Sensex ends 218 points lower, Nifty below 10,550; midcaps see a big fall

CNBC

Market at Close: It’s a negative end for the market for this week as tomorrow is a trading holiday on account of Guru Nanak Jayanti. 

The Nifty has given up 10,550-mark.
Among sectors, financials, consumption, energy, metals and pharma saw the most losses, while selling was visible in the midcaps space. 
Adani Ports, TCS, and Zee Entertainment were the top gainers, while M&M, Tata Steel, and Grasim lost the most. 
At the close of market hours, the Sensex was down 218.78 points or 0.62% at 34981.02, while the Nifty was lower by 73.20 points or 0.69% at 10526.80. The market breadth was negative as 1093 shares advanced, against a decline of 1489 shares, while 153 shares were unchanged. 
USFDA Approval
Zydus Cadila has received the final approval from the USFDA to market Atorvastatin Calcium Tablets in the strengths of 10 mg, 20 mg, 40 mg and 80 mg (US RLD — Lipitor).
It will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad.
Atorvastatin is used along with a proper diet to help lower bad cholesterol and fats (such as LDL, triglycerides) and raise good cholesterol (HDL) in the blood.   
Rupee At Day's High
The Indian rupee appreciated further in afternoon, trading at day's high on falling oil prices.
Weakness in dollar against some currencies, increased selling of the greenback by exporters & banks, and persistent foreign fund inflows also supported the rupee.
The currency was trading at 71.04 against the US dollar, up 42 paise or 0.6 percent after hitting day's high of 71.02 a dollar and low of 71.20.
ONGC Ordered To Pay Rs 242 cr to Mumbai Port Trust
Oil and Natural Gas Corporation (ONGC) has been ordered to pay about Rs 242 crore to the Mumbai Port Trust (MbPT) as wharfage compensation for the transportation of crude oil through the two pipelines the company had laid within the limits of the state-run port.
In a regulatory filing, state-owned ONGC said it is examining the admissibility of the claim.
The Tariff Authority for Major Ports (TAMP) passed an order for wharfage compensation payable by ONGC on October 3, 2018.
TAMP order stated that "ONGC shall pay to MbPT a compensation at one half of wharfage rate as applicable on the per tonne of crude oil which will be imported into the port of Mumbai through all or any of the ONGC pipelines." Source: PTI  
Pennar Group Bags Order
Pennar Group, a leading value-added engineering products and solutions company, has bagged orders worth Rs 317 crore across its various business verticals and the subsidiary, PEBS Pennar.
The Group’s flagship company Pennar Industries Limited (PIL) received multiple orders aggregating Rs 190 crore across its business verticals such as railways, tubes and industrial components. These orders were received from PIL’s long standing customers including Solis Engineering, JM Infratech, IFB, Ashok Leyland, Tecumseh, Wabco, Mahindra, Salem Steel, etc. 
Investec cuts Eicher Motors target to factor in impact of strike
Royal Enfield maker Eicher Motors shares fell a percent intraday after Investec slashed target price on the stock by 13.4 percent to Rs 30,300 from Rs 35,000 earlier following cut in earnings estimates.
The research house trimmed its EPS estimates by 3 / 1 percent for FY19/20 primarily to factor in impact of strike, but it has maintained buy call on the stock.
Goa Plant II & III clears USFDA inspection
Indoco Remedies shares were locked in 20 percent upper circuit at Rs 206.40 after company's Goa Plant II & III cleared the US health regulator's inspection.
The US Food and Drug Administration (USFDA) inspected Indoco's sterile facility (Plant II) and solid dosages facility (Plant III) situated in Goa from November 14-21, 2018.
"The inspection concluded with Indoco receiving 2 minor observations, none of which are repeat in nature," the pharma company said in its filing.
This facility had received a warning letter from the USFDA in March 2017.
Market Outlook
Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas said the markets are facing a number of headwinds both on the micro as well as the macro level. US China trade wars pose a threat of slowing down global growth also the upcoming general and state elections will keep the Indian markets volatile.
On the earning front Q2 has been lacklustre mainly due to higher raw material costs. Oil prices declining due to oversupply issues comes as a big relief to India and will keep the fiscal deficit in check for the time being.
Investors looking to create a long term portfolio should use any dips in the market to get into quality names where valuations remains reasonable  
Investec Raises HDFC Target
Housing Development Finance Corporation shares gained a percent in morning as Investec believes company should benefit from the liquidity crisis on account of its strengths on liability side.
While having a buy call on the stock, the research house raised its target price to Rs 1,950 from Rs 1,825 earlier, implying a 4 percent potential upside.
Investec expects HDFC to gain market share in the current year, preserving its profitability, and expects more than 14 percent value compounding over medium-term.  
Macquarie Downgrades NMDC to neutral on Donimalai lease issue
NMDC shares fell 1.8 percent in morning on Thursday after global brokerage house Macquarie downgraded the stock to neutral amid Donimalai lease issue.
The research house also reduced its FY20-21 EPS estimates by 9-5 percent as it feels Donimalai lease issues may be a drawn-out legal battle.
"We build a 6-month disruption into the base case, but risks are on downside. Steel plant is facing some delays, & we push commissioning by 6 months to FY21," Macquarie said.
Technical Outlook
Laurence Balanco of CLSA said the Nifty has been consolidating between support Of 9,960-9,970 & resistance at 10,669-10,772.
If the index breaks below 9,960-9,970 support, then it would trigger the bearish implication of the cited top, he added.   
Glenmark Pharma Gets USFDA Approval for Antimicrobial Drug
Glenmark Pharmaceuticals shares gained 1.7 percent in morning after the US health regulator approved antimicrobial drug of the company.
"The United States Food & Drug Administration (USFDA) granted final approval for Atovaquone oral suspension, which is available in 750 mg/5 mL strength," the company said in its filing.
Abbreviated new drug application was filed by its US subsidiary.
Atovaquone is a generic version of Mepron oral suspension, 750 mg/5 mL, of GlaxoSmithKline LLC.
Market Update: Equities have extended their gains, with the Sensex rising over 100 points. 
At 09:31 hrs IST, the Sensex is up 110.43 points or 0.31% at 35310.23, and the Nifty up 32.30 points or 0.30% at 10632.30. The market breadth is positive as 820 shares advanced, against a decline of 459 shares, while 52 shares were unchanged.
TCS, Yes Bank, Tech Mahindra and Zee are the top gainers, while Airtel, Axis Bank, and Bharti Infratel have lost the most.  
Market opens: Equity benchmarks have begun the day on a good note, with the Nifty holding 10,600 in the opening tick. The 
The Sensex is up 84.56 points or 0.24% at 35284.36, and the Nifty up 18.80 points or 0.18% at 10618.80. The market breadth is positive as 305 shares advanced, against a decline of 104 shares, while 36 shares were unchanged.
Among sectors, energy and IT names are trading in the green, while Nifty Infra is down around half a percent. Buying is visible in the broader markets, with Nifty Midcap rising over 0.40 percent. 
Shares of ONGC, Yes Bank, and Tech Mahindra are the top gainers, while Maruti Suzuki, Hero MotoCorp, Bharti Airtel and Dr Reddy’s Labs have lost the most. 
Market at pre-open: Equity benchmarks are trading higher in pre-opening trade. The Nifty is trading above 10,600.  
At 09:02 hrs IST, the Sensex is up 152.01 points or 0.43% at 35351.81, while the Nifty is higher 36.00 points or 0.34% at 10636.00.
The Indian rupee has opened 32 paise higher at 71.14 per US dollar.