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Nifty ends at 7982, Sensex gains 255 pts; bank, pharma up


TheNewsInternational Team

3:30 pm Market closes:

After a strong rally, the market cooled off a bit in the end. The Sensex ended up 254.94 points or 0.9 percent at 26218.91 and the Nifty closed up 82.75 points or 1 percent at 7981.90. About 1693 shares advanced, 924 shares declined and 118 shares were unchanged.

Axis Bank, ONGC, Sun Pharma, Lupin and HDFC Bank were top gainers in the Sensex. Among the losers were Tata Motors, Bajaj Auto, Hindalco, BHEL and NTPC.

3:10 pm Market outlook: IIFL says the government is keen to resolve the debt issue for banks and if this happens, price to book value multiples will see a re-rating for power distribution companies like REC and Power Finance Corporation.

Speaking to CNBC-TV18, Harshvardhan Dole, Vice President Institutional Equities, IIFL says not only will the non-performing assets (NPA) concerns be resolved, but it will also improve the quality of power supply.

This will further increase the headroom to undertake price revision, which is key for improving the cash flow for State Electricity Boards (SEBs), he says. However, he is of the view that this might take over an year to resolve.

2:50 pm Market halves gains: Equity benchmarks gave up more than half of gains in last hour of trade. The Sensex gained 259.21 points at 26223.18 and the Nifty rose 75.15 points or 0.95 percent to 7974.30.

ITC, HUL and Bharti Airtel extended fall, down 1.4-2 percent. Tata Motors shed more than 3 percent. Cipla, BHEL, Vedanta, L&T and GAIL declined 0.5-0.8 percent.

About 1703 shares have advanced, 832 shares declined, and 121 shares are unchanged on the BSE.

2:40 pm Jubilant Life in News: Jubilant Life Sciences today said it has received US health regulator’s nod to market its generic zolmitriptan orally disintegrating tablets, an anti-migraine drug, in the American market.

The company has received nod from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for zolmitriptan orally disintegrating tablets in strengths of 2.5 mg and 5 mg, Jubilant Life Sciences said in a regulatory filing.

The company’s drug is a generic version of AstraZeneca’s Zomig-ZMT tablets, which is used for acute treatment of migraine headaches in adults.

2:30 pm Import duty on edible oil: Government today hiked import duty on crude and refined edible oils by 5 percent in a bid to protect farmers’ interest and provide a level-playing field to domestic oilseed processors.

The Solvent Extractors Association (SEA) said however that the marginal increase in import duty of edible oils was not “enough” to curb cheap imports, and will not benefit farmers and local refiners to a great extent.

According to a notification issued by the Central Board of Excise and Customs (CBEC), customs or import duty on edible oil in all categories has been increased by 5 percent.

2:15 pm New rules by SEBI: To ensure more transparency, SEBI has asked listed companies to inform stock exchanges at least two working days in advance about board meetings on proposals related to buyback of securities, voluntary delisting and fund raising.

The move is aimed at bringing in greater transparency in the business affairs of the listed firms. Under the new norms, prior intimation of a board meeting is required to be forwarded to the stock exchanges.

Also read – Nifty to make news highs this year; buy financials: Quantum

2:00 pm Market Check

Equity benchmarks remained strong in afternoon trade after Federal Reserve left funds rates unchanged. The 30-share BSE Sensex rose 449.51 points or 1.73 percent to 26413.48 and the Nifty climbed 137.65 points or 1.74 percent to 8036.80.

Robert Parker, Senior Advisor – Investment, Strategy & Research,Credit Suisse reiterates his earlier view that India is likely to outperform other emerging markets. If one were to look at India’s market performance today, it clearly shows there is more focus on positive domestic cues than negative global cues, he says, adding India has been a clear beneficiary of lower commodity prices.

The broader markets, too, rallied with the BSE Midcap and Smallcap indices rising 1.6 percent and 1.4 percent, respectively. About 1732 shares have advanced against 740 shares declined on the Bombay Stock Exchange.

HDFC Bank, ICICI Bank, HDFC, Axis Bank, SBI, Mahindra & Mahindra and Hero Motocorp topped the buying list, up 3-5 percent. However, Tata Motors fell 2.7 percent after Tata Steel diluted some stake in the company. HUL lost 1.5 percent.

The Indian rupee gained more strength, up 70 paise or 1 percent to 65.75 a dollar.

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