The News International Team
03:30 pm Market closing: The market ended volatile session on a flat note. The Sensex is down 29.21 points at 26597.11 and the Nifty down 9.95 points at 7958.90. About 1857 shares have advanced, 1088 shares declined and 100 shares were unchanged.
IT and pharma stocks were on buyers radar while banks, metals and FMCG were down. TCS, Sun Pharma, GAIL, Infosys and Hindalco were top gainers in the Sensex. Among the losers were Tata Steel, Sesa Sterlite, Coal India, ICICI Bank and ITC.
03:15 pm Currency movements: The dollar hit its highest in almost two years against the euro with German inflation data expected to keep pressure on the ECB to ease monetary policy further, while unrest in Hong Kong hurt Asian-exposed European shares.
The dollar was broadly stronger, hitting a four-year high against a basket of currencies, a six-year peak against the yen and a 13-month high against the New Zealand dollar. Reserve Bank of New Zealand data showed the central bank intervened last month to speed its currency’s descent.
Data on Friday showing higher US growth in the second quarter fuelled speculation that a Federal Reserve interest rate hike may come sooner than expected, in striking contrast with the outlook for the European Central Bank.
3:00 pm Buzzing: Shares of Strides Arcolab jumped 9 percent after board approved its merger with Shasun Pharmaceuticals . Shares of Shasun Pharma were up 5 percent intraday.
“Each equity shareholder of Shasun will be entitled to receive five equity shares of Strides in lieu of 16 equity shares held in Shasun. Based on the exchange ratio, Shasun shareholders will own 26 percent of the combined entity. The current promoters of Shasun will, post the approval of the merger, be categorised as promoters of the combined entity, along with the existing promoters of Strides,” a BSE filing said.
The combined entity to be amongst the top 15 listed Indian pharmaceutical companies by revenue with a turnover in excess of Rs 2,500 crore. The board of directors of the combined entity will comprise of independent directors. The appointed date for the Scheme of Amalgamation is April 1, 2015.
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The Nifty is hovering around 7950, down 12.80 points at 7956.05. The Sensex is down 32.78 points at 26593.54. About 1846 shares have advanced, 1004 shares declined, and 84 shares are unchanged.
Defensives like pharma and IT lend support while select metal and FMCG stocks correct and midcaps outperform.
Sun Pharma is the top gainer on the Nifty. Its merger with Ranbaxy is expected to be on FIPB agenda on October 1. Additionally, CNBC-TV18 learns the company is planning to focus on dermatology post Ranbaxy merger. It expects almost 38-40 percent of US sales to come from dermatology by FY18.
TCS, Infosys, BHEL, GAIL are top gainers in the Sensex. Among the laggards are the Tata Steel, ITC, Sesa Sterlite, Coal India and Bajaj Auto.