Key benchmark indices reversed early gains and were trading with minor losses in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 32.28 points or 0.08% to 39,162.21. The Nifty 50 index was down 11.35 points or 0.10% to 11,712.75.

Trading sentiment was affected after media reports indicated today, 24 June 2019, that the Reserve Bank of India (RBI) deputy governor Viral Acharya has quit his role six months before the end of his tenure. Acharya is reportedly returning to New York University's Stern School of Business (NYU Stern) in August, instead of February 2020 as CV Starr Professor of Economics.

The S&P BSE Mid-Cap index was down 0.23%. The S&P BSE Small-Cap index was up 0.10%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 935 shares rose and 904 shares fell. A total of 118 shares were unchanged.

Pharma stocks were mixed. Piramal Enterprises (up 2.68%), Lupin (up 2.41%), GlaxoSmithKline Pharmaceuticals (up 0.26%), Alkem Laboratories (up 0.17%), Divi's Laboratories (up 0.10%) and IPCA Laboratories (up 0.04%), edged higher. Aurobindo Pharma (down 1.78%), Dr Reddy's Laboratories (down 1.07%), Cadila Healthcare (down 0.38%), Cipla (down 0.32%) and Wockhardt (down 0.10%), edged lower.

Glenmark Pharmaceuticals was down 5.93% to Rs 470.55. The company announced on Saturday, 22 June 2019, that the US Food and Drug Administration (USFDA) has issued a complete response letter (CRL) regarding the new drug application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), nasal spray. The CRL cites deficiencies in the drug master file (DMF) pertaining to one of the active pharmaceutical ingredients (APIs) and in the manufacturing facilities.

The CRL does not specify any deficiencies with the clinical data supporting the new drug application for Ryaltris. The company said that it will be able to resolve these issues within the next 6 to 9 months. Glenmark Pharmaceuticals said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps. Ryaltris is a nasal spray used as a treatment for seasonal allergic rhinitis.

In a separate announcement before market hours today, 24 June 2019, the company said that its Brazilian subsidiary, Glenmark Farmacéutica a has entered into an exclusive partnership agreement with Novartis Biosciences S.A, a subsidiary of Novartis AG, for three respiratory products indicated towards treatment of the symptoms of chronic obstructive pulmonary disease (COPD) in Brazil. This agreement will be effective from 1 July 2019 onwards. The products involved in the agreement are Seebri (Glycopyrronium bromide), Onbrizee (Indacaterol) and Ultibro (combination of Indacaterol and Glycopyrronium), which are indicated for relief of symptoms in adults with COPD. Under the terms of the agreement, Novartis remains the holder of the registration of these medicines and will be responsible to manufacture them with all technical excellence in line with its global commitment to quality, effectiveness and safety. Glenmark will be responsible for promoting, commercializing and distributing of these products in Brazil.

Auto stocks witnessed selling. TVS Motor Company (down 4.4%), Eicher Motors (down 2.03%), Bajaj Auto (down 2%), Hero MotoCorp (down 1.82%), Maruti Suzuki India (down 0.9%) and Ashok Leyland (down 0.52%), declined. Escorts (up 1.85%) and Mahindra and Mahindra (up 0.28%), edged higher.

Larsen & Toubro was up 0.22% to Rs 1543.4 after the company announced that its power business arm has bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal to set up a 2x660 MW ultra-super critical power plant in Buxar district, Bihar. The order falls under Mega category the range for which is greater than 7000 crore as per its classification of contracts.

JMC Project (India) was up 1.52% to Rs 130.25 after securing new orders of Rs 514 crore. The company secured residential and commercial projects in South and West India totalling Rs 295 crore. It bagged factory works from a multinational client in East India of Rs 112 crore. It received institutional building order of Rs 107 crore in East India.