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News Mid-Session

 
Pharma stocks gain
13-Jun-18   10:25 Hrs IST

Stocks trimmed gains in morning trade after an initial upmove. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 74.31 points or 0.21% at 35,766.83. The Nifty 50 index was up 16.60 points or 0.15% at 10,859.45. Pharma shares gained.

Domestic stocks drifted higher in early trade.

The S&P BSE Mid-Cap index was up 0.29%. The S&P BSE Small-Cap index was up 0.34%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1212 shares rose and 805 shares fell. A total of 83 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 tomorrow, 14 June 2018.

On the global front, the US Federal Reserve's two-day policy meeting concludes today, 13 June 2018. The Fed is widely expected to raise interest rates for the second time this year after a move in March as the US economy remains solid. Investors will closely watch the outlook for future monetary tightening amid an ongoing economic expansion.

The European Central Bank (ECB) will hold its policy meeting tomorrow, 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 looked to the US Federal Reserve policy decision later in the day and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit in Singapore.

US stocks closed little changed yesterday, 12 June 2018 after US President Donald Trump and North Korea leader Kim Jong Un signed an agreement aimed at establishing a peace regime on the Korean peninsula and better relations between the two states. Lack of detail in the agreement about the path to denuclearization on the peninsula kept the market's moves in check throughout the day.

Back home, Axis Bank (up 2.05%), SBI (up 1.71%), Infosys (up 1.04%), Coal India (up 0.95%) and ICICI Bank (up 0.91%) edged higher from the Sensex pack.

Pharma shares gained. Dr Reddy's Laboratories (up 4.41%), Glenmark Pharmaceuticals (up 1.19%), Cadila Healthcare (up 2.58%), Cipla (up 2.82%), Lupin (up 2.9%), Alkem Laboratories (up 0.15%), Aurobindo Pharma (up 1.09%) and Wockhardt (up 2.67%) rose. GlaxoSmithKline Pharmaceuticals (down 0.44%) fell.

Sun Pharmaceutical Industries (Sun Pharma) advanced 2.78% 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.

Nitin Spinners rose 1.4% after the company said that a meeting of the securities issuance committee of the company will be held on 15 June 2018, to approve the issue price for preferential allotment. The announcement was made after market hours yesterday, 12 June 2018.

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