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Sensex Nifty firm, Midcap up 1%; Sun Pharma drops 4%

The BSE Midcap and Smallcap indices climbed 1 percent each. About three shares advanced for every share declining on the Bombay Stock Exchange.

10:00

The News International Team

10:15am FII View

Mahesh Nandurkar, CLSA says the government has started laying out building blocks for a sustainable higher growth trajectory for India.

“We highlight 4 key initiatives i.e financial inclusion, digital India, improved foreign policy and greater autonomy to states. While these initiatives do not have a quantifiable economic impact; they will have a huge broad based positive impact for an inclusive longer-term growth improvement,” he adds.

10:00am The market continued to trade in a positive terrain with the Sensex rising 44.85 points to 27102.26 and the Nifty gaining 19 points to 8113.10 while the broader markets outperformed benchmarks smartly.

The BSE Midcap and Smallcap indices climbed 1 percent each. About three shares advanced for every share declining on the Bombay Stock Exchange.

Sun Pharmaceutical Industries fell over 4 percent on US drug regulator’s surprise audit at the pharma major’s Halol facility in Gujarat. It is learnt that USFDA inspectors in two teams are auditing both the injectibles as well as oral solids units at the plant, with one team focusing on manufacturing processes and other closely auditing quality control and assurance departments.

In the midcap space, GSFC shot up 13.4 percent followed by Abbott India, Bhushan Steel, Indian Bank and Bharat Electronics with 4-5 percent while among smallcaps, HOEC, Oscar Investment, Infinite Computer, Punjab & Sind and Marathon Realty surged 9-17 percent.

09:26

Sensex, Nifty rebound; IDFC surges, ONGC declines

Shares of IDFC, Bank of Baroda, Axis Bank, NTPC, BHEL, HDFC and Hindalco gained 0.8-2.7 percent while Sun Pharma, ONGC, Coal India, Bharti Airtel and Cipla fell 0.3-2 percent.

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