Sensex ends mildly higher, Nifty above 11,550; banks, metals fall
23 August 2018
Market at Close: After clinching fresh milestones in the morning, shares had a sort of an anti-climax ending as benchmarks managed to end the day on a subdued note. While IT, pharma and FMCG gained big, weakness in banks, metals and auto offset the positive upmove and pushed indices to flat lines. The Nifty managed to end the day above 11,550, but below 11,600 that it hit for the first time.
Metals and PSU banks were among the biggest losers, while pharma, IT, and infra, among others soared big. Among broader markets, midcap indices ended marginally in the red.
Among stocks, Larsen & Toubro, NTPC, and Tech Mahindra were the top gainers, while Tata Motors, Vedanta, and BPCL lost the most.
Buzzing: Shares of Granules India gained 4.7 percent as company received USFDA (US Food & Drug Administration) approval for the abbreviated new drug application (ANDA) filed by company for Ranitidine Tablets USP, 150 mg and 150 mg Cool Mint (OTC).
The approved ANDA is the bioequivalent to reference listed drug (RLD) of maximum strength Zantac Tablets, 150 mg, of Sanofi-aventis US LLC.
The company is intend to commercialise this product shortly.
Buzzing stock: Nestle India share price rallied 6 percent intraday to hit a record high of Rs 11,548 after partnership with Flipkart to launch MAGGI Special Masala noodles.
As a part of the partnership, from August 21 consumers can pre-book MAGGI Special Masala Noodles on Flipkart, the company said.
The company further said this product would also be available exclusively on Flipkart from August 25-30, following which it would be available nationwide through Nestle's strong distribution reach.
Talking about the launch, Maarten Geraets, General Manager, Foods, Nestle India said, "We are confident that this product with its special taste from 20 finely ground and whole spices and specially created bouncier non sticky noodles would be appreciated by our consumers."
Market Update: Equity benchmarks traded in a steady range in the pas hour, with the Nifty hovering around 11,550.
At 13:59 hrs IST, the Sensex is up 47.36 points or 0.12% at 38333.11, and the Nifty up 7.30 points or 0.06% at 11578.20. The market breadth is negative as 1,125 shares advanced, against a decline of 1,408 shares, while 166 shares were unchanged.
L&T, NTPC, and Tech Mahindra were the top gainers, while Tata Motors, Vedanta, and Hindalco lost the most.
RIL hits mcap of Rs 8L crore: Market capitalization of Reliance Industries on Thursday touched Rs 8 lakh crore on the BSE. The stock also touched a fresh 52-week high of Rs 1,260.80.
The huge upmove in the stock has been visible especially after the company laid out big plans at its annual general meeting (AGM), including the launch of its fibre-to-the-home service, GigaFiber.
The stock surpassed m-cap of Rs 7 lakh crore on July 13, 2018. The company on July 12 crossed the $100-billion market capitalisation mark for the first time in the last 10 years. IT bellwether Tata Consultancy Services' market valuation had in May surged past Rs 7 lakh crore.
Market Update: Weakness among banking names is weighing on the benchmarks, as they continue to trade off high point of the day. The Nifty is hovering around 11,550, while the Sensex is marginally in the green. Among other sectors, metals too are dragging the indices lower. IT, infrastructure and FMCG names are trading in the green.
The midcap index is down one-third of a percent. Shares of L&T are up 2 percent after the company approved Rs 9,000-crore buyback, while NTPC, and Dr Reddy’s Labs are the top gainers, while Tata Motors, Vedanta, and BPCL have lost the most.
The Sensex is up 56.64 points or 0.15% at 38342.39, and the Nifty up 9.60 points or 0.08% at 11580.50. The market breadth is negative as 1,108 shares advanced, against a decline of 1,329 shares, while 165 shares are unchanged.
L&T announces buyback: Larsen & Toubro on Thursday approved a buyback proposal of 6 crore shares, amounting to Rs 9,000 crore, at a price of Rs 1,500 apiece. This is a premium of 13.45 percent as of Tuesday’s closing price of Rs 1,322.15.
The number of shares make up for 4.9 percent of total paid up equity share capital.
“The buyback is proposed to be made from the shareholders of the Company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Regulations and the Companies Act, 2013 and rules made thereunder,” the company said in a filing to the exchanges.
Market Update: Equity benchmarks have given up most of their gains, with the Nifty trading just above 11,550-mark. The Sensex is trading almost flat.
At 11:52 hrs IST, the Sensex is up 25.97 points or 0.07% at 38311.72, and the Nifty up 1.50 points or 0.01% at 11572.40. The market breadth is negative as 1,092 shares advanced, against a decline of 1,281 shares, while 139 shares were unchanged.
Among stocks, banking names have further extended their fall, with the Bank Nifty trading almost a percent lower. Pharma, IT and FMCG are the top gainers. Midcaps, meanwhile, are trading in the red.
