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Sensex bounces back, Nifty reclaims 8400; IT, banks lead


The News International Team

09:50am Cadila gains: Cadila Healthcare acquired 50 percent stake from Bharat Serums and Vaccines in its JV firm, Zydus BSV Pharma, to make the unit a 100 percent subsidiary.

“The company has purchased 50 percent shares of Zydus BSV Pharma (Zydus BSV) from Bharat Serums and Vaccines and now Zydus BSV has become 100 percent subsidiary of Cadila Healthcare,” Cadila Healthcare said in a BSE filing. Zydus BSV Pharma, founded in 2005, is a joint venture (JV) company of Cadila Healthcare and biotech firm Bharat Serums and Vaccines (BSV).

Financial details of the transaction are not known. Zydus BSV Pharma develops, manufactures and markets non-infringing and proprietary novel drug delivery system (NDDS) of approved anti-cancer agents for global markets.

It also offers contract manufacturing capabilities based on its modern facility and experience in the oncology injectable product manufacturing area. 

09:35am Market Expert: Deven Choksey of KR Choksey Shares strongly believes that the current market fall is purely technical because there is nothing fundamentally wrong.

According to him, the selling pressure could be because FIIs are reducing their weight in the market and are offloading their longs. They are adjusting their books, he adds.

For him, this fall provides an excellent opportunity for those who want to create long only portfolio. One should now look at investing into quality stocks from the private banking space that have fallen anywhere between 10-30 percent and whose business models look robust, he says.

09:15am Market Check

The market kicked off April series on a positive note on Friday after a 188-point fall on the Nifty in previous session, the last session of March series. The Sensex rose 120.25 points to 27577.83 and the Nifty climbed 30.05 points to 8372.20.

About 450 shares have advanced, 134 shares declined, and 88 shares are unchanged on the BSE.

Infosys, Hindalco, SBI, ICICI Bank, TCS, Idea Cellular and Wipro were top gainers in early trade, up 0.8-1.7 percent while M&M, GAIL, Dr Reddy’s Labs, Tata Motors, Bajaj Auto, BPCL and NMDC fell 0.7-2 percent.

The Indian rupee has opened lower by 13 paise at 62.80 per dollar today against previous day’s close of 62.67.

The dollar index bounced off a three-week trough led by some upbeat economic data and a rise in US treasury yields.

Pramit Brahmbhatt of Veracity said, “Local equity market is likely to trade sideways today and will take cues from global markets for further directions. Month-end dollar demand from oil importers may force rupee to depreciate.”

He further added, “At present, mixed global sentiments have dented the global equity market and has forced it to trade weak. Rupee range for the day is seen between 62.20-63.20/dollar.”

On the global front, Asian markets were mixed. Equities in the US failed to shake off losses of the last three sessions and investors weighed geopolitical events ahead of earnings season. The jobless claims data shows that the number of Americans filing new claims for unemployment benefit fell by 9,000 last week to 2,82,000. In other data, Markit’s flash reading of service sector PMI rose to 58.6 in March.

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