Moneycontrol Bureau1:20 pm Market update: Benchmark indices remained higher with the Sensex rising 114.19 points to 27254.60 and the Nifty climbing 28.90 points to 8409.55.About 1417 shares declined against 1127 advancing shares on the BSE.12:59 pm Interview: When US President-elect Donald Trump in his first press conference yesterday railed against local pharmaceutical companies, drug firms back home felt a chill. Shares of Sun Pharmaceutical, Dr Reddy’s Laboratories, Aurobindo Pharma , among others were down in the range of 1-2 percent on the BSE today.
However, Wockhardt Chief Habil Khorakiwala says that Indian generic companies as a whole belong to a competitive industry in the US and therefore there is no scope for government intervention there.
What Trump is saying implies to generic companies that have a single source of supply, he said.12:50 pm Buzzing: Techno Electric & Engineering Company shares rallied 5 percent intraday after sale of wind power assets by the company.
The company has sold 33 MW wind power assets in Tamil Nadu at an effective valuation of Rs 165.19 crore.
Post this transaction, it continues to hold 12 MW of wind power assets.
Techno Electric along with its subsidiary Simran Wind Project will have a portfolio of 129.9 MW of wind power asset post above transaction, the Kolkata-based engineering, procurement and construction services provider said in its filing.12:35 pm Dollar slips: The dollar skidded today, moving back toward one-month lows against the perceived safe-haven yen, after President-elect Donald Trump's highly-awaited news conference failed to offer details on his promises to boost fiscal spending and cut taxes.
Trump, who takes office on January 20, did not elaborate on his planned growth policies, and instead took aim at targets that included pharmaceutical companies and US intelligence agencies.
12:20 pm Earnings estimates: Software services provider TCS' third quarter earnings are expected to be week on account of seasonality (due to year-end furloughs) and cross currency headwinds. Profit is seen falling 1.5 percent sequentially to Rs 6,489 crore and revenue may grow 1 percent to Rs 29,577 crore in Q3.
According to average of estimates of analysts polled by CNBC-TV18, revenue in dollar terms may increase only 0.2 percent to USD 4,382 million and constant-currency revenue growth may be around 1-1.5 percent compared with previous quarter.
Analysts say cross-currency movement is likely to cause revenue growth headwind. During the quarter, US dollar appreciated 5.3 percent against pound, 3.2 percent against euro and 1 percent against Australian dollar.
Also read - I don't see Trump's views affecting Indian drug cos: Biocon Chief12:00 pm Market Check
Benchmark indices maintained uptrend amid volatility in noon trade but broader markets continued to underperform. Banks, infra and select technology stocks gained while the selling continued in FMCG, healthcare and HDFC group stocks.
The 30-share BSE Sensex rose 81.40 points to 27221.81 and the 50-share NSE Nifty gained 19.10 points at 8399.75. The market breadth was negative as about 1332 shares declined against 1069 advancing shares on the BSE.
Power stocks were in limelight today. NTPC, Power Grid Corporation and Tata Power gained 3-4 percent.
L&T and Infosys were leading contributors to Sensex's gains, up 2 percent each whereas ITC, HDFC, Sun Pharma, Lupin, Dr Reddy's Labs, HUL and TCS were under pressure.
Asian markets were lower with Japanese shares falling as dollar/yen slipped to a one-month low, after President-elect Donald Trump held a raucous and freewheeling press conference that analysts said was sparse on economic policy details.
Oil prices were steady after US crude and refined product stocks sent mixed messages to the market, with ongoing uncertainty over OPEC compliance with planned output reductions also in focus.
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