The News International Team
03:00 pm Market at record high: The market hits record high just few days after the Budget 2015 was presented by the Finance Minister Arun Jaitley. The Nifty is up 43.35 points at 9000 while the Sensex is up 150.81 points at 29609.95. About 1625 shares have advanced, 1160 shares declined, and 210 shares are unchanged.
02:45pm Market Update: The Sensex climbed 146.84 points to 29605.98 while the Nifty rose 24.70 points to 8981.45.
About 1576 shares have advanced, 1177 shares declined, and 219 shares are unchanged on the BSE.
02:42pm Nectar on buyers’ radar: Investors lapped up more shares of Nectar Lifesciences on Tuesday after the hearlthcare firm has received approval from European cGMP for Cephalosporin APIs’ manufacturing facility in Dera Bassi, Punjab. The stock rallied 15 percent intraday. cGMP is current good manufacturing practices.
This approval is valid for three years from calendar year 2015 to 2017. “Nectar has received the European cGMP compliance certification through successful inspection by the Portugal Authoriy – National Authority of Medicines and Health Products, INFARMED,” said the company in its filing.
The facility is already approved by USFDA, MCC – South Africa, PMDA – Japan, OGYI – Hungary and KFDA – South Korea.
The European Union market for Cephalosporin’s is currently valued at USD 1.5 billion between injectable and oral molecules.
02:25pm Airtel in News: Indian telecom major Bharti Airtel and world’s largest telecom operator China Mobile today announced a partnership to work jointly on evolving high technologies like 5G and procuring telecom devices and equipment.
The agreement was signed by China Mobile Chairman Xi Guohua and Bharti Airtel founder and Chairman Sunil Bharti Mittal. “We are delighted to announce this landmark agreement with China Mobile.
02:00pm Market check: The market continued to be volatile in afternoon trade as the Nifty has been moving in a tight range of 8950-8990 levels on the upside. Pharmaceutical, technology, capital goods, HDFC group stocks along with index heavyweight Reliance Industries supported the market. However, FMCG and banks remained under pressure.
The 30-share BSE Sensex advanced 85.09 points to 29544.23 and the 50-share NSE Nifty rose 18.90 points to 8975.65. The BSE Midcap index gained 0.8 percent and Smallcap rallied 1.2 percent.
The market breadth remained in favour of gainers as advancing shares outnumbered declining ones on the Bombay Stock Exchange in the ratio of 1506 to 1163.
“There are two very strong forces in the market. One is the positive momentum and the tailwind coming from improving macros,” said Ritu Arora of Canara HSBC OBC Life Insurance. “But the reality, which is a headwind, also remains that corporate earnings [are bad],” she added.
While in the near term, she said the market would be rangebound, over the long term, “this building momentum should lead to double digit returns over three and five years.”
Reliance Industries extended gains, rising 4.5 percent. CLSA recommended buying the stock on weakness as the stock is at a discount to own as well as peer valuations. A media report indicated that LIC increased its stake in Reliance Industries by 2.1 percent.
Shares of TCS, HDFC, Sun Pharma, Cipla, Dr Reddy’s Labs, Wipro and Bajaj Auto rallied 1-3 percent whereas Axis Bank, Tata Motors, Mahindra & Mahindra and ITC fell 1-3 percent. Coal India remained under pressure, down 4.9 percent as it went ex- dividend today.
Tata Elxsi, Reliance Industries, ITC, Axis Bank, L&T, ICICI Bank and SBI were most active shares.