News End-Session

Indices end with minor gains
11-Jun-18   16:31 Hrs IST

Key benchmark indices logged small gains on first trading day of the week. The barometer index, the S&P BSE Sensex, rose 39.80 points or 0.11% at 35,483.47. The Nifty 50 index rose 19.30 points or 0.18% at 10,786.95. Trading was volatile as marketmen keenly await a series of domestic and global events this week.

Trading for the week began on upbeat note as the key benchmark indices drifted higher in early trade. Stocks extended early gains in morning trade. Stocks held firm in mid-morning trade on sustained buying demand in index pivotals. Firmness prevailed on the bourses in afternoon trade. Stocks hit fresh intraday high in mid-afternoon trade. Indices sharply pared gains in late trade.

The Sensex rose 39.80 points or 0.11% to settle at 35,483.47, its highest closing level since 15 May 2018. The index rose 261.17 points, or 0.74% at the day's high of 35,704.84. The index rose 0.82 points at the day's low of 35,444.49.

The Nifty 50 index rose 19.30 points or 0.18% to settle at 10,786.95, its highest closing level since 15 May 2018. The index rose 82.90 points, or 0.77% at the day's high of 10,850.55. The index rose 9.40 points, or 0.09% at the day's low of 10,777.05.

The S&P BSE Mid-Cap index fell 0.09%, underperforming the Sensex. The S&P BSE Small-Cap index rose 0.51%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,529 shares rose and 1,147 shares fell. A total of 156 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (up 1.56%), the S&P BSE Consumer Durables index (up 1.03%), the S&P BSE Healthcare index (up 0.51%), the S&P BSE Teck index (up 0.41%), the S&P BSE FMCG index (up 0.37%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.34%), the S&P BSE Basic Materials index (up 0.28%), the S&P BSE IT index (up 0.2%), the S&P BSE Capital Goods index (up 0.18%), the S&P BSE Finance index (up 0.13%) and the S&P BSE Auto index (up 0.12%), outperformed the Sensex. The S&P BSE Industrials index (up 0.06%), the S&P BSE Bankex (up 0.05%), the S&P BSE Power index (down 0.01%), the S&P BSE Utilities index (down 0.1%), the S&P BSE Energy index (down 0.18%), the S&P BSE Oil & Gas index (down 0.22%), the S&P BSE Metal index (down 0.35%) and the S&P BSE Realty index (down 0.71%), underperformed the Sensex.

Among private sector banks, RBL Bank (up 1.83%), Federal Bank (up 0.93%), Axis Bank (up 0.68%) and Kotak Mahindra Bank (up 0.11%), edged higher. HDFC Bank (down 0.24%), ICICI Bank (down 0.54%), City Union Bank (down 0.56%) and Yes Bank (down 0.56%), edged lower.

IndusInd Bank rose 0.76%. The Reserve Bank of India (RBI) has allowed IndusInd Bank to incorporate a wholly-owned subsidiary for the amalgamation of micro-lender Bharat Financial Inclusion (BFIL) with the bank. The announcement was made after market hours on Friday, 8 June 2018.

Among public sector banks, Corporation Bank (up 10.18%), Central Bank of India (up 5.99%), Punjab National Bank (up 1.38%), United Bank of India (up 1.33%), Bank of Baroda (up 1.02%), Punjab & Sind Bank (up 0.92%), UCO Bank (up 0.74%), Syndicate Bank (up 0.59%) and State Bank of India (up 0.35%), edged higher. Dena Bank (down 0.29%), Canara Bank(down 0.31%), Vijaya Bank (down 0.44%), Indian Bank (down 0.53%), IDBI Bank (down 0.65%), Bank of Maharashtra (down 0.78%), Bank of India (down 0.84%), Allahabad Bank (down 0.97%), Andhra Bank (down 1.08%) and Union Bank of India (down 1.94%), edged lower.

Index heavyweight Reliance Industries (RIL) shed 0.10%. Reliance Brands, a subsidiary of the company, has purchased 100% stake in Rhea Retail (Rhea) for all cash consideration of Rs 203.46 crore. Rhea is in the business of selling of products in India for expectant mothers and in general merchandise for children. The announcement was made after market hours on Friday, 8 June 2018.

Rhea being in the retailing industry as Reliance Brands, the acquisition would result in significant synergies. Rhea was incorporated on 9 April 2007. The turnover of Rhea was Rs 200 crore in FY 2017-18, FY 2016-17 was Rs 200 crore and Rs 175 crore in FY 2015-16.

L&T slipped 0.07%. The company said that its construction arm L&T Construction has won orders worth Rs 2210 crore across two business segments. The Water & Effluent Treatment Business secured orders worth Rs 2044 crore and Heavy Civil Infrastructure Business secured orders worth Rs 166 crore. The announcement was made during market hours today, 11 June 2018.

Alembic Pharmaceuticals surged 19.87% to Rs 521.25 after the company said it received US drug regulator's approval for Bupropion Hydrochloride tablets in strength of 75 and 100 milligrams. The announcement was made during trading hours today, 11 June 2018.

Alembic Pharmaceuticals announced that the company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Bupropion Hydrochloride tablets USP, 75 mg and 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Wellbutrin tablets, 75 mg and 100 mg, of GlaxoSmithKline LLC.

Bupropion Hydrochloride tablets USP, 75 mg and 100 mg is indicated for the treatment of major depressive disorder. Bupropion Hydrochloride tablets USP, 75 mg and 100 mg, have an estimated market size of $37 million for twelve months ending December 2017 according to IMS.

Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due tomorrow, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

Overseas, European shares were trading higher ahead of a historic meeting between the US President and the North Korean leader. Asian stocks ended mixed with limited fallout from a tumultuous G-7 meeting.

US President Donald Trump and North Korean leader Kim Jong Un will meet for an historic summit in Singapore tomorrow, 12 June 2018. The meeting takes place after tensions emerged between Trump and Western allies in the aftermath of a G-7 meeting. Trump decided to reject the joint G-7 statement after comments from Canadian Prime Minister Justin Trudeau that Canadians would not be pushed around. The spat emerged due to different views on tariffs and world trade.

UK Prime Minister Theresa May faces votes that could derail her Brexit policy tomorrow, 12 June 2018. The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision on Thursday, 14 June 2018 and briefing with President Mario Draghi. Bank of Japan June monetary policy decision and news conference will follow on Friday, 15 June 2018.

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