Home / Business / Money / Sensex surges 500 pts, Nifty nears 7950; Europe rallies

Sensex surges 500 pts, Nifty nears 7950; Europe rallies


TheNewsInternational Team

1:50 pm Buzzing:

Shares of Aurobindo Pharma rose 3.7 percent intraday on getting approval from the US Food & Drug Administration (USFDA) for hepatitis B drug.

“The company has received the final approval from the USFDA to manufacture and market Entecavir Tablets, 0.5mg and 1mg,” it said in a filing to the exchange.

The approved ANDA (abbreviated new drug application) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Baraclude tablets, 0.5mg and 1mg, of Bristol-Myers Squibb.

Entecavir tablets are indicated for treatment of chronic hepatitis B virus infection of the liver. The product has an estimated market size of USD 294 million for the twelve months ending June 2015, according to IMS.

1:30 pm Market outlook: Swati Kulkarni, Executive Vice President and Fund Manager, UTI MF does not see market correcting big time, and expects it to be range bound in the near-term. The house would continue with the business of investing even in current volatile scenario and in fact would take this as an opportunity to do some bargain hunting, says Kulkarni They would now look at adding sectors they have been under weight on, while continue to be overweight on cyclicals like autos, cement and industrial manufacturing. They would also look at defensives like IT and pharma now, she adds.

However, retail investors need to have a diversified portfolio, says Kulkarni. According to her, given the overall macro improvement in the economy, cyclical upturn and earnings recovery is likely to come through in the second half of FY16. However, it is unlikely that valuations will expand until earnings pick up, says Kulkarni in an interview to CNBC-TV18.

Don’t miss: Can’t compare today with ’97 Asian crisis, says Deutsche Bank

The market is surging ahead as European markets are up 2-3 percent following strong US and Asia. the Sensex is up 483.98 points or 1.9 percent at 26198.64. The Nifty is up 147.85 points or 1.9 percent at 7939.70. About 1806 shares have advanced, 636 shares declined, and 71 shares are unchanged.

HDFC, Vedanta, Cipla, Lupin and Dr Reddy’s Labs are top gainers in the Sensex. Among the losers are BHEL, Bajaj Auto, NTPC, Hindalco and Hero MotoCorp.

Gold steadied after suffering its biggest fall in five weeks in the prior session as stock markets recovered, but indications that a US rate hike might happen later than expected kept a floor under prices.

Cheered by Wall Street’s rebound, Asian stocks rose led by Chinese markets whose deep tumble this week fed a global rout. Providing some support to gold were comments by New York Fed President William Dudley that the prospect of a September rate increase looks “less compelling” given the threat posed to the US economy by recent market turmoil.


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 ...