Nifty closes above 10,850, Sensex up 46 points; IT, pharma outperform

Market Close: The market erased all its morning gains and ended marginally higher with Nifty able to close above 10,850 and Sensex above 35,700 mark.
Meanwhile, among the sector, IT, pharma and PSU banking stocks have outperformed, while auto, infra and metal remained under pressure.
TCS, Infosys, Wipro, HCL Tech and Tech Mahindra are the top gainers in the IT space.
The Sensex up 46.64 points at 35739.16, and the Nifty up 13.80 points at 10856.70.
About 1280 shares have advanced, 1366 shares declined, and 178 shares are unchanged.
Shares of top telecoms operators Airtel, Idea Cellular and Reliance Communications dropped as much as 6 percent after Reliance Jio introduced an offer of giving more data to users.
The firm is offering 1.5 GB additional data per day to customers on all pre-paid plans priced in the range of Rs 149 to Rs 799.
"Airtel  introduced 1GB per day additional data on Rs 149 and Rs 399 price points only for a limited users. Jio will now provide 1.5 GB per day additional Jio 4G data to every pre-paid Jio user," a company source told PTI. 
Tata Motors today launched an anniversary edition of its compact sedan Tigor priced at Rs 5.58 lakh and Rs 6.57 lakh.
The limited edition Tigor Buzz will be available in both petrol and diesel engine options and will be equipped with manual transmission and is based on the XT variant, Tata Motors said in a statement.
While the petrol option is priced at Rs 5.68 lakh, the diesel version is tagged at Rs 6.57 lakh (ex-showroom Delhi), inclusive of the accessory kit, it added.
Karur Vysya Bank has entered into Bancassurance agreement with Max Bupa Health Insurance for distributing retail and group health insurance products to suit the needs of KVB customers.
At 14:40 hrs Karur Vysya Bank was quoting at Rs 107.65, down Rs 0.20, or 0.19 percent on the BSE.
Ruchi Soya locked at 5% upper circuit: Shares of Ruchi Soya Industries locked at 5 percent upper circuit as Adani group emerged as highest bidder for the company.
Adani's group company offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.
Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore, they added.
However, Patanjali will have a right to match the offer under an auction being done under so called Swiss challenge method.
Bharat Forge acquired stake in UK based company: The company share rose 2 percent as company acquired stake in UK based company.
The company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.
Pursuant to agreement, the company has acquired 34.53 percent and Bharat Forge International, UK, a wholly owned subsidiary of company has acquired 0.73 percent stake in Tevva, aggregating to combined stake of 35.26 percent.  
Buzzing: Shares of Page Industries gained over 3 percent on Wednesday as investors bet on the firm’s extension of licensing with Jockey International.
“Our license agreement with Jockey International Inc has been extended till December 31, 2040,” the company said in a filing to the exchanges.
The stock was in the news recently for its performance during the March quarter. The firm registered 41 percent jump in its March quarter (Q4FY18) to Rs 94.2 crore against Rs 66.8 crore in the same period last year.
After trading off the day’s high points in the previous hour, strength in pharma, IT and banking names are taking the market higher again. The Sensex is up over 100 points. The Nifty Pharma index is up over 2 percent, while gains in TCS is pushing Nifty IT index higher as well. Among stocks, Dr Reddy’s Labs, Sun Pharma, and Cipla are the top gainers, while Tata Steel, HUL, and Indiabulls Housing have lost the most. 
Market Check: Equity benchmarks have given up almost all of their gains from first few minutes. The Nifty is hovering around 10,850-mark. Gains are visible among frontline IT, pharma and PSU banking names while metals and infra see some weakness.  The Midcap index has also shaved off some part of its gains.
Dr Reddy’s Labs and Lupin are among the top gainers, while Bharti Airtel, Tata Steel and Indiabulls Housing were the top losers. Among other stocks, Sun Pharma is up 3 percent after it received an establishment inspection report from US FDA for its Halol plant, while TCS is trading higher by 2 percent after it said a buyback proposal is on the cards. Page Industries, too, gained 3 percent after it said that its licensing agreement with Jockey International was extended to December 31, 2040.
Share price of Sun Pharmaceutical Industries added 3 percent in the opening trade on Wednesday as company received EIR from USFDA for its Halol facility.
The company has received the EIR (establishment inspection report) from the USFDA for the inspection conducted at its Halol facility (Gujarat, India) during the period February 12-23, 2018.
The agency concluded that the inspection is now closed and the issues contained in the warning letter issued in December 2015 have been addressed, company said in release.
Market Opens: Shares have started on a good note, with the Sensex rising over 100 point, while the Nifty is well above 10,850-mark. 
All sectoral indices are trading in the green, with sharp gains seen in pharmaceuticals, IT and PSU banking space. The midcap index is trading higher by almost half a percent. 
The Sensex is up 144.22 points or 0.40% at 35836.74, while the Nifty is up 31.10 points or 0.29% at 10874.00. The market breadth is positive as 314 shares advanced, against a decline of 144 shares, while 46 shares were unchanged.
Shares of Sun Pharma and TCS are the top gainers, while Airtel, Kotak Mahindra, and Zee Entertainment are the top losers.   
Rupee Update: The Indian rupee opened lower by 12 paise at 67.60 per dollar on Wednesday against previous close 67.48.
Volatility for the USD-INR pair was confined to a narrow range in the past few sessions, but today is expected to open higher at 67.70 levels following weaker-than-expected economic numbers on the domestic front. Data released by CSO showed India’s inflation in May rose 4.87% compared to 4.53% in the previous month on back of higher fuel prices, said Motilal Oswal.
The central bank recently forecast retail inflation at 4.7% in October-March period, “with risks tilted to the upside”. On the other hand, India’s industrial production number for April rose 4.9% compared to estimates of 5.2%. Today, USD-INR pair is expected to to quote in the range of 67.45 and 67.80-67.95, it added  
Here are stocks that are in news today:
Ex-Dividend: Can Fin Homes, MAS Financial Services, Kansai Nerolac Paints
Wipro and Opera Solutions launch solution to detect and address fraud and waste in US Healthcare Insurance claims
TCS board will consider a proposal for buyback of equity shares on June 15
Moody upgraded the Counterparty Risk Assessment (CR Assessment) of PNB to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr)
Sun Pharma has received an establishment inspection report (EIR) for its Halol unit from USFDA
Allahabad Bank said that Hong Kong Regulator has upped supervision on banks branch
Alok Industries - NCLT asks resolution professional to present resolution plan to creditors
Bharat Forge acquired 34% and Bharat Forge International acquired 0.7% in TEVVA
Videocon to file defamation suit against Bloomberg   
The Nifty50 is likely to open flat on Wednesday following muted trend seen in other Asian markets. The Nifty50 closed 55 points higher at 10,842 on Tuesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21.5 points or 0.2 percent. Nifty futures were trading around 10,769-level on the Singaporean Exchange.
Wall Street made modest gains on Tuesday while the US dollar rose slightly against a basket of major currencies, with only muted impact from the long-awaited US-North Korea summit aimed at denuclearizing the Korean peninsula, said a Reuters report.
Asian shares edged slightly lower on Wednesday as investors looked to the Federal Reserve policy decision and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit in Singapore, it said.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent in early trade while Japan's Nikkei eked out gains of 0.10 percent.