Market Live: Sensex, Nifty gain strength after industrial output, retail inflation data
10:25 am Market Outlook: Foreign institutional investors (FIIs) which have off-late turned net sellers in the month of June after pouring in close to Rs 10,000 crore in the month of May are very positive on Indian markets assures Pramod Gubbi, managing director and head equities, at Ambit Institutional Equities.
“FIIs continue to be positive in India given the nature of the economy is largely dependent on the domestic market as opposed to other emerging markets (EMs) which are dependent on the global economy,” said Gubbi.
He further said that I don’t think there is any left out feeling among FIIs poured in money in receding years which has made a lot of returns for the market. I don’t think last 8-month suggest they have had any serious issue abut India as an investible market.
10:00 am Market check: The broader markets outperformed benchmarks in morning trade, with the BSE Midcap and Smallcap indices rising more than half a percent.
The 30-share BSE Sensex gained 69.63 points at 31,165.33 and the 50-share NSE Nifty rose 17.65 points to 9,634.05.
The market breadth remained strong as about two shares advanced for every share falling on the BSE.
Sun Pharma was biggest gainer among Sensex stocks, up nearly 2 percent followed by ICICI Bank, HDFC, Maruti Suzuki, Lupin, L&T and HUL. TCS, Infosys, Tata Motors and ITC were under pressure.
9:41 am Buzzing: Shares of Sun Pharmaceutical Industries advanced as much as 3.4 percent in morning trade on the back of USFDA approval for generic Zetia tablets.
The company’s wholly owned subsidiaries has received final approval from United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for generic version of Zetia, (ezetimibe) tablets 10mg.
The tablet Zetia is used to lower cholesterol in the blood. These generic ezetimibe tablets are therapeutic equivalents of Merck’s Zetia tablets.
According to IMS data, ezetimibe tablets had annual sales of approximately USD 2.7 billion in the US for the 12 months ended April 2017.
9:32 am Market Update: Benchmark indices gained strength after opening flat. The 30-share BSE Sensex was up 89.49 points at 31,185.19 and the 50-share NSE Nifty rose 24.90 points to 9,641.30, following upmove in Asia after mixed trade.
About three shares advanced for every share falling on the BSE.
Among Asian shares, Hong Kong’s Hang Seng, Australia’s ASX 200, South Korea’s Kospi and China’s Shanghai gained 0.4-1 percent.
9:25 am Market Outlook: Anish Damania of IDFC said the market will now closely monitor an expected short-term disruption from GST implementation and a still looming mild threat from El Nino.
He continues to maintain Nifty FY18 target at 9,825.
9:15 am Market Check: Equity benchmarks opened flat but the broader markets outperformed on Monday, after industrial output and retail inflation data.
The 30-share BSE Sensex was down 4.79 points at 31,090.91 and the 50-share NSE Nifty rose 2.15 points to 9,618.55. About three shares advanced for every share falling on the NSE.
Sugar stocks were in action as Ugar Sugar, Rana Sugar, Shree Renuka Sugars, Bajaj Hindusthan and Balrampur Chini gained 4-8 percent.
Among other midcaps, Ashok Leyland, Delta Corp, PFC, OBC and Syndicate Bank were up 1-2 percent while Bharat Financial was down nearly 1 percent. Vascon Engineers fell 10 percent.
The Indian rupee opened flat at 64.43 per dollar versus previous close 64.44.
Bhaskar Panda of HDFC Bank feels India story keeps the USD-INR rangebound. He expects a range of 64.35-64.55/dollar to play out for today.
India’s retail inflation rate fell to 2.18 percent in May, lowest since 2012, mainly due to a fall in food prices.
India’s factory output grew 3.1 percent in April from 2.7 percent in March, amid revival signs.
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