Market Live: Nifty hits 9800 for first time, Sensex higher; Infosys, Tata Motors lead
Tue Jul 11 2017
Rajesh Sharma (2003 articles)

Market Live: Nifty hits 9800 for first time, Sensex higher; Infosys, Tata Motors lead

10:00 am Buzzing: Cadila Healthcare shares gained over a percent in morning trade Tuesday on tentative approval from the US health regulator for Lurasidone Hydrochloride tablets.

Lurasidone is a generic version of Latuda that is used to treat schizophrenia.

9.43 am Market Update: Equity benchmarks continued to trade at record highs, with the Nifty hitting 9800 level for the first time today, especially ahead of earnings.

The 30-share BSE Sensex was up 78.55 points at 31,794.19 and the 50-share NSE Nifty rose 29.40 points to 9,800.45.

About 1,129 shares advanced against 633 declining shares on the BSE.

9:41 am Earnings expectations: Gautam Duggad of Motilal Oswal said positive macro factors notwithstanding, the quarter would be faced with several sector-specific headwinds and GST-related de-stocking in some B2C sectors.

Hence, he expects Q1FY18 to be a lacklustre quarter from earnings growth perspective.

9:29 am Buzzing: Torrent Pharmaceuticals fell over 3.5 percent intraday as investors turned cautious after CNBC-TV18 report of US Food and Drug Administration (FDA) issuing five observations for its Dahej plant.

The Dahej plant of the company was inspected by the US drug regulator between June 26 and 30. The unit is a relatively new one for the US business of the company, the channel reported.

The five observations listed by the FDA are as follows:

1. Failure to review any unexplained discrepancy on batch distribution

2. Responsibilities, procedures applicable to quality unit not fully followed

3. Acceptance criteria for sampling & testing by quality control not adequate

4. Equipment, utensils not cleaned & maintained at proper levels

5. Written procedures not established for cleaning & maintenance of equipment

Also read – Buy, Sell, Hold: 6 stocks and 2 sectors are on analysts’ radar today

9:15 am Market Check: Equity benchmarks extended yesterday’s gains in the opening on Tuesday, hitting fresh record highs.

The 30-share BSE Sensex was up 86.39 points at 31,802.03 and the 50-share NSE Nifty rose 25.55 points to 9,796.60. About three shares advanced for every share falling on the BSE.

Lupin, Tata Power, SBI, BPCL, Bajaj Auto, Aurobindo Pharma and Sun Pharma were early gainers while Bharti Airtel lost 0.8 percent after yesterday’s 5 percent rally.

NSE Midcap 100 and BSE Smallcap gained 0.4 percent each.

Sugar stocks like Rana Sugar, Bajaj Hindusthan, Balrampur Chini surged 3-8 percent. Donear Industries was up 5 percent.

CDSL rallied 4 percent, taking total gains to 150 percent from issue price. Brigade Enterprises, Jet Airways and Divis Labs gained over a percent but Torrent Pharma and SpiceJet were under pressure.
Most Asian indexes made gains despite the Dow Jones industrial average ending its Monday session slightly down.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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