The News International Team
03:30 pm Market closing
Continuing its sluggish mode, the market ended flat. The Sensex was down 31.12 points at 27319.56 and the Nifty was down 4.50 points at 8219.60. About 1178 shares advanced, 1728 shares declined, and 108 shares were unchanged.
HDFC rose 5 percent while Coal India jumped 4 percent. ONGC, Hero and HDFC Bank were other top gainers in the Sensex. TCS losr 3.5 percent. Among other laggards were Sesa Sterlite, HUL, Tata Steel and Axis Bank.
03:10 pm Slump
Tumbling oil, coal and iron ore prices are now all at levels last seen during or before the financial crisis of 2008/2009, signalling not only the impact of a glut of supplies but deeper weakness in parts of the global economy, analysts say.
The raw materials are among the most sensitive to economic health, with oil and coal the world’s two most important energy sources and iron ore used to make steel.
Brent crude prices have almost halved since June to slightly above USD 60 a barrel, a level last seen in early 2009 during the financial crisis. In the coal market, the benchmark European futures contracts has dropped below $ 70 a tonne to levels comparable before the boom and bust of 2007-2009.
Iron ore prices have halved to under USD 69 a tonne as demand growth in the biggest market, China, wanes. Analysts initially pointed to rising oil and mining output, as well as energy efficiency and alternative sources such as renewables, as the main factors behind the drops.
02:52pm Ranbaxy in News
Drug firm Ranbaxy Laboratories has received regulatory nod to launch its indigenously developed anti-malarial drug Synriam in 7 African nations.
The company has received regulatory approval to launch its first New Chemical Entity (NCE) Synriam in seven African countries — Nigeria, Uganda, Senegal, Cameroon, Guinea, Kenya and Ivory Coast, Ranbaxy Laboratories said in a statement.
The product has already been launched in Uganda and will be made available in other six countries towards the end of January 2015, it added.
Commenting on the development, Ranbaxy CEO and MD Arun Sawhney said: “Most malaria cases and deaths occur in sub-Saharan Africa… Synriam is among the best options available today as it is highly effective, affordable and a convenient therapy option, leading to better compliance.”
The company is confident that the drug will help the government and healthcare system in Africa to fight the menace of malaria, he added, reports PTI.
Farid Kazani, group chief financial officer and director-finance, Mastek says the company will list its insurance business on the New York Stock Exchange (NYSE) after the CoverAll merger gets completed.
In an interview to CNBC-TV18, Kazani says the entire transaction will be earnings per share (EPS) accretive.
Kazani further adds that Mastek will be a solution company after demerging the insurance business.
The decision to merge the two businesses is the latest step in the execution of Majesco’s aggressive growth strategy to consolidate its global insurance business under a single and separate entity, Mastek said in a press release.
02:00pm Market Check
The market remained in a consolidation mode in afternoon trade. The Sensex declined 12.92 points to 27337.76 and the Nifty fell 0.05 points to 8224.05.
About 1103 shares have advanced, 1645 shares declined, and 107 shares are unchanged on the Bombay Stock Exchange.
Sanjeev Prasad of Kotak Institutional Equities says one should not get perturbed by market fall. Use every dip to buy this market, he advises. He is bullish and recommends a buy on banks and auto names.
Case for a rate cut rises as November WPI came in at 0 percent, a five-year low, down from from its October level of 1.77 percent led by a drop in fuel prices. Fuel inflation went down 4.9 percent reflecting the sharp plunge in global crude prices.
The rupee weakened to a fresh ten-month low of 62.70 on the back of large corporate dollar demand.
HDFC and Kotak Mahindra Bank topped the buying list, up 4-4.5 percent.
Globally, Asia were mostly in the red reacting to the weak US close, continuing slide in oil prices and decline in manufacturing sentiment in Japan. Japan is also in focus on account of Prime Minister Shinzo Abe winning the snap election over the weekend.