Moneycontrol
Jan 11, 2017 04:04 PM IST IST | Source: Moneycontrol.com

Nifty ends above 8350, Sensex rises 241 pts; ITC down 1%

Equity benchmarks rallied further in afternoon trade, with the Nifty inching towards 8400 as banks extended gains after stable earnings from South Indian Bank and IndusInd Bank.


Moneycontrol Bureau

3:30 pm Market closing: The market has ended on a higher note. The Sensex closed up 240.85 points or 0.9 percent at 27140.41 and the Nifty closed up 92.05 points or 1.1 percent at 8380.65. About 1704 shares advanced, 1089 shares declined, and 367 shares were unchanged.


Coal India, Tata Steel, Lupin, ICICI Bank and SBI were top gainers while Bajaj Auto, ITC, Reliance, Wipro and Infosys were losers in the Sensex.


3:10 pm US FDA approval: Drug major Lupin has received final approval from the US health regulator to market its Desoximetasone cream, used for treatment of skin disease, in the American market.


Lupin said in a BSE filing that it "has received final approval for its Desoximetasone cream USP, 0.05 percent and Desoximetasone cream USP, 0.25 percent from the United States Food and Drug Administration (USFDA)".


The products to be marketed are generic versions of Taro's Topicort LP Emollient cream, 0.05 percent and Topicort cream, 0.25 percent, it added.


2:58 pm Market Update: Benchmark indices remained strong with the Sensex rising 258.36 points or 0.96 percent to 27157.92 and the Nifty climbing 95.50 points or 1.15 percent to 8384.10.

About 1678 shares advanced against declining 1045 shares on the BSE.

2:45 pm Interview: Petronet LNG's 400 kilometers long pipeline connecting the Kochi LNG terminal will be ready in two years, managing director and chief executive officer Prabhat Singh told Reuters.


The Kochi terminal will run at 40 percent capacity by 2019 and is expected to make a profit of 2 billion rupees in the fiscal year to March 2019 versus an expected loss of Rs 3.5 billion in the current fiscal year, he said.

2:35 pm USFDA nod: Drug major Lupin has received final approval from the US health regulator to market its Desoximetasone cream, used for treatment of skin disease, in the American market.


Lupin said in a BSE filing that it "has received final approval for its Desoximetasone cream USP, 0.05 percent and Desoximetasone cream USP, 0.25 percent from the United States Food and Drug Administration (USFDA)".


The products to be marketed are generic versions of Taro's Topicort LP Emollient cream, 0.05 percent and Topicort cream, 0.25 percent, it added.ion, Lupin said.

2:20 pm World Bank on demonetisation: The World Bank today said that the "adverse effects" of demonetisation in India will disappear in the medium term, saying any reform has short-term costs.


"Any reform has short-term costs but ultimately reforms will bring long-term gains. In the case of India, we expect whatever the adverse effects of these changing of notes to basically disappear in the medium term," Ayhan Kose, Director of Development Prospects Group at the World Bank told reporters during a conference call.


In its latest report, the World Bank revised its estimates of India's growth rate in 2016-17 fiscal year from previous projection of 7.6 percent to seven percent.

Also read - See Nifty touching 9000 in six months; bullish on metals: IL&FS

2:00 pm Market Check: Equity benchmarks rallied further in afternoon trade, with the Nifty inching towards 8400 as banks extended gains after stable earnings from South Indian Bank and IndusInd Bank.


The 30-share BSE Sensex was up 226.27 points or 0.84 percent at 27125.83 and the 50-share NSE Nifty climbed 84.40 points or 1.02 percent to 8373. The broader markets also gained 1 percent.


South Indian Bank gained nearly 2 percent and IndusInd Bank surged 5.5 percent on stable earnings growth as well as asset quality despite currency demonetisation.


Nifty Bank rose 1 percent as HDFC Bank, ICICI Bank and SBI were up 1.5-2 percent. Housing finance company HDFC was up 1 percent.


Metals stocks remained strong after China said it would be closing all of its medium frequency furnaces by June 2017. These furnaces contribute close to 9 percent to China's total steel capacity. Hindalco surged 6.4 percent and Tata Steel gained 4 percent.

TCS and Infosys were moderately under pressure ahead of US president-elect Donald Trump's first press conference and third quarter earnings later this week.

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