inflation concerns lingered.

Meanwhile, China's Premier Li Qiang reportedly said Wednesday the country would work to achieve its economic targets for the year. Li also said efforts should be made to ?organically combine? security with development.

US stocks closed lower on Wednesday US stocks ended lower on Wednesday after minutes from the last Federal Reserve meeting indicated that central bankers think inflation is still high enough to potentially warrant more interest rate hikes.

?With inflation still well above the Committee's longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,? the meeting summary stated.

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