10:59 am Market Update:
Equity benchmarks recouped early losses led by banks, infra and FMCG stocks.
The Sensex rose 21.99 points to 25632.52 and the Nifty gained 3.90 points at 7766.15. About 1043 shares have advanced, 1065 shares declined, and 120 shares are unchanged on the BSE.
10:50 am Buzzing: Shares of Cadila Healthcare fell 3 percent intraday after the company missed launch date for its anti-inflammatory drug Asacol HD generic.
It missed launch date due to unresolved observations at its Moraiya facility.
Cadila was expected to launch this drug under six-month exclusivity on November 15, 2015 but it has not yet received approval from US Food and Drug Administration for drug.
Analysts expect this drug to be a key launch as it is estimated to be around 7 percent of FY16 earnings per share.
The drug Asacol HD (mesalamine), which is used to treat ulcerative colitis, proctitis, and proctosigmoiditis, has size of USD 250 million.
10:40 am Oil update: Oil prices climbed in Asia today on geopolitical tensions sparked by the deadly terror attacks in Paris but analysts said a global crude supply glut is likely to restrict any gains.
French warplanes pounded the Islamic State group’s de facto capital in Syria yesterday in retaliation for the carnage in the French capital claimed by the jihadists, sparking fears of escalating tensions in the oil-producing but politically volatile Middle East.
US benchmark West Texas Intermediate for delivery in December was up 27 cents to USD 41.01 and Brent crude for January — a new contract — was trading 50 cents higher at USD 44.97 a barrel.
10:20 am FII View: Mahesh Nandurkar, CLSA says over past 12 months, a combination of efficient governance and favourable global conditions has allayed several macro concerns on India but corporate performance remains weak.
According to him, the economy is in a consolidation phase and collateral damage from the same is weak rural demand and a softer property market. But this is a healthy correction, laying a solid foundation for growth, he feels.
10:00 am Market Check
The market remained under pressure in morning trade with the benchmark indices falling half a percent. The broader markets also declined with the BSE Midcap and Smallcap indices down 0.3-0.4 percent. The market breadth too was weak as about 1079 shares declined against 789 advancing shares on the BSE.
The 30-share BSE Sensex fell 116.46 points to 25494.07 and the 50-share NSE Nifty declined 38.60 points to 7723.65.
Shares of Fragrance maker SH Kelkar & Company have seen strong buying interest on listing day. The stock has opened at Rs 216 on the National Stock Exchange, up 20 percent over its issue price of Rs 180. It touched an intraday high of Rs 225.05, up 25 percent.
Infosys topped selling list on Sensex, down 2.6 percent followed by TCS, HDFC, Tata Motors, Axis Bank, ONGC, Bajaj Auto and Coal India with 1-1.5 percent loss.
Dr Reddy’s Labs gained 2 percent. ITC, ICICI Bank, L&T, SBI and Bharti Airtel advanced 0.5-1 percent.