The News International Team
10:00 am FII view: Bharat Iyer, JPMorgan says comfortable global liquidity, lower global commodity prices and a historic electoral verdict have all been supportive for Indian equities this year so far.
However, elevated expectations are the main risk now as recent correction in some of the investment-linked sectors can be linked to that, he adds.
9:35 am Buzzing: Shares of Cipla jumped around 2 percent intraday on Tuesday after it announced a commercial collaboration with UK-based S&D Pharma to enter Czech Republic and Slovakia.
As per the agreement, Cipla will be driving its respiratory product portfolio in both Czech Republic and Slovakia through a Cipla owned sales force team, managed by Cipla commercial head. S&D Pharma will physically distribute all products, including respiratory products, and this portfolio will increase over the next few years.
The company said, in a press statement, that once regulatory and reimbursement approvals are in place, the Salmeterol-Fluticasone fixed combination will be launched in both markets underthe name Fullhale.
Don’t miss: Aditya Birla Chemicals buys Jayshree Chemicals’ unit for $ 35m
After hitting record high yesterday, the market has opened in red. The Sensex is down 23.79 points at 27296.06 and the Nifty is down 14.35 points at 8159.55. About 556 shares have advanced, 140 shares declined, and 35 shares are unchanged.
Infosys, Bharti, Tata Steel, Hindalco and Sesa Sterlite are top losers in the Sensex. Bharti, TCS, Coal India, Cipla and Tata Power are top gainers.
The Indian rupee opened on a weak note and has slipped by 14 paise to 60.43 per dollar as against previous day’s closing value of 60.29 a dollar.
Ashutosh Raina of HDFC Bank said, “The US dollar posted strong gains across the board, with Euro, Yen and Pound hitting troughs and USD Index just short of it’s high of 84.75 hit in July 2013. Strong FII flows and suspected Central Bank intervention have ensured that rupee consolidates in 60-61/dollar range.”
The dollar traded at 14-month highs against a basket of major currencies, benefiting from a run in Sterling and after a Federal Reserve study sparked more buying interest. Giving bulls a boost, a research from the San Francisco Fed noted that investors are pricing in a lower trajectory for interest rate rises than members of the Fed itself.
In the US, stocks mostly declined, with energy producers leading losses on oil’s drop to a multi-month low, as investors retreated after a fifth week of gains.
And in Europe, shares closed lower after weak trade data from China and concerns about the Scottish independence vote.