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Sensex up over 200 pts, Nifty above 8000; Sun Pharma gains

09:15

The News International Team

9:50 am Market check: The market made a U-turn just within 30 minutes of trading. The Sensex is up 218.88 points or 0.82 percent at 26850.17, and the Nifty is up 65.60 points or 0.82 percent at 8041.10. About 1471 shares have advanced, 424 shares declined, and 40 shares are unchanged.

Sun Pharma, Cola India, Hero and ONGC gain around 2 percent while Infosys, HUL and M&M are still losers in the Sensex.

9:35 am Buzzing: Pharma major Sun Pharmaceutical Industries today entered into a licensing agreement with Merck & Co Inc for investigational therapeutic antibody candidate, tildrakizumab to be used for treatment of plaque psoriasis. Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of USD 80 million, the companies said in a joint statement.

Tildrakizumab is being evaluated in Phase III registration trials for the treatment of chronic plaque psoriasis, a skin ailment.

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The market has opened in red after Fed Reserve Chairman Janet Yellen’s clarification that the timing of rate hikes will be highly conditional and based on the Fed’s assessment of the economy.

The Sensex is down 85.21 points at 26546.08 and the Nifty is down 24.85 points at 7950.65. About 381 shares have advanced, 264 shares declined, and 25 shares are unchanged.

Infosys, Axis Bank, L&T, Sesa Sterlite and NTPC are major laggards while Sun Pharma, Dr Reddy’s Labs, Cipla, HDFC and Bajaj Auto are top gainers in the Sensex.

The Indian rupee slipped in the opening trade. It fell by 18 paise to 61.10 per dollar versus previous day’s closing value of 60.92 a dollar.

The dollar rose to its highest in over four years against a basket of currencies after the Federal Reserve’s guidance on interest rates highlighted the diverging pathways between the United States and other rich nations.

Mohan Shenoi of Kotak Mahindra Bank said, “The FOMC move has resulted in a dollar rally against major currencies. Consequently dollar is expected to mildly strengthen against the rupee. The rupee is expected to trade in a range of 60.80-61.20/dollar today.”

US stocks rose, with the Dow ending at a record and the S&P 500 back above 2,000 after the Federal Reserve said it was nearing the end of its asset purchases and reiterated it would not hike interest rates for a ‘considerable’ period. However, they pared some gains after Janet Yellen clarified that the timing of rate hikes will be highly conditional.

Also, in less than 24 hours, the people of Scotland will vote on whether they want to remain in the United Kingdom. But top banks and many corporates warn that an independent Scotland may lose out on investments.

Back home, president Xi Jinping is in India with a promise of investing a whopping USD 100 billion. India and China inked three pacts – China will invest USD 10 billion to set up industrial parks in Ahmedabad and Pune.

Asian shares were mixed on Thursday as slowing property prices in China offset relief over the US Federal Reserve’s accomodative policy stance.

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