News End-Session

Sensex, Nifty settle with small gains
15-Jun-18   16:46 Hrs IST

Key benchmark indices logged small gains after a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 22.32 points or 0.06% to settle at 35,622.14. The Nifty 50 index rose 9.65 points or 0.09% to settle at 10,817.70. Stocks from IT and pharma sectors gained as the rupee weakened against the dollar.

A bout of volatility was seen in early trade as the key benchmark indices reversed initial losses. Stocks alternately swung between positive and negative zone in a small range in morning trade. Key benchmark indices hovered in a small range with positive bias in mid-morning trade. Indices hit fresh intraday low in afternoon trade as selling pressure intensified. Stocks staged a mild pullback in mid-afternoon trade. Recovery continued in late trade, pushing the key equity indices to positive zone.

The barometer index, the S&P BSE Sensex, rose 22.32 points or 0.06% to settle at 35,622.14. The Sensex had hit a high of 35,675.20 and low of 35,419.68 during the day.

The Nifty 50 index rose 9.65 points or 0.09% to settle at 10,817.70. The Nifty had hit a high of 10,834 and 10,755.40 during the day.

The S&P BSE Mid-Cap index fell 0.4%. The S&P BSE Small-Cap index fell 0.46%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1102 shares rose and 1534 shares fell. A total of 150 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (down 1.53%), the S&P BSE Realty index (down 1.17%), the S&P BSE Power index (down 1.1%), the S&P BSE Oil & Gas index (down 1.08%), the S&P BSE Capital Goods index (down 1.04%), the S&P BSE Industrials index (down 0.92%), the S&P BSE Utilities index (down 0.92%), the S&P BSE Basic Materials index (down 0.79%), the S&P BSE Bankex (down 0.65%), the S&P BSE Auto index (down 0.63%), the S&P BSE Telecom index (down 0.54%), the S&P BSE Consumer Durables index (down 0.53%), the S&P BSE Finance index (down 0.52%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.47%), the S&P BSE FMCG index (down 0.39%) and the S&P BSE Energy index (down 0.25%), underperformed the Sensex.

The S&P BSE Teck index (up 1.83%), the S&P BSE Healthcare index (up 1.88%) and the S&P BSE IT index (up 2.24%), outperformed the Sensex.

RIL (up 0.63%), Kotak Mahindra Bank (up 0.52%) and Hindustan Unilever (up 0.5%) edged higher from the Sensex pack.

Yes Bank (down 1.91%), SBI (down 1.82%) and ONGC (down 1.81%) edged lower from the Sensex pack.

IT stocks gained as the rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Infosys (up 3.37%), HCL Technologies (up 1.14%), Tech Mahindra (up 1.19%), Oracle Financial Services Software (up 1.59%) and MindTree (up 0.96%) rose. Mphasis (down 4%) and Hexaware Technologies (down 0.59%) fell.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 67.94, compared with its close of 67.63 during the previous trading session.

TCS gained 2.75% to Rs 1,841.45. The board of directors of the company at its meeting held today has approved a proposal to buyback up to 7.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16000 crore being 1.99% of the total paid up equity share capital, at Rs 2,100 per share. The announcement was made during market hours today, 15 June 2018.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

Wipro rose 0.04% after the company announced that it signed two multi-year business deals — one with Nokia for the design and digitalisation of Nokia's sales order operations and another with LATAM Cargo, a part of Latin America's LATAM Airlines Group, for cargo management. Wipro, however, did not provide any financial details about the two contracts. Both the announcements were made separately after market hours yesterday, 14 June 2018.

Pharmaceutical shares gained as the rupee edged lower against the dollar. A lower rupee boosts the value of overseas earnings in local terms. Pharma companies derive substantial revenue from exports.

Cipla (up 4.09%), Glenmark Pharmaceuticals (up 0.21%), Lupin (up 1.3%), Sun Pharmaceutical Industries (up 2.04%), Aurobindo Pharma (up 0.58%) and Wockhardt (up 0.51%) rose. Alkem Laboratories (down 1.79%), GlaxoSmithKline Pharmaceuticals (down 0.37%) and Cadila Healthcare (down 0.18%) fell.

Dr. Reddy's Laboratories gained 3.65% after the company announced that it has received final approval from the US Food and Drug Administration (USFDA) and is launching Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the United States market. The announcement was made before market hours today, 15 June 2018.

Buprenorphine and naloxone are used to treat adults with opioid dependence/addiction. The Suboxone brand had US sales of approximately $1.86 billion MAT for the most recent twelve months ending in April 2018 according to IMS Health.

Alembic Pharmaceuticals rose 2.26% after the company said it received establishment inspection report for its formulation facility at Panelav in Gujarat. The announcement was made during trading hours today, 15 June 2018.

Alembic Pharmaceuticals said it received establishment inspection report (EIR) from United States Food and Drug Administration (USFDA) for the inspection carried out by them at the company's formulation facility at Panelav during the period from 1 March 2018 to 20 March 2018.

On the macro front, India's trade deficit widened to $14.62 billion in May 2018 from $13.84 billion in May 2017, the government said on Friday.

Overseas, European shares fell with bank shares under pressure and as investors prepare for the US to ramp-up its trade dispute with China.

The European Central Bank (ECB) said it would phase out some of its easy-money policies on the back of an improving economic picture in Europe. On interest rates, the ECB said rates will remain at their present all-time lows at least through the summer of 2019.

The ECB said it would continue its program of buying 30 billion euros a month of bonds through September, as planned. The purchase amount will then be reduced in October to 15 billion euros a month and run through the end of December. The purchases will end in December.

Most Asian stocks fell. The Bank of Japan (BOJ) held to its easing policy on Friday, as widely expected. Its policy makers voted 8-1 to keep the bank's short-term interest rate at minus 0.1%. The BOJ also pledged to maintain its inflation target at 2%. The bank's Governor Haruhiko Kuroda said it is too early for the BOJ to talk about winding down stimulus.

Meanwhile, US President Donald Trump reportedly approved tariffs on about $50 billion of Chinese goods, as the US ratchets up its trade fight with Beijing over China's alleged pressure on US firms to transfer technology to Chinese partners. It wasn't clear when the tariffs would go into effect.

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