Moneycontrol Bureau12:58 pm Market Update: Equity benchmarks remained strong in afternoon trade. The Sensex was up 312.85 points or 1.10 percent at 28844.96 and the Nifty up 93.85 points or 1.07 percent at 8903.50.About 1590 shares advanced against 917 declining shares on the BSE.12:50 pm Buzzing: Lupin shares gained over a percent intraday on approval from the US health regulator for anti-bacterial drug.
"US subsidiary Gavis Pharmaceuticals has received tentative approval for its Moxifloxacin hydrochloride tablets 400 mg from the United States Food and Drug Administration to market in the US," the Mumbai-based pharma company said in its filing.
This drug is a generic version of Bayer Healthcare Pharmaceuticals Inc's Avelox tablets 400 mg.
It is fluoroquinolone anti-bacterial indicated for treating infections in adults 18 years of age and older caused by designated susceptible bacteria in certain conditions.
12:40 pm Europe opens: European stocks opened higher with oil prices holding firm following gains in the previous session.
The pan-European STOXX 600 was up 0.21 percent.
Brent crude prices were steady today following Monday's rally as other oil producers welcomed an agreement between Saudi Arabia and Russia to stabilize the oil market.
Oil prices rallied after the major producers confirmed they had agreed to cooperate to stabilize the oil market and limit output, although experts largely dismissed the statement from the two major oil producers as "lip service."12:35 pm Fitch on telecom: The entry of Reliance Jio into the market will prove negative for incumbents, especially smaller telecom operators, believes Fitch Ratings.
Speaking to CNBC-TV18, Nitin Soni of Fitch Ratings said the revenue growth of telecom companies is likely to be flat. The agency has a negative outlook on the sector.Expected blended tariff is expected to fall by 10-15 percent in next year, Soni said.
With the new entrant, the earnings before interest, tax, depreciation and amortisation (EBITDA) margin could see contraction of 200-250 basis points in case of larger companies and 300-350 basis points fall in case of small telcos.
(Disclosure: Reliance Industries owns Network 18 that publishses Moneycontrol.com)
12:20 pm Gains from Budget day lows:
Stock | Change |
Hindalco Industries | 140% |
Tata Steel | 56% |
BHEL | 53% |
YES Bank | 116% |
SBI | 69% |
Axis Bank | 66% |
IndusInd Bank | 53% |
Maruti Suzuki | 65% |
Tata Motors | 95% |
Tata Motors DVR | 61% |
UltraTech Cement | 52% |
Ambuja Cements | 50% |
Grasim | 46% |
ACC | 45% |
12:00 pm Market Check: Bulls have complete control over Dalal Street as the Nifty touched 8900 level for the first time since March 5, 2015, rising 30 percent from Budget day lows of 6825.80.
The Sensex surged 289.97 points or 1.02 percent to 28822.08 and the Nifty gained 87.65 points or 0.99 percent at 8897.30. About two shares advanced for every share declining on the BSE.The Nifty Bank gained more than 50 percent and the Sensex 28 percent from Budget day lows of 13,407.25 and 22,494.61, respectively.Axis Bank, Tata Motors, Infosys, ICICI Bank were top contributors to Sensex's gains.The liquidity-driven global markets are pricey at current levels, but the uptick is expected to continue for a while longer, believes Andrew Holland, CEO of Ambit Investment Advisors. “Nifty could try testing previous highs of 9,100 because the global environment is the backdrop there,” Holland told CNBC-TV18. Fundamentals in India are still looking good, which is not the case globally.
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