News Mid-Session

Market drifts higher in early trade
11-Jun-18   09:34 Hrs IST

Trading for the week began on upbeat note as the key benchmark indices drifted higher in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 149.33 points or 0.42% at 35,593. The Nifty 50 index was up 43.40 points or 0.4% at 10,811.05.

The S&P BSE Mid-Cap index was up 0.44%. The S&P BSE Small-Cap index was up 0.74%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1140 shares rose and 391 shares fell. A total of 63 shares were unchanged.

Overseas, Asian stocks were trading on a mixed note, with limited fallout from a tumultuous G-7 meeting. Australia's markets are shut for a holiday. US equities held on to a Friday, 8 June 2018 afternoon rally as the risk-off sentiment that gripped investors late in the week subsided.

Back home, IndusInd Bank rose 1.06%. 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.

Natco Pharma rose 1.39% after the company announced that it launched a generic version of Posaconazole injection, 300 mg/16.7 ml, under its brand Posanat. This is the first time an injection version of this drug available in India. Posanat will be available in 18.0 mg/ml strength, a formulation for intravenous (IV) use.

Posaconazole injection is sold in the USA market by Merck under its brand name of Noxafil. Posaconazole injection is an antifungal agent & used in patients who are at high risk of developing infections due to being severely immunocompromised, such as associated with stem cell transplant or from chemotherapy. The announcement was made after market hours on Friday, 8 June 2018.

Punjab National Bank gained 2.71% after the bank announced that it would divest its stakes in its housing finance unit — PNB Housing Finance — and other entities like BSE, ICRA and Crisil at appropriate time depending on the market conditions and options available. The announcement was made after market hours on Friday, 8 June 2018.

Welspun Corp rose 2.09% after the company said it has been awarded contracts for supply of 72 KMT of API pipes in to the America's market. With these additions, the company's current order book stands at 1,610 KMTs valued at Rs 11000 crore. The announcement was made after market hours on Friday, 8 June 2018.

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