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News Mid-Session

 
Market drifts higher in early trade
13-Jun-18   09:30 Hrs IST

Domestic stocks drifted higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 131.46 points or 0.37% at 35,823.98. The Nifty 50 index was up 33.70 points or 0.31% at 10,876.55 .

The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.57%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 927 shares rose and 400 shares fell. A total of 55 shares were unchanged.

On the macro front, India's retail inflation in May rose to a four-month high of 4.87% due to costly petrol and diesel, and a weak rupee while industrial production recovered marginally to grow at 4.9% in April, data released by government after market hours yesterday, 12 June 2018 showed.

Traders and investors are closely awaiting a series of domestic and global events this week. The wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, the US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

Overseas, most Asian stocks were trading lower as investors turned their attention to the major central bank meetings this week. US stock indexes finished higher yesterday, 12 June 2018 as investors put the US-North Korea meeting in the rear-view.

Back home, TCS gained 1.74% after the company said that its board of directors will meet on 15 June 2018 to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours yesterday, 12 June 2018.

Sun Pharmaceutical Industries (Sun Pharma) advanced 2.98% after the company announced that it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted at its Halol facility (Gujarat, India) during the period 12-23 February 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.

Commenting on the development, Dilip Shanghvi, managing director, Sun Pharma said that this is an important development for the company. Sun Pharma remains committed to following the highest levels of quality and 24x7 cGMP compliance at all its manufacturing facilities globally. The announcement was made after market hours yesterday, 12 June 2018.

Page Industries rose 2.43% after the company announced that its license agreement with Jockey International Inc., has been extended till 31 December 2040. The announcement was made after market hours yesterday, 12 June 2018.

Federal Bank rose 0.79% after the bank said it entered into definitive agreements for investment upto 19.89% in the equity share capital of Equirus Capital. The announcement was made after market hours yesterday, 12 June 2018.

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