Oct 18, 2016 11:08 AM IST IST | Source: Moneycontrol.com

Sensex, Nifty hold early gains; HDFC rebounds, ICICI ups further

HDFC and HDFC Bank rebounded after yesterday's sell-off, up 1.9 percent and 0.4 percent, respectively. ICICI Bank extended rally, up 1.5 percent in addition to 7 percent upside in yesterday's trade, after while maintaining buy call, Nomura raised target price from Rs 285/share to Rs 325/share.

Moneycontrol Bureau

10:45 am Outlook:
Ramesh Damani, Member, BSE said he is positive about equities as he thinks the underlying strength is enormous. “You need to differentiate between risk and volatility. You see volatility, not risk here.”

The US election is a key event. It is a horse race, and a lot of things can happen, feels Damani. But if Donald Trump beats the odds and comes to power, then markets will react badly, beginning with the collapse in Mexican peso. If Hillary Clinton wins the polls, then it will be status quo.

10:15 am Patents:
Suven Life Sciences announced that the grant of one product patent from Europe and one product patent from Israel corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases.

These patents are valid through 2030 and 2029 respectively.

These are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

With these new patents, Suven has a total of 23 granted patents from Europe and 12 granted patents from Israel.

Also read - 2017 to be roller-coaster for India; RBI turning dovish: Nomura

10:00 am Market Check

Equity benchmarks retained early gains with the Sensex rising over 200 points, driven by short covering.

The 30-share BSE Sensex was up 207.94 points at 27737.91 and the 50-share NSE Nifty gained 58.90 points at 8579.30. The broader markets marginally outperformed benchmarks as the BSE Midcap and Smallcap indices rising over 0.8 percent on strong breadth.

About three shares advanced for every share falling on the exchange.

HDFC and HDFC Bank rebounded after yesterday's sell-off, up 1.9 percent and 0.4 percent, respectively. ICICI Bank extended rally, up 1.5 percent in addition to 7 percent upside in yesterday's trade, after while maintaining buy call, Nomura raised target price from Rs 285/share to Rs 325/share.

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