• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money
Moneycontrol

Home » News » Markets » Local Markets

Feb 17, 2017, 12.06 PM | Source: Moneycontrol.com

Nifty holds 8800, Sensex strong; IT stocks down on profit taking

Cadila Healthcare extended its rally, up 4 percent on top of 20 percent surge in previous session as its Moriaya facility did not receive any observations from USFDA post inspection.

Like this story, share it with millions of investors on M3

Nifty holds 8800, Sensex strong; IT stocks down on profit taking

Cadila Healthcare extended its rally, up 4 percent on top of 20 percent surge in previous session as its Moriaya facility did not receive any observations from USFDA post inspection.

Post Your Comments

Share Cancel

11:00
Moneycontrol Bureau

11:53 am CLSA on Kotak Bank, Axis:
CLSA says if Kotak Mahindra Bank and Axis Bank are merged then the merged entity would be among the largest private banks and the merger would allow banks to capitalise on individual strengths.

According to the research firm, branch rationalisation may aid improve productivity/reduce cost-income ratio and Kotak promoters' holdings could fall from 34 percent to 19 percent post merger.

Key challenge would be to align asset quality of the two banks, it feels while saying higher stressed loans at Axis Bank than Kotak Mahindra Bank may raise credit costs.

11:40 am Interview: Biocon Thursday announced the US Food and Drug Administration has accepted Mylan’s Biologics License Application (BLA) for biosimilar chemotherapy drug Pegfilgrastim for review. Mylan is Biocon’s partner for biosimilar development.

Sharing details on the development with CNBC-TV18 Biocon Chairperson and Managing Director Kiran Mazumdar Shaw said, "This is a very important acceptance."

However, the drug will not be launched immediately as there could be certain patent challenges, she added.

She expects the launch in financial year 2018 or 2019.

She said the USD-3.5-billion US market, is the biggest for the company and that biosimilars will contribute to company’s topline growth exponentially.

11:20 am FII View:
Mahesh Nandurkar of CLSA says demonetisation hit the December 2016 quarter though it turned out to be a better quarter generally for all domestic-oriented companies barring power and telecom.

Nifty earnings growth of 6 percent turned out to be a tad weaker due to a drag from Tata Motors and Axis Bank, he adds.

He now expects FY18 Nifty earnings growth of 17 percent with small downside risk due to margin concern.

In model portfolio, he removed Tata Motors and reduced the weight for HUL, ITC and Maruti. He raised IT rating to overweight and added GSK Consumer.

Nandurkar removed ITC and Maruti from high-conviction list but added HCL Technologies.

Also read - Exclusive Moneycontrol interview of RBI Governor Urjit Patel

11:00 am Market Check

The market remained strong in morning, though it wiped out some early gains. HDFC Bank retained its top position in buying list, up 6.7 percent after the RBI has withdrawan the limit for purchase of bank's shares.

The 30-share BSE Sensex rose 172.98 points to 28474.25 and the 50-share NSE Nifty gained 41.80 points at 8819.80.

The market breadth also remained in favour of advances. About 1340 shares gained against 927 declining shares on the BSE.

Cadila Healthcare extended its rally, up 4 percent on top of 20 percent surge in previous session as its Moriaya facility did not receive any observations from USFDA post inspection.

The rally also spilled over to other pharma stocks on hopes of more positive vibes from US FDA. Sun Pharma was up 2 percent and Lupin gained 1.4 percent. Wockhardt surged 3 percent.

TCS and Infosys fell more than  1 percent on profit booking. Maruti Suzuki, SBI, Hero Motocorp, Coal India and HUL were other losers.

10:00
HDFC Bank jumped 6 percent after the Reserve Bank of India has withdrawn the limit for purchase of bank's shares. The rally also spilled over to HDFC that was up 1.3 percent.

Read More »

09:15
HDFC Bank surged 8.41 percent as RBI says restrictions placed on purchase of bank shares by foreign portfolio investors withdrawn immediately.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Nifty holds 8800, Sensex strong; IT stocks down on profit taking

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login