Market Live: Nifty, Midcap open at record high; Sensex up 175 pts on global cues
Mon Sep 18 2017
Rajesh Sharma (2003 articles)

Market Live: Nifty, Midcap open at record high; Sensex up 175 pts on global cues

10:27 am USFDA inspection: Shares of Alkem Laboratories tumbled 3.6 percent intraday as it has received inspection report from USFDA.

The company has received the inspection report from USFDA which contains two 483 observations.

USFDA had conducted an inspection at the company’s manufacturing facility located at Baddi, India from September 11-15, 2017.

The company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA.

10:15 am Market Check: Equity benchmarks remained strong in morning, tracking positive global cues as investors anticipated clues on the direction of monetary policy from central banks later in the week.

The 30-share BSE Sensex was up 195.81 points at 32,468.42 and the 50-share NSE Nifty gained 73.80 points at 10,159.20.

About three shares advanced for every share falling on the BSE.

10:05 am Tepid debut: Shares of Bharat Road Network had a tepid listing as in the opening tick, the scrip traded flat against the higher end of the price band of Rs 205.

Soon, the stock saw sharp swings, as it fell over a percent in the first few minutes, but has now gained around 4 percent.

The Rs 600-crore IPO of Bharat Road Network, a SREI Infrastructure Finance company, was oversubscribed 1.81 times.

10:00 am Solid listing: Consumer electronics manufacturer Dixon Technologies made a strong debut on bourses Monday as the stock has opened at Rs 2,725, up 54 percent over its issue price of Rs 1,766.

The share price touched a high of Rs 2,899 in early trade, up as much as 64 percent over IPO price. It traded with volumes of 14 lakh shares at 10:05 hours IST.

It deserved such a stellar listing, especially after the solid oversubscription and hefty grey market premium.

9:50 am Pre-opening: Dixon Technologies settled at Rs 2,725 in pre-opening trade, up 54 percent over its issue price of Rs 1,766 on the National Stock Exchange.

Bharat Road Network settled at its issue price level of Rs 205 in pre-opening trade.

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9:37 am USFDA nod: Shares of Laurus Labs added 2 percent as it has received the EIR from USFDA.

The company has received the establishment inspection report (EIR) from US Food and Drug Administration (USFDA) for its Finished Dosage Formulations (FDF) and Active Pharmaceuticals Ingredients (API’s) manufacturing plant, Unit 2, located at Achutapuram, Vishakhapatnam, for the inspection completed in May 2017.

It has also completed the BGV Hamburg (German Regulatory Authority) inspection of Unit 2 (FDF) and WHO inspection of Units 1 and 3 located at Parawada, Visakhapatnam, which was inspected during this month.

9:29 am FII View: Inderjeet Bhatia of Macquarie said domestic liquidity is a sign of financialisation of savings but also the lack of options to invest in productive enterprises.

A significant primary market pipeline along with large government issuances will challenge market valuations, according to him.

“Our stock selection is entirely bottom-up based either on the maintaining of trend growth or on significant earnings upgrades over consensus,” he said.

The brokerage house moved from an overweight stance on IT from underweight earlier, with HCL Tech as a top pick, he said.

He added that the house continued its overweight stance on private banks, infra, materials and autos and underweight on pharma, telecom, NBFCs and PSU banks.

“Other top picks include HUL, Titan, L&T, Eicher Motors, HDFC Bank, Crompton, Prestige and NCC,” Bhatia said.

9:15 am Market Check: Equity benchmarks started off the week on a strong note as the Nifty50 and Midcap opened at fresh record highs while the Nifty Bank soared over 25,000 level, tracking global cues.

The 30-share BSE Sensex was up 175.72 points at 32,448.33 and the 50-share NSE Nifty rose 63.20 points to 10,148.60.

L&T, Bharti Infratel, HDFC Bank and Tata Motors were leading contributors to Nifty’s gains. Sun Pharma, Adani Ports, Dr Reddy’s Labs and ONGC were only losers among Nifty50 stocks.

About four shares advanced for every share falling on the BSE.

Nifty Midcap was up 0.8 percent. Among midcaps, Goa Carbon, Bombay Dyeing, Graphite India, HEG, Speciality Restaurants, Jubilant Foodworks, Cadila Healthcare, ICICI Prudential and TVS Electronics gained up to 10 percent.

Asian shares gained as investors anticipated clues on the direction of monetary policy from central banks later in the week.

South Korea’s benchmark Kospi index rose 1.07 percent. The S&P/ASX 200 tacked on 0.55 percent. The Hang Seng Index rose 1.08 percent. On the mainland, the Shanghai Composite rose 0.25 percent.
Japan markets are closed for a public holiday.

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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