News End-Session

Indices end volatile session almost flat
08-Jun-18   16:24 Hrs IST

The market ended the volatile session almost flat as losses in banks shares negated gains in IT and pharma shares. The barometer index, the S&P BSE Sensex, fell 19.41 points or 0.05% to settle at 35,443.67. The Nifty 50 index fell 0.70 points or 0.01% to settle at 10,767.65. Weak global cues also capped gains.

Intraday trading was volatile. The indices opened lower and hit intraday low in early trade. The indices recovered in morning trade. After hovering in a range, indices hit fresh intraday low in early afternoon trade. Indices trimmed losses in mid-afternoon trade and entered positive terrain in late trade.

Overseas, European stocks followed Asian peers lower as cyclical sectors including autos and mining dropped amid trade tensions ahead of the G7 summit.

Asian stocks declined after the mixed close on Wall Street. Worries over global trade relations ahead of a key meeting of global leaders weighed on investor sentiment as well. Asian shares also fell as risk appetite turned weak on bets that Europe's massive monetary stimulus was nearing an end.

Japan's economy shrank at an annualized pace of 0.6% in the January-March quarter.

In US, the S&P 500 and Nasdaq Composite ended with modest losses on Thursday, as a selloff in major technology shares put pressure on the benchmarks. Traders were cautious as leaders of the Group of Seven nations kicked off a summit in Canada. The G-7 summit takes place in Canada on Friday, 8 June 2018, and Saturday, 9 June 2018, with the issues related to protectionism and international trade expected to take center stage.

On the US data front, initial jobless claims fell slightly in early June, keeping the rate of layoffs in the US near a 50-year low. Household wealth topped $100 trillion for the first time in the first quarter, the Federal Reserve said. Consumer credit in April slowed to a seasonally adjusted annual rate of 2.9%, or $9.3 billion, down from 3.8% in March.

Back home, the Sensex fell 19.41 points or 0.05% to settle at 35,443.67. The index rose 21.86 points, or 0.06% at the day's high of 35484.94. The index fell 203.08 points, or 0.57% at the day's low of 35,260.

The Nifty 50 index fell 0.70 points or 0.01% to settle at 10,767.65. The index rose 11.10 points, or 0.10% at the day's high of 10,779.45. The index fell 59.30 points, or 0.55% at the day's low of 10,709.05.

Among secondary barometers, the BSE Mid-Cap index rose 0.42%. The BSE Small-Cap index rose 0.58%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1476 shares rose and 1167 shares fell. A total of 139 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 3.62%), the S&P BSE IT index (up 0.77%), the S&P BSE Energy index (up 0.75%), the S&P BSE Teck index (up 0.73%), the S&P BSE Oil & Gas index (up 0.60%), the S&P BSE Consumer Durables index (up 0.38%), the S&P BSE Realty index (up 0.38%), the S&P BSE Industrials index (up 0.21%), the S&P BSE Telecom index (up 0.13%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.10%) and the S&P BSE Utilities index (up (down 0.04%), outperformed the Sensex. The S&P BSE Auto index (down 0.12%), the S&P BSE Bankex (down 0.24%), the S&P BSE Basic Materials index (down 0.24%), the S&P BSE Capital Goods index (down 0.24%), the S&P BSE Finance index (down 0.3%), the S&P BSE FMCG index (down 0.36%), the S&P BSE Metal index (down 0.43%) and the S&P BSE Power index (down 0.74%), underperformed the Sensex.

Shares of IT and pharma companies bucked weak market trend due to sliding rupee. Weakness in rupee could boost revenue of IT and pharma companies in rupee terms as these sectors derive substantial revenue from exports.

Among IT shares, MphasiS (up 4.69%), MindTree (up 1.81%), TCS (up 0.78%), Infosys (up 0.72%), HCL Technologies (up 0.68%), Tech Mahindra (up 0.60%), Hexaware Technologies (up 0.31%) and Oracle Financial Services Software (up 0.02%), edged higher. Wipro (down 0.28%) and Persistent Systems (down 0.54%), edged lower.

Among pharmaceutical shares, Sun Pharmaceutical Industries (up 8.13%), Lupin (up 5.66%), Dr Reddy's Laboratories (up 4.92%), Wockhardt (up 4.60%), Aurobindo Pharma (up 4.42%), Glenmark Pharmaceuticals (up 3.82%), IPCA Laboratories (up 3.16%), Cadila Healthcare (up 2.48%), Strides Shasun (up 2.43%), GlaxoSmithKline Pharmaceuticals (up 1.45%) and Piramal Enterprises (up 0.29%), edged higher. Alkem Laboratories (down 0.47%) and Divi's Laboratories (down 0.65%), edged lower.

Drug major Cipla rose 3.33%. The company and Unitaid struck a landmark agreement today that will lower the price of the first combination therapy (containing co-trimoxazole, isoniazid and vitamin B6) that prevents opportunistic infections in people living with HIV. The HIV virus can weaken the immune system, increasing the risk of dangerous infection by bacteria and viruses. Under this agreement, Cipla will reduce the ceiling price of the medicine by more than 30% from $3 to $1.99 per person, per month, for all public-sector procurers in low- and middle-income countries. The price of the product is expected to come down more as governments and international funding bodies procure larger quantities for their HIV treatment programmes. The announcement was made during trading hours today, 8 June 2018.

In a separate announcement during trading hours today, 8 June 2018, Cipla announced its partnership with, Eli Lilly and Company (India), a 100% subsidiary of Eli Lilly and Company, a global multinational pharmaceutical leader, for the marketing and distribution of Lilly's BASAGLAR (insulin glargine injection) in India. Under this agreement, Lilly's BASAGLAR that is manufactured by Lilly will be marketed and distributed in India by Cipla.

