Sensex falls 222 points; auto stocks slip

22 Mar 2019

Market Close: Benchmark indices ended lower but off day's low on Friday with Nifty finished below 11,500 level.

At close, the Sensex was down 222.14 points at 38164.61, while Nifty was down 64.10 points at 11456.90. About 1009 shares have advanced, 1665 shares declined, and 143 shares are unchanged.

NTPC, L&T, Asian Paints, JSW Steel and Hindalco Industries were top gainers on the Nifty, while losers were Bharti Infratel, BPCL, Tata Motors, HPCL and Reliance Industries.

Except infra all other sectoral indices ended in red led by Nifty PSU bank, auto, energy, pharma, metal and IT. BSE Midcap fell 0.60 percent, while Smallcap index fell 0.40 percent.

TVS Electronics to sell entire holding in subsidiary: The company has entered into share purchase agreements for disposing its entire shareholding in Benani Foods, subsidiary of the company.

Canara Bank issues Foreign Currency Bond under MTN: The bank launched a issuance of 5 year Senior Unsecured Bonds (Medium Term Notes) to the extent of USD 400 million under Medium Term Note (MTN) Programme, through its London branch. It is priced at 5 year US Treasury plus 170 bps carrying a coupon of 3.875% fixed payable half yearly.

No observations for Cadila's Ahmedabad facility: The USFDA inspected the pharmaceutical technology centre (PTC), at Ahmedabad, dedicated to new product development of various niche dosage forms including solid oral, parenteral, pulmonary, oncology, ointment & creams and transdermal, from March 18 to 22, 2019.

At the end of the inspection, no observations (483) have been issued.

Aurionpro wins prestigious order: Company's subsidiary in Singapore has won a prestigious project, in banking and fintech space, from one of the largest banks in Singapore, having significant operations in Southeast Asia including in key markets of Malaysia and China.

Market Update: The benchmark indices are erased all its gains and trading at day's low point with Nifty around 11,450 level.

The Sensex is down 254.13 points at 38132.62, while Nifty is down 75.60 points at 11445.40. About 928 shares have advanced, 1551 shares declined, and 135 shares are unchanged.

Zydus receives final approval from the USFDA: Zydus Cadila has received the final approval from the USFDA to market Lurasidone Hydrochloride Tablets USP (US RLD-Latuda Tablets), in the strengths of 20 mg, 40 mg, 60 mg, 80 mg and 120 mg.

Caplin Point gets USFDA nod: Caplin Point Laboratories Caplin Steriles, a wholly owned subsidiary of Caplin Point Laboratories has been granted final approval by the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Glycopyrrolate injection USP.

Jefferies on Maruti Suzuki: Research house maintained buy rating on the stock with a target at Rs 7,600 per share. It feels that access to Toyota's technology will be key to long-term prospects.

Market Outlook

Ajay Bodke, CEO PMS at Prabhudas Lilladher said a long pause announced by the US Federal Reserve signals a momentous shift when compared to market expectations of around 3 to 4 rate increases of 0.25 percent each by the Fed just 6 months back.

This is likely to significantly ease pressure on Emerging market (EM) currencies and allow their Central Banks to embrace aggresive monetary easing. This is particularly the case for EMs like India where domestic inflationary prints are benign and inflationary expectations well-anchored, it believes.

Drug Launch In US

Pharma major Lupin launched Levothyroxine Sodium tablets USP in the United States.

Lupin's Levothyroxine Sodium Tablets USP is the generic equivalent of AbbVie, Inc's Synthroid tablets which are indicated for hypothyroidism and pituitary thyrotropin suppression.

Tata Power bags Rs 1,200 crore contract: Tata Power Strategic Engineering Division (Tata Power SED) announced the signing of an important deal with the Ministry of Defence, Government of India, to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years.

Alembic Pharma receives USFDA approval: The company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Azelastine Hydrochloride Ophthalmic Solution, 0.05%.

Technical Outlook

On hourly chart, Nifty formed a bearish divergence pattern hence possibility of some correction in the near term can’t be ruled out, Way2Wealth said.

In that case, 10,450–10,410 will act as an immediate support for Nifty. On the other side, 11,550-11,600 zone will be a near term supply zone, it added.

Rupee Update: The Indian rupee extended morning gains and trading higher by 26 paise at 68.56 per dollar versus 68.82 Wednesday.

Buzzing: Shares of The Investment Trust of India rallied 17 percent after the company on March 20 bought back equity shares worth Rs 54.36 crore of ITI Reinsurance, making it a wholly-owned subsidiary of the company.

Gold Update: Gold extended losses on Friday, moving further away from a three-week peak hit in the previous session, as appetite for riskier assets improved on upbeat US economic data, while the metal was still on path for a third straight weekly gain.

Crude Update: Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Market Opens: It is good start for the Indian indices on the last day of the week with Nifty around 11,550 level.

The Sensex is up 126.22 points at 38512.97, while Nifty up 40 points at 11561. About 612 shares have advanced, 298 shares declined, and 40 shares are unchanged.

Indiabulls Housing, NTPC, Yes Bank, Grasim Industries, Bajaj Finserv, L&T, JSW Steel, Eicher Motors are among major gainers on the indices, while losers are Coal India, TCS, Maruti Suzuki, Adani Ports, HUL, Bharti Infratel and Wipro.

Among the sectors, except IT and metal all other sectoral indices are trading in green.

Rupee Opens: The Indian rupee gained in the early trade on Friday. It opened higher by 18 paise at 68.64 per dollar versus 68.82 yesterday.

Market at pre-open: Benchmark indices are higher in the pre-opening session.

Sensex is up 93.49 points or 0.24% at 38480.24, and the Nifty up 31.50 points or 0.27% at 11552.50.

RIL, UltraTech Cement are among gainers, while Jet Airways, Interglobe Aviation are trading lower in the pre-opening session.

Asian markets trade firm: Asian shares advanced on Friday after upbeat data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve's cautious outlook on the world's biggest economy.

Wall Street ends higher: An Apple-led tech rally pushed Wall Street higher on Thursday as jitters over the Federal Reserve's forecast of an economic slowdown were calmed by upbeat economic data.

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 8 points or 0.07 percent. Nifty futures were trading around 11,584-level on the Singaporean Exchange.