Sensex up 197 pts; HDFC Bank, RIL major contributors

16 Nov 2018

Market at close: Indian indices ended on strong note on Friday with Nifty closed above 10,650 level.

The Sensex was up 196.62 points at 35,457.16, while Nifty was up 65.50 points at 10,682.20.

Barring metal, all other indices ended in green led by IT, energy, infra and pharma, while Nifty PSU bank index gained 2 percent.

Bharti Airtel, Reliance Industries, SBI, Hero Motocorp and HDFC are the top gainers on the Sensex.

SREI Infra Q2: Consolidated net profit rose 29 percent at Rs 111 crore versus Rs 86.1 crore. Revenue was up 26 percent at Rs 1,668 crore against Rs 1,320 crore.

Gold Update: Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union.

USFDA Observations for Dishman's Ahmedabad Plant

CNBC-TV18 said Dishman Pharmaceuticals' Ahmedabad API unit had received Form 483 with 2 observations which are:

US FDA said 1) Blending of in-specification with OOS (out-of-specification) immediate batches is performed; and 2) Laboratory investigations for OOS intermediate batches are not conducted.

The US Food and Drug Administration had inspected company's Ahmedabad API unit during October 22-26.

Market Update

Benchmark indices rallied further with the Sensex rising 280.19 points to 35,540.73 and the Nifty inching towards 10,700, up 77.30 points at 10,694.

The broader markets underperformed frontliners with the Nifty Midcap index rising 0.2 percent amid positive breadth.

About 1,123 shares advanced against 894 declining shares on the BSE.

USFDA Observations for Alembic Pharma's Panelav Plant

CNBC-TV18 said Alembic Pharma's Panelav plant had received Form 483 with four observations which are:

USFDA said 1) there is a failure to review discrepancy on whether or not batch is distributed; 2) there is no written procedures for production & process controls to assure drug quality; 3) batch production & control records do not include in-process results; and 4) employees are not given training in particular options they perform.

The US Food and Drug Administration had inspected Panelav plant during October 22-26. The company manufactures finished dosages in this plant.

V2 Retail Increases Retail Stores Count

V2 Retail has launched one operational retail store at near Mahendra Finance, Shahjahanpur, Shejadpur.

Therefore currently 73 retail stores are operational, the company said.

Oil Rises On Expected OPEC Cuts

Oil prices rose amid expectations of supply cuts from OPEC, although record US production dragged.

US West Texas Intermediate (WTI) crude oil futures were at $56.76 per barrel, up 0.53 percent, from their last settlement.

Brent crude oil futures were up 0.63 percent, at $67.04 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply. Source: Reuters.

Market Update:

Benchmark indices extended rally, driven by banking & financials, auto, FMCG and pharma stocks.

The 30-share BSE Sensex rallied 263.15 points to 35,523.69 and the 50-share NSE Nifty rose 71.50 points to 10,688.20.

Jet Airways Gains 11% Ahead Of Crucial Tata Sons Board Meet For Deal With Compan:

Jet Airways shares extended previous day's sharp rally ahead of crucial board meet of Tata Sons for clinching deal with the airline company.

The stock surged as much as 11 percent in morning today, in addition to 24.5 percent upside seen in the previous session.

Sources told CNBC-TV18 that Tata Sons Chairman Natarajan Chandrasekaran will appraise board on developments w.r.t Jet Airways, which has been struggling with cash crunch.

The channel learnt that the issue of deal with Jet is one of the agenda items in board meeting which is scheduled to be held later in the day.

USFDA Approval

Share price of Glenmark Pharma rose 1.5 percent in morning after company received a USFDA approval for Teriflunomide tablets.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Teriflunomide tablets, 7 mg and 14 mg, a generic version of Aubagio tablets, 7 mg and 14 mg, of Sanofi-Aventis US, LLC.

With this approval, Glenmark is eligible for 180 days of shared generic drug exclusivity for Teriflunomide Tablets, 7 mg and 14 mg.

Company's current portfolio consists of 142 products authorized for distribution in the US marketplace and 57 ANDA’s pending approval with the US FDA.

Yes Bank falls 4%: Shares of Yes Bank are down over 4 percent in the morning trade as investors reacted to the news of OP Bhatt resigning from CEO & MD’s search panel.

The stock has touched an intraday high of Rs 201.90 and an intraday low of Rs 196.65.

Former SBI chairman O P Bhatt has resigned from the panel set up by Yes Bank to find a successor to its MD and CEO Rana Kapoor, the private sector bank said.

Bhatt, who was an external expert on the Search and Selection Committee (S&SC), resigned with "immediate effect" as "there may be a potential conflict of interest", the bank added.

Market opens: Equity benchmarks have opened around quarter of a percent higher. The Nifty is well above 10,600-mark, while the Sensex has risen nearly 100 points.

Among sectors, there is strength visible in the pharmaceutical names along with IT and automobile names. Meanwhile, metal stocks are mildly under pressure. In the broader markets, the Nifty Midcap index is trading flat.

The Sensex is up 95.98 points or 0.27% at 35356.52, and the Nifty up 21.10 points or 0.20% at 10637.80. The market breadth is positive as 304 shares advanced, against a decline of 116 shares, while 34 shares were unchanged.

Shares of TCS, Sun Pharma, Indiabulls Housing and Bharti Infratel have gained the most, while Yes Bank, ONGC, and IOC lost the most.

Market Headstart: Nifty likely to open higher; 3 stocks which could give 6-9% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 34.5 points or 0.32 percent. Nifty futures were trading around 10,656-level on the Singaporean Exchange.

Asia trades mixed: The British pound lay battered in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal.

Asian share markets looked set to fare better as hopes for a thaw in Sino-US trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement

Wall Street ends higher: US stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports.