3:30 pm Market closing:
The market has ended higher. The Sensex ended up 216.68 points or 0.8 percent at 25735.90 and the Nifty was up 72.50 points or 0.9 percent at 7834.45. About 1776 shares have advanced, 929 shares declined, and 207 shares were unchanged.
ONGC, ICICI Bank, ITC, M&M, Vedanta were top gainers in the Sensex. Among losers were Sun Pharma, HUL, GAIL, HDFC Bank and Reliance.
3:00 pm India’s energy: India’s energy demands will be more than double by 2040 as the economy will grow over five times its current size, Petroleum Minister Dharmendra Pradhan.
Dharmendra Pradhan said in Lok Sabha the International Energy Agency has released India’s energy outlook in the World Energy Outlook 2015 which said that for the entire period till 2040, Indian economy will grow at a faster rate than any other country in the world by an average of 6.5 percent per year.
“India’s energy demand will be more than double by 2040 as economy will grow to more than five times its current size. A six million barrels per day rise in oil use is the largest projected for any country’s oil demand as 260 million new passenger vehicles will be added.
2:50 pm Pharma deal: Drug firm Strides Shasun has received approval from the Drug Controller General of India (DCGI) to produce a generic version of Gilead’s ‘Sovaldi’ used for treatment of Hepatitis C.
The company has received approval for manufacturing a generic version of Sofosbuvir 400 mg, Strides Shasun today said in a filing to BSE. Last year, Strides had entered into a licensing agreement with Gilead Sciences to bring Hepatitis C cure to 91 developing countries.
“The product will continue to be marketed under the brand name Virso in India and overseas,” Strides Shasun said. Sofosbuvir is the first-in-class polymerase inhibitor to be launched in India for Hepatitis C treatment and represents “a paradigm shift” in the existing Hepatitis C cure, it added.
2:30 pm Aviation market share: Budget carrier SpiceJet has, for the seventh consecutive month, reported a seat factor of above 90 percent in November while national carrier Air India saw seat occupancy going up by over seven percent during the period, according to DGCA traffic data.
Also, regional carrier Air Costa did not operate every fifth of its flight for various reasons in the previous month, according to data released by the aviation regulator Directorate General of Civil Aviation (DGCA) last week.
Gurgaon-based SpiceJet recorded a seat factor of 90.7 percent in November, the highest among the 11 domestic airlines, according to data. As against this, rival IndiGo recorded a seat factor of 83.9 percent in November while Air India saw its seat factor increasing to 81.7 percent as compared with 74.6 percent in October.
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The market has extended gains with support from FMCG and metals stocks. The Sensex is up 221.47 points or 0.9 percent at 25740.69 and the Nifty is up 70.55 points or 0.9 percent at 7832.50. About 1762 shares have advanced, 861 shares declined, and 184 shares are unchanged.
ICICI Bank, ITC, M&M, ONGC and Vedanta aree top gainers in the Sensex. Among the losers are Sun Pharma, HUL and GAIL.
Brent crude oil prices fell to levels last seen in 2004, dropping below the lows hit during the 2008 financial crisis on renewed worries over a global oil glut, with production around the world remaining at or near record highs and new supplies looming from Iran and the United States.
Analysts said a strong dollar following last week’s U.S. interest rate hike, which makes oil consumption more expensive for countries using different currencies, as well as a renewed increase in US oil rig counts were weighing on crude prices.