Indian equity benchmarks extended decline to the third consecutive session, led by losses in Power Grid Corporation Ltd., Indiabulls Housing Finance and Coal India Ltd.
The S&P BSE Sensex fell as much as 0.3 percent to 34,903.6 and the NSE Nifty 50 Index declined as much as 0.4 percent to 10,589.7.
Eight of the 11 sectoral gauges compiled by the National Stock Exchange were trading lower, led by the NSE Nifty Metal Index’s 0.97 percent fall. The information technology and the FMCG index were the top gainers, up 0.12 percent.
Here Are The Stocks Moving The Markets This Morning:
Biocon: Gains On Drug Approval
Shares of the Bengaluru-based bio-pharmaceutical company gained for the second straight session today. They rose as much as 6.4 percent in early trade, the most since Feb. 22, to hit a record Rs 696.60, after the company and its partner Mylan N.V. received approval for their first biosimilar of cancer medicine from the U.S.FDA.
The U.S. drug regulator approved a drug, Fulphila, co-developed by Biocon Ltd. and Mylan, the company said in an exchange filing. Fulphila has been approved to reduce fever or other signs of infection with a low count of neutrophils, a type of white blood cells, in patients treated with chemotherapy, it said.
The trading volume was 31.1 times the 20-day average. More than 50 percent of the analysts recommend a ‘Buy’, while nearly 31 percent recommend a ‘Sell’.
Sterlite Tech: Falls Most In 6 Months
Shares of the electrical components manufacturer extended its decline for the third straight session and fell as much as 7.2 percent to Rs 286 in early trade, the most in nearly six months.
The trading volume was 1.6 times the 20-day average. Sterlite Technologies Ltd. trades at 59.6 times the trailing 12-month earnings per share.
All the 12 analysts covering this stock have a ‘Buy’ rating with a 12-month consensus one-year target price of Rs 454.9.
Sugar Stocks Rise As GST Panel Awaits Opinion On Special Cess
Shares of sugar manufacturers surged as the goods and services tax panel awaits Attorney General KK Venugopal’s opinion on a special cess to compensate sugarcane farmers. Sugar prices have plunged and cash-starved sugar mills are struggling to clear the cane dues.
Here are a few top gainers among sugar stocks:
- Balrampur Chini Mills Ltd.: up as much as 4.6 percent to Rs 73.2.
- Sakthi Sugars Ltd.: rose as much as 8.6 percent to Rs 16.4.
- Avadh Sugar and Energy Ltd.: gained as much as 6.6 percent to Rs 369.9.
- Dhampur Sugar Mills Ltd.: up as much as 7.3 percent to Rs 107.8.
- Bajaj Hindusthan Sugar Ltd.: rose as much as 5.6 percent to Rs 7.5.
NOCIL: Falls Most In Eight Months
Shares of the Mumbai-based diversified chemicals manufacturer fell as much as 9.9 percent to Rs 151.8 in early trade, the most in eight months.
The stock has been declining for four consecutive trading sessions. Nocil Ltd. has lost more than 13.5 percent so far this year compared with the 2.6 percent gain in the Sensex during the period.
The relative strength index of the stock is 18, indicating it may be oversold. Trading volume of the stock was 4.7 times the 20-day average.