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Sensex, Nifty extend rally; rupee at 66/$, Tata Motors down


TheNewsInternational Team

11:00 am Market Update:

The Sensex rallied 447.56 points or 1.72 percent to 26411.53 and the Nifty rose 136.60 points or 1.73 percent to 8035.75.

About 1579 shares have advanced, 452 shares declined, and 77 shares are unchanged on the BSE.

10:45 am Lupin in news: Lupin has received an approval from the US FDA for Clarithromycin that is used to treat bacterial infections.

According to a media report, India’s third-largest drug maker by sales is said to have thrown its hat into the ring to acquire London-listed Sinclair IS Pharma in a deal topping USD 500 million.

The skin-focused pharma company, owned by a group of private equity investors, has asked investment bank NM Rothschild to help find a buyer for all or part of its business, a report said.

10:30 am Acquisition: 8K Miles Software Services, the cloud solutions provider, today announced that its US subsidiary 8K Miles Software Services Inc has entered into a stock purchase agreement with NexAge Technologies USA Inc.

The agreement includes acquisition of intellectual property, technical solutions, client contracts, and employees. The total consideration for the deal is USD 30,00,000 in combination of cash and stock and includes the existing NexAge’s debt of USD 8,00,000.

10:15 am FII view on Fed: Keith Parker, Barclays says the US Federal Reserve decided to keep its policy rate unchanged, leading to a dollar sell-off & bond rally while equities failed to sustain gains.

“Although we see the FOMC statement as slightly more dovish than expected, we believe the majority of participants expect to hike rates this year,” he adds.

“We stand by our call for a March lift-off, as we continue to believe that weak inflation early next year will push the FOMC out of 2015,” says Keith.

Also read – Dollar yet to peak; EMs may struggle: Deutsche Bank Sec

10:00 am Market Check

The market extended rally in morning trade with the Sensex rising 368.43 points or 1.42 percent to 26332.40 and the Nifty climbing 114.65 points or 1.45 percent to 8013.80. The rupee, too, gained further, up 42 paise to 66.02 a dollar.

The BSE Midcap and Smallcap indices jumped more than 1 percent as about 1339 shares have advanced against 311 shares declined on the Bombay Stock Exchange.

Banks are leaders in rally with the Bank Nifty up 500 points, especially after media report indicated that the government is considering increasing foreign direct investment (FDI) limit in private banks to 100 percent. HDFC Bank, ICICI Bank and Axis Bank jumped 3-4 percent. HDFC was up 2 percent and SBI gained 3 percent.

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