Aurobindo Pharma rose 4.42%. The company announced during trading hours today, 8 June 2018, that it received final approval from the US Food & Drug Administration (USFDA) to manufacture Omeprazole Delayed-Release tablets OTC, 20mg. Aurobindo's Omeprazole Delayed-Release tablets are generic equivalent of AstraZeneca's Prilosec OTC tablets. The product will be launched in June 2018. Omeprazole tablets are indicated for the treatment of frequent heartburn (occurs 2 or more days a week). The estimated market size of Prilosec OTC tablets is $222 million for the twelve months ending March 2018, according to Nielsen data. This is the 141st ANDA (including 20 tentative approvals) to be approved out of Unit VII formulation facility in Hyderabad, India used for manufacturing oral products. Aurobindo now has a total of 369 ANDA approvals (336 Final approvals including 17 from Aurolife Pharma LLC and 33 tentative approvals) from USFDA.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 67.77, compared with closing of 67.1250 during the previous trading session.

Private sector banks were mixed. Axis Bank (down 1.05%), City Union Bank (down 0.96%), ICICI Bank (down 0.91%), IndusInd Bank (down 0.77%), HDFC Bank (down 0.71%) and Yes Bank (down 0.59%), edged lower. Federal Bank (up 0.06%), Kotak Mahindra Bank (up 0.79%) and RBL Bank (up 1.08%), edged higher.

Shares of public sector banks rose across the board. UCO Bank (up 9.46%), Dena Bank (up 5.88%), Allahabad Bank (up 5.84%), Andhra Bank (up 5.68%), Bank of Maharashtra (up 5.12%), Punjab National Bank (up 5.06%), United Bank of India (up 4.62%), Indian Bank (up 4.37%), Corporation Bank (up 3.99%), Central Bank of India (up 3.09%), Syndicate Bank (up 2.93%), Union Bank of India (up 2.75%), Punjab & Sind Bank (up 2.35%), Bank of India (up 2.03%), Canara Bank (up 1.55%), IDBI Bank (up 1.39%), State Bank of India (up 1.28%), Bank of Baroda (up 0.61%) and Vijaya Bank (up 0.44%), edged higher.

Finance Minister Piyush Goyal will reportedly meet heads of public sectors banks (PSBs) based out of western and southern regions today, 8 June 2018, to resolve various issues concerning them. According to reports, the meeting is being organised by State Bank of India (SBI) and will be chaired by Goyal in Mumbai. In all 15 CEO of PSBs from the two regions will participate in the meeting to discuss the way forward for the Indian banking system, reports added.

On the macro front, yields on the 10-year government bonds hit over 8% in the opening session on Friday, first time since December 2014, but soon declined ahead of weekly bond auction due later in the day.

The India Meteorological Department (IMD) stated yesterday, 7 June 2018, that Southwest Monsoon further advanced into some more parts of Central Arabian Sea, remaining parts of Coastal Karnataka, most parts of South Interior Karnataka and Goa and some parts of North Interior Karnataka. Conditions are favorable for further advance of Southwest Monsoon into some more parts of Central Arabian Sea, remaining parts of Goa, some parts of south Maharashtra, remaining parts of Karnataka and Rayalaseema, some parts of Telangana, some more parts of Coastal Andhra Pradesh and West Central Bay of Bengal during next 24 hours. Conditions are very likely to become favorable for further advance of Southwest Monsoon into some more parts of Maharashtra, Telangana & Coastal Andhra Pradesh in subsequent 48 hours.

Conditions are also likely to become favorable for further advance of Southwest Monsoon into most parts of Arabian Sea, remaining parts of Maharashtra, some parts of south Gujarat region, southern parts of Madhya Pradesh & Chhattisgarh, Odisha, West Bengal & Sikkim, remaining parts of Northeastern States and most parts of Bay of Bengal during 9th to 11th June 2018. In association with the likely strengthening of south west monsoon and likely formation of a low pressure system over the Bay of Bengal, enhanced rainfall activity with heavy to very heavy and isolated extremely heavy rainfall is likely along the west coast during 8th to 11th June 2018, IMD said.

Powered by Capital Market - Live News

Attention Investors:
KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc), you need not undergo the same process again when you approach another intermediary. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account. Prevent Unauthorized Transactions in your Demat account\Trading account: Update your Mobile Number with your Depository Participant\Exchange. Receive alerts on your Registered Mobile for all debit and other important transactions in your Demat account\Trading account directly from Depository\Exchange on the same day.........issued in the interest of investors.
The Stock Exchange, Mumbai is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time. The Stock Exchange, Mumbai is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.
Disclosure of Proprietary Account Trading by Members to Clients
Proprietary Trading Disclosure:In terms of provisions of the Rules, Bye-Laws and Business Rules of the Exchange and with reference to circular MCX/T&S/147/2016 dated May 17, 2016 regarding Disclosure of Proprietary Account Trading by broker to client.,Pursuant to SEBI Circular Number SEBI/MRD/SEC/Cir-42/2003 dated November 19, 2003 & SEBI/HO/CDMRD/DMP/CIR/P/2016/49 dated April 25, 2016 GOODWILL WEALTH MANAGEMENT PVT LTD. Discloses to its clients about its policies on proprietary trades.
Copyright © 2016 All rights Reserved GOODWILL
Designed, Developed and content powered by CMOTS Infotech ( ISO 9001:2015 certified )
Filing complaints on SEBI Complaint Redress System (SCORES)
– Easy & quick
  • Register on SCORES portal
  • Mandatory details for filing complaints on SCORES:
    • Name, PAN, Address, Mobile Number, E-mail ID.
  • Benefits:
    • Effective communication
    • Speedy redressal of the grievances.
You can file complaints on SCORES through