Home / Business / Money / Nifty falls below 8300; Cairn, ONGC, Sesa under pressure

Nifty falls below 8300; Cairn, ONGC, Sesa under pressure


The News International Team

12:50pm Panacea Biotec

Shares of Panacea Biotec climbed 7 percent on signing strategic alliance with Apotex, the largest Canadian-owned pharmaceutical company.

The alliance is for research, development, license and supply of two drug delivery based high barrier to entry generic products for US, Canada, Australia and New Zealand.

“Panacea will undertake product development and will manufacture and supply the products to Apotex, while Apotex will be responsible for regulatory affairs, Hatch Waxman litigation and commercialisation activities in the territories,” said the company in its filing to the exchange.

12:30pm Market Expert

With the Nifty in a consolidation phase, the market is giving opportunities at every stage, says Deven Choksey of KR Choksey Securities. There is no fundamental weakness, the macro-economic situation is improving and corporate earnings seem fine, on the back of which he believes not just the midcaps, there is opportunity now even in large cap stocks.

Moving on to the macro-economic and political scenario, Choksey believes the government’s move on GST will be a big game-changer for the economy and reduce adversities. Between now and April 2016 – when the GST is expected to rollout – a lot of changes will happen. The government at the moment is actively trying to thrash key issues that states have with GST. It will be extremely beneficial for the corporate sector, he adds. According to him, the market will discount the impact of GST a little ahead of time.

Later in the day, on Friday, the much-awaited consumer price index (CPI) data is also expected to come out. There is a lot of speculation whether it will come out at around 4.5 percent. Choksey says the market believes that the economic datas will be positive. Growth has started to come back into the economy and that is the market belief, he adds.

12:00pm Market Check

The market slipped marginally in the red in noon trade after posting gains initially. The rupee declined further, hitting a 10-month low of 62.41 a dollar, down 8 paise.

The 30-share BSE Sensex fell 51.34 points to 27550.67 and the 50-share NSE Nifty slipped 9.60 points to 8283.30 while the BSE Midcap and Smallcap outperformed, gaining marginally. About 1203 shares have advanced, 1269 shares declined, and 108 shares are unchanged on the Bombay Stock Exchange.

Globally, Asian markets traded mostly in the green taking cue from the positive close from the US markets. However, oil prices continued their decline; Brent crude fell to a five and a half year low of USD 63 a barrel.

Oil stocks declined today. Gail and Cairn India topped the Nifty losers, reacting to lower oil prices. Both stocks lost 9 percent and 6 percent respectively week to date at current reckoning while today they fell 3-5 percent.

Shares of ONGC, Sesa Sterlite, Tata Steel, M&M, DLF and Zee Entertainment slipped 1.6-2.6 pecent while Sun Pharma, Bharti Airtel, Maruti Suzuki, Infosys, Cipla, NMDC, Lupin and Ambuja Cements gained 1-2 percent.

Meanwhile, the government sources indicated most issues with regard to Goods and Service Tax (GST) is likely to be resolved within a week. Expectations are that GST Constitutional Amedment Bill could be tabled in the winter session of the parliament.

RBI Governor Raghuram Rajan says “Make for India” is as important as “Make in India”. He advises against an export-led policy for India. Speaking on inflation, the RBI governor says the path of disinflation cannot be very steep for India.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...