Market Live: Nifty turns flat after opening at record high; GAIL, Gujarat Gas soar

10:15 am Market Check: Equity benchmarks saw some selling pressure amid consolidation in morning trade as investors looked for cues from Federal Reserve’s monetary policy meeting that will begin tonight.

The 30-share BSE Sensex was down 24.75 points at 32,399.01 and the 50-share NSE Nifty fell 10.15 points to 10,142.95.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth. About 1,066 shares advanced against 915 declining shares on the BSE.

10:11 am IPO: Footwear retailer Khadim India has received capital markets regulator Sebi’s approval to raise an estimated Rs 550-650 crore through an initial public offering.

The company had approached Securities and Exchange Board of India (Sebi) with its draft red herring prospectus in July and received its ‘observations’ on September 13, which is necessary for any company to launch their public offer.

Khadim India’s initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale of up to 6,574,093 equity shares by the existing shareholders.

Net proceeds from the issue would be utilised towards payment of loans and for general corporate purposes.

10:05 am Rupee trade: The rupee dropped marginally against the US currency to 64.14 in early trade today on some dollar demand from importers and banks.

The rupee opened lower by 5 paise at 64.18 against the last close of 64.13 at the interbank foreign exchange. It moved in a range of 64.18 to 64.13 in early trade before quoting at 64.14, down by 1 paise, at 0930hrs.

Forex dealers said dollar demand from banks and importers weighed on the rupee.

A weakness in the US dollar against some currencies in the global market and a higher opening of the domestic equity market, however, limited the fall.

9:55 am Buzzing: Shares of Biocon rose 3.6 percent intraday on zero observation from USFDA for Visakhapatnam facility.

United States Food & Drug Administration (USFDA) has completed the audit of active pharmaceutical ingredients facility at Visakhapatnam, Andhra Pradesh without any observations, and so not issued form 483.
The USFDA has inspected the said facility from September 11 to 15.

The company had acquired the above unit from Acacia Lifesciences in October 2015.

The successful audit of this facility reflects our strong commitment to cGMP compliance at our manufacturing facilities, company spokesperson said.

9:45 am Market Outlook: Going forward, Aditya Agarwal of Way2Wealth Brokers expects Nifty to rally towards 10,200-10,250.

Any weekly closing above 10,200 will confirm that the current trend is still up, he said.

In the short term, 10,200 level will act as resistance for Nifty, he added.

“We saw Call writing in 10,200 and 10,300 strike options. However, on the positive side, put writing was seen at 10,100-10,000 which will prove as a strong support zone for indices,” he said.

Overall, the outlook for broader indices remains bullish and the current technical setup suggests buy on dips, he feels.

9:35 am USFDA approval: Shares of Glenmark Pharma gained 2 percent intraday on the back of final approval for Desonide Ointment from USFDA.

Glenmark Pharmaceuticals Inc, USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Desonide Ointment, 0.05%, the generic version of Desonide Ointment, 0.05%, of Perrigo New York Inc.

The Desonide Ointment has achieved annual sales of approximately USD 23.4 million, as per IMS Health sales data for the 12 month period ending July 2017.

9:25 am FII View: Mahesh Nandurkar of CLSA said meetings with investors at the CLSA Investors’ Forum revealed that India has not remained as much of an overweight market today as it used to be 12-24 months ago.

Foreign flows have been weak and continued strong domestic flows have helped market performance and valuations, which he believes will continue to be the case in the visible future.

He said a process of slow normalisation post GST is now underway and should partially help the September quarter results.

Low base should help YoY performance in the subsequent three quarters, he added.

Nandurkar said the research house remained optimistic that housing-led capex recovery is around the corner.

9:15 am Market Check: The NSE Nifty turned flat after opening at fresh record high on Tuesday as investors looked for cues from two-day monetary policy meeting of Federal Reserve that will begin tonight.

The 30-share BSE Sensex was up 8.83 points at 32,432.59 and the 50-share NSE Nifty gained 6.20 points at 10,159.30.

Gas stocks like GAIL, Gujarat Gas and Indraprastha Gas gained 2-4 percent after Morgan Stanley said gas demand is on secular growth path supported by benign gas prices and favourable government policies.

Biocon, Bharat Gears, Divis Labs, Dixon Technologies, Autolite, TVS Electronics, Graphite India, HEG and ADF Foods rallied up to 10 percent.
InterGlobe Aviation, Bharat Road Network and Mirc Electronics fell up to 6 percent.