Sensex higher, Midcap corrects; pharma, FMCG, metals stocks slip

Benchmark indices gained for third consecutive session amid volatility, with the Nifty hovering around 8400 level. Technology, infra and private banks continued to support the market whereas pharma, FMCG and metals stocks were under pressure.
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Home » News » Markets » Local Markets

Jan 12, 2017, 11.02 AM | Source: Moneycontrol.com

Sensex higher, Midcap corrects; pharma, FMCG, metals stocks slip

Benchmark indices gained for third consecutive session amid volatility, with the Nifty hovering around 8400 level. Technology, infra and private banks continued to support the market whereas pharma, FMCG and metals stocks were under pressure.

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Sensex higher, Midcap corrects; pharma, FMCG, metals stocks slip

Benchmark indices gained for third consecutive session amid volatility, with the Nifty hovering around 8400 level. Technology, infra and private banks continued to support the market whereas pharma, FMCG and metals stocks were under pressure.

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10:00
Moneycontrol Bureau

10:59 am Market Update:
Equity benchmarks retained upside with the Sensex rising 103.32 points to 27243.73 and the Nifty climbing 25.50 points to 8406.15.

10:45 am Buzzing: Shares of  Hindustan Organic Chemicals  gained as much as 20 percent intraday as it is going to consider the proposal to sell its land.

The company's board meeting is scheduled to be held on January 20, to consider and to approve the unaudited financial results for the third quarter ended December 31, 2016.

The board will also consider the proposal to sell part of its land at Rasayani to BPCL  and proposal to sell land, plant & machinery of C.N.A plant at Rasayani to ISRO as per GOI's directions.

10:35 am Tata Motors' new launches:
New product launches in passenger vehicles will have to be done keeping in mind external market conditions rather than sticking to deadlines, indicated a top Tata Motors official.

The company which has committed itself to launching two new products every year has had trouble sticking to deadlines, which has resulted in loss in launch momentum and even loss in potential customers.  

Last calendar year the company launched just one new product in the market while the second new product will come after a gap of nine months, next week.

While its hatchback Tiago has become a runaway success since launch in April, 2016 its launch was delayed by more than three months. The premium sports utility vehicle Hexa which was to debut last calendar year is rescheduled for this month.

10:20 am Interview:
US president-elect Donald Trump yesterday lambasted the domestic pharma companies for outsourcing work.

However, any negative impact on generic suppliers here is ruled out, says Kiran Mazumdar Shaw, CMD of Biocon.

She said she completely agrees with Trump's view but doesn't see his views affecting Indian pharma.

“I don’t think these are going to be big issues; if Indian pharma companies are supplying these products to the US markets and if there are no US suppliers, which is mostly the case, this doesn’t affect the Indian pharma companies,” she said.

Also read - Buy, sell, hold: 14 stocks that you can focus today

10:00 am Market Check

Benchmark indices gained for third consecutive session amid volatility, with the Nifty hovering around 8400 level. Technology, infra and private banks continued to support the market whereas pharma, FMCG and metals stocks were under pressure.

The 30-share BSE Sensex rose 80.85 points to 27221.26 and the 50-share NSE Nifty gained 15.90 points at 8396.55 while the broader markets were moderately lower on weak breadth. About 1158 shares declined against 891 advancing shares on the BSE.

Infosys rallied more than 2 percent after US president-elect Donald Trump in his press conference yesterday did not say anything on H1B Visa Reform bill and ahead of December quarter earnings on Friday afternoon.

Healthcare stocks like Lupin, Sun Pharma and Dr Reddy's Labs, which have high exposure to US market, fell over a percent after Donald Trump says pharma companies are getting away with murder, also implying more aggressive bidding and likely lowering of drug prices.

"The last night Trump's speech clearly focused on Economic inclusion with focus towards creating a challenging environment which will result in some short term disruption. With focus now on bidding drugs and a new procedure is a clear indication that companies specifically from pharma space may take a hit as there is a lot of challenges that may evolve coupled with end of Obama Care which is a clear indication. With higher exposure to US, pharma space already seeing a bad phase, insult to injury," Mustafa Nadeem of Epic Research says.

Metals stocks like Tata Steel, Coal India and Hindalco were down 0.4-1 percent on profit booking after rising sharply for last two sessions due to China's decision to shut few medium frequency induction furnaces.

09:15
Infosys, ONGC, Adani Ports, Tata Motors and Hero MotoCorp are top gainers while Dr Reddy's Labs, Sun Pharma, Lupin, Cipla and ITC are losers in the Sensex.

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