Larsen & Toubro, Power Grid, and Dr Reddy’s Labs are the top gainers, while Tata Motors, Vedanta and IOC have lost the most.
Strides Pharma Science gets USFDA nod: Shares of Strides Pharma Science gained 5 percent as company received acceptance from USFDA for two key ANDAs under newly introduced Competitive Generic Therapy.
The company's step-down wholly owned subsidiary, Strides Pharma Global Pte. Singapore, received ANDA acceptable for filing correspondence from the USFDA for two key ANDAs that met the prioritization factors as a potential First Generic with a 10-month GDUFA II review goal date.
As per IQVIA MAT data, the US market for these products cumulatively is USD 550 million.
If Strides is the first approved applicant with such competitive generic therapies, these products could be eligible for a potential 180-day CGT exclusivity, which functions in a similar manner to the Patent Challenge exclusivity for ANDAs.
Buzzing: Share price of ITI added 12 percent as company received letter of intent (LoI) worth of Rs 2,658 crore.
The company received letter of intent from Maharashtra State Government for execution of project for value of Rs 2,658 crore for two packages.
The company has participated in MahaNet-I project in Maharashtra along with consortium partners Aksentt and Karvy Data Management Services, for selection project implementation agency.
Buzzing stock: Shares of Navneet Education rose 2.4 percent intraday Thursday as company board approved the buyback of its equity shares.
The company board at its meeting held on August 20 approved buyback up to 46.87 lakh fully paid up equity shares of company at price of Rs 160 per share, aggregating to Rs 75 crore.
The buyback size is 9.29 percent fully paid-up equity share capital and free reserves as per the standalone audited balance sheet and 9.99 percent as per consolidated audited balance sheet of the company as on March 31, 2018.
The offer would be on proportionate basis through tender offer.
Market Update: After seeing fresh highs in the opening minutes, equities are off their high points, with the Nifty hovering around 11,600. The Sensex is up almost 100 points. Among sectors, pharmaceuticals are leading the charts, while FMCG is also trading strong.
Some pressure is visible among banking names as well as automobiles and metals. The midcap index is trading flat. Shares of Mahanagar Gas are down 6 percent on the back of a huge block deal sale to the tune of Rs 1,300 crore.
At 09:46 hrs IST, the Sensex is up 66.15 points or 0.17% at 38351.90, while the Nifty is up 16.00 points or 0.14% at 11586.90. The market breadth is narrow as 1,034 shares advanced, against a decline of 766 shares, while 105 shares were unchanged.
Buzzing stock: Shares of Mahanagar Gas slipped more than 5 percent in the opening trade on Thursday as company's promoter sold some stake through block deal.
BG Asia Pacific Holding, the foreign promoter of the company sold 15.6 percent stake in the company through a block deal on Thursday. The deal value has come in at Rs 1,334 crore.
After this block deal, BG Asia Pacific's shareholding in the company will be reduced to 10 percent from 24 percent earlier. The TV channel reported that the residual 10 percent stake has a lock-in period up to June 29, 2019.
Market Opens: It’s another record high start for the market on this Thursday morning, with the Nifty hitting 11,600 for the first time, while the Sensex hit 38,400 in the opening minutes.
At 09:15 hrs IST, the Sensex is up 114.88 points or 0.30% at 38400.63, while the Nifty is up 30.10 points or 0.26% at 11601.00. The market breadth is positive as 471 shares advanced, against a decline of 160 shares, while 49 shares were unchanged.
Among sectoral gainers, pharmaceuticals lead the way, up almost a percent, while IT and FMCG are the other top gainers. Banks, on the other hand, are trading lower. The midcaps space is trading marginally higher.
HDFC, Hero MotoCorp, and Lupin are the top gainers, while ICICI Bank, Adani Ports, and Vedanta are the top losers.
Rupee Opens: The Indian rupee opened lower by 21 paise at 70.02 per dollar on Thursday versus previous close 69.81.
Rupee consolidated in a narrow range for the fourth successive session following a relief rally in most of the Asian currencies. Rupee in the Asian pack has been one of the weakest currencies in this year and broad strength in the dollar is keeping gains capped for the currency, said Motilal Oswal.
Fall in the rupee has been on back of external factors as the domestic fundamentals remained unchanged. Rupee experienced a relief rally after comments from the US President, who said that he was "not thrilled" with the Federal Reserve's interest rate hikes. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.05 and 70.20, it added.
Market at pre-open: Pre-opening rates indicate marginally higher opening for the market with Nifty trading above 11,600 and Sensex trading above 38,300.
At 09:02 hrs IST, the Sensex is up 32.61 points 38,318.36, and the Nifty up 34.40 points at 11,605.30.
L&T up over 3 percent ahead of AGM for buyback. Dabur, TCS are some of the gainers, while RIL is trading lower.