News Mid-Session

Market extends gains
12-Jun-18   10:39 Hrs IST

Key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 180.62 points or 0.51% at 35,664.09. The Nifty 50 index was up 52.20 points or 0.48% at 10,839.15. Marketmen are keenly awaiting a series of domestic and global events this week.

Domestic stocks edged higher in early trade.

The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.49%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,241 shares rose and 831 shares fell. A total of 92 shares were unchanged.

Dr Reddy's Laboratories (up 3.15%), Sun Pharmaceutical Industries (up 1.31%), Wipro (up 1.21%), SBI (up 1.19%) and TCS (up 1.05%) edged higher from the Sensex pack.

Strides Shasun gained 2.5% after the company announced that its wholly-owned subsidiary Strides Pharma Global has received final approval for Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the United States Food & Drug Administration (USFDA). Oseltamivir Phosphate Capsules is a generic version of Tamiflu Capsules of Hoffmann-La Roche, Inc. As per IQVIA MAT April 2018 data, the US market for Oseltamivir Phosphate Capsules was approximately $725 million. The announcement was made after market hours yesterday, 11 June 2018.

The product will be manufactured at the company's oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US Market. The company has 75 cumulative ANDA filings with USFDA of which 48 ANDAs have been approved as of date and 27 are pending approval.

Usha Martin surged 5.59% after the company announced that its board has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company. The board reconstituted the committee of independent directors of the company to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for sale of steel business of the company. The announcement was made after market hours yesterday, 11 June 2018.

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 today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end.

UK Prime Minister Theresa May faces votes that could derail her Brexit policy today, 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 is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

Overseas, Asian stocks were trading mixed as US President Donald Trump and North Korean leader Kim Jong Un met for the first time at a landmark summit in Singapore.

US stocks rose in a relatively quiet day yesterday, 11 June 2018 as investors started a hectic week during which three major central banks set interest rates.

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