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News Mid-Session

 
Market edges higher in early trade
15-Jun-18   09:33 Hrs IST

A bout of volatility was seen in early trade as the key benchmark indices reversed initial losses. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 33.22 points or 0.09% at 35,633.04. The Nifty 50 index was up 12.60 points or 0.12% at 10,820.65.

The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.38%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 858 shares rose and 452 shares fell. A total of 55 shares were unchanged.

Overseas, most Asian stocks were trading on a mixed note. The Bank of Japan meets today, 15 June 2018 with no change to policy expected.

US stock-market indexes closed mostly higher yesterday, 14 June 2018 on gains by big technology and media companies, outweighing laggard financial and industrial shares.

Meanwhile, US President Donald Trump reportedly approved tariffs on about $50 billion of Chinese goods, as the US ratchets up its trade fight with Beijing over China's alleged pressure on US firms to transfer technology to Chinese partners. It wasn't clear when the tariffs would go into effect.

In Europe, the European Central Bank (ECB) said it would phase out some of its easy-money policies on the back of an improving economic picture in Europe. On interest rates, the ECB said rates will remain at their present all-time lows at least through the summer of 2019.

The ECB said it would continue its program of buying 30 billion euros a month of bonds through September, as planned. The purchase amount will then be reduced in October to 15 billion euros a month and run through the end of December. The purchases will end in December.

Back home, Wipro rose 0.66% after the company announced that it signed two multi-year business deals — one with Nokia for the design and digitalisation of Nokia's sales order operations and another with LATAM Cargo, a part of Latin America's LATAM Airlines Group, for cargo management. Wipro, however, did not provide any financial details about the two contracts. Both the announcements were made separately after market hours yesterday, 14 June 2018.

Dr. Reddy's Laboratories gained 2.72% after the company announced that it has received final approval from the US Food and Drug Administration (USFDA) and is launching Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the United States market. The product is being launched with an approved Risk Evaluation and Mitigation Strategy (REMS) Program. The announcement was made before market hours today, 15 June 2018.

Buprenorphine and naloxone are used to treat adults with opioid dependence/addiction. Buprenorphine helps suppress withdrawal symptoms caused by discontinuation of opioid drugs, and naloxone reverses and blocks the effect of opioids. This combination of medications is used as part of a complete treatment program including prescription monitoring, counseling, and psychosocial support. The Suboxone brand had US sales of approximately $1.86 billion MAT for the most recent twelve months ending in April 2018 according to IMS Health.

ICICI Bank rose 0.98%. ICICI Prudential Life Insurance Company rose 1.07%. ICICI Bank said it intends to exercise oversubscription option to sell additional 1.43 crore shares in ICICI Prudential Life Insurance Company. The announcement was made after market hours yesterday, 14 June 2018.

On 13 June 2018, ICICI Bank said its board approved the sale of up to 2.87 crore shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches, in any manner permissible under applicable law, including through an 'offer for sale by promoters through stock exchange mechanism' (OFS), as may be permitted and in the manner specified by the Indian regulatory authorities.

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