Nifty Reclaims 8,100 As Maruti Tops, Sun Pharma Drops Most In Dec Series
Indian shares climbed on the last day of the December series.
Closing Bell
Indian shares climbed on the last day of the December series as investors prepared to close out a volatile year for financial markets.
The S&P BSE Sensex gained 0.6 percent to 26,366 while the NSE Nifty advanced 0.8 percent to 8,103. For the series, the 50-share index closed 1.7 percent higher.
Top Gainers for Dec Series
- Maruti Suzuki (+10%)
- Bosch (+9.68%)
- Tata Power (+8.29%)
Top Losers for Dec Series
- Hindalco Industries (+14.2%)
- Sun Pharma (+10%)
- Bank of Baroda (+9.3%)
The market breadth was firmly in favour of the bulls with 987 shares advancing, 430 declining and 71 remaining unchanged.
European Shares Decline
Lupin Gets Tentative Nod For Generic Giazo Tablets
Shares of the drug maker extended gains for a third day, although off the day’s high. The company announced it received a tentative approval for its Balasalazide Disodium Tablets from the U.S. Food and Drug Administration (FDA).
The approval will help the company to market the drug, which is a generic version of Salix Pharmaceuticals Inc’s Giazo Tablets. The medication is used by men to treat a certain bowel disease (ulcerative colitis).
Giazo tablets had U.S. sales of $0.79 million, according to IMS September 2016 data.
BQSpotted
SE Power: 9 Upper Circuits In 11 Sessions
- Locked in upper circuits in 9 out of the last 11 sessions. Today as well, the stock hit the 5 percent upper circuit before cooling off.
- The market cap has increased nearly two-fold, from Rs 41 crore to Rs 78 crore, in the last 11 days.
- The upper circuit limit was revised lower twice in the same period -- first from 20 percent to 10 percent, and then to 5 percent.
- The stock exchanges had sought a clarification from the management on the stock's run-up on December 19
With the 50-day period for depositing of demonetised notes expiring tomorrow, Prime Minister Narendra Modi is set to address the nation before the dawn of the New Year.
However, it was not clear as to whether he would address the nation on Friday or Saturday.
In his address, the Prime Minister may speak about the roadmap post the demonetisation period especially on the steps likely to be taken to ease cash flow that has been a major problem ever since demonetisation took place.
He may also speak on the steps to deal with the problems the economy faces after the demonetisation was announced on November 8.
Rajesh Exports Bags Export Order Worth Rs 929 Crore
Shares of the gold jewellery exporter gained as 3.8 percent to Rs 468, extending its winning streak to day 4. The company bagged a new export order worth Rs 929 crore from the UAE.
The said order is to be completed by March 2017, it said in its filing. The company’s order book at a consolidated level stands at Rs 36,523 crore.
We are confident that over the next 2-3 years, the company will demonstrate increase in operating margins combined with a double-digit growth.”Rajesh Mehta, chairman, Rajesh Exports in press release.
Shares Of Both Zydus Wellness And Cadila Healthcare Drop
JMC Projects Gained As Much As 15%
Rupee Makes A Small Comeback
After yesterday's weakness, the rupee staged a mild recovery of 8 paise to 68.16 against the dollar at the forex market following fresh selling of the U.S. currency by banks and exporters.
Forex dealers said dollar's weakness against some currencies overseas and a better trend in early trade at the domestic equity market supported the local currency.
The rupee had lost 18 paise to close at a 4-week low of 68.24 in yesterday's trade on month-end dollar demand from importers coupled with sustained foreign capital outflows.
PTI
Opening Bell
Indian shares fluctuated between marginal gains and losses tracking weak global trade amid thin volumes.
The S&P BSE Sensex climbed 0.1 percent to 26,237 while the NSE Nifty advanced 0.1 percent as well to 8,047. The market breadth was skewed in favour of buyers with 739 advances, 622 declines and 465 stocks remaining unchanged.
Movers & Shakers: IRB Infra, Sun Pharma, Reliance Industries And Many More
Traders Unwind Positions Across The Board Ahead Of Derivatives Expiry
Chart Of The Day
Stocks To Watch
- Cadila Healthcare: Zydus acquires six brands from MSD
- Goa Carbon: Starts production at Bilaspur unit
- IRB Infrastructure: Received letter of intent for 6-laning highway
- JK Tyre: Approved raising up to Rs 1,000 crore
- Reliance Industries: Commissions new paraxylene plant
- Sun Pharmaceutical: Two killed, two injured in fire at drugmaker’s Ahmednagar plant; no production loss
For a complete list of stocks to watch, click HERE
IPO Watch
- NSE files draft prospectus for Rs 10,000 crore IPO; to sell 25 percent stake (Read the full details HERE)
Recap
Meet The New RBI Deputy Governor
Viral Acharya, professor of economics at the New York University’s Stern School of Business, has been appointed deputy governor at the Reserve Bank of India. This position fell vacant after Urjit Patel became the governor in September this year.
As deputy governor, Acharya will look after the Monetary Policy and Research cluster, the RBI said in a statement.
Acharya has significant experience in global finance, specifically in theoretical risk assessment of the financial sector. In 2015, Acharya co-authored a research paper that analysed “the precarious condition of public sector banks” in India. The paper found that “the onus of remedying this situation through radical reform lies primarily with the government.”
Acharya also dabbles in music and song-writing and has about 10 songs to his name, according to his profile page on the NYU-Stern website. The page lists the songs that he has composed and provides a link to their lyrics.
Talking Points
- NSE files draft prospectus to sell 111.4 million shares in IPO
- RBI eases loan dues repayment norms in view of demonetisation
- Cabinet approves sale of India’s first pharma firm
- TRS cuts Indian sugar-output estimate by 4 percent, raises import estimate
- White-sugar imports seen at around 400,000 tonne versus 300,000 tonne previous estimate
- India’s 2016-17 wheat output seen rising on higher area: NCML
- Indian air force opens airstrip in state bordering China
- Global funds sell Rs 527 crore of local stocks; domestic funds buy Rs 825 crore yesterday: Provisional data
- IREDA plans to sell Rs 1,500 crore 10-year bonds
- Proof of tax paid, four-year money lock-in must to avail of tax evasion amnesty scheme
- 5 coaches of Kurla-Ambernath local derail in Thane (PTI)
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, fell 0.3 percent to 8,010.
Asian stocks followed U.S. equities lower this morning, and the yen climbed as investors prepared to close out a volatile year for financial markets. Oil dropped from its highest close in 17-months.
The OPEC (Organisation of Petroleum Exporting Countries) and other major producers will start cutting output from next week to stabilise the market. Gold extended gains to a fourth day and government bonds advanced.
The S&P 500 Index dropped the most since October on Wednesday, after data showed a decline in pending U.S. home sales. Trading has been thin across the globe during the last week of the year, with volumes in crude oil, equites and currencies all below average.