Moneycontrol Bureau12:54 pm Market Update: Equity benchmarks erased morning gains with the Sensex down 4.82 points at 27029.68. The Nifty was up 6.05 points at 8355.40.The market breadth remained positive as about 1439 shares advanced against 1055 declining shares on the BSE.12:43 pm Fiscal deficit target: The government panel set up to review the working of Fiscal Responsibility and Budget Management (FRBM) Act, is expected to relax the fiscal deficit target to 3-3.5 percent of GDP for 2017-18, says a report.
According to Bank of America Merrill Lynch (BofA-ML), the N K Singh Committee would build cyclicality in setting fiscal deficit projections by switching to a target range (3-3.5 percent) from a point target of 3 percent.
The NK Singh panel is expected to submit the new fiscal consolidation roadmap report today.
"After all India's growth typically drives fiscal deficits rather than the other way round," BofA-ML said in a research note.
The report noted that Finance Minister Arun Jaitley is expected to target a fiscal deficit of 3.5 percent of GDP -- same as that of 2016-17 in his February 1 Budget.
12:33 pm Pharma patent: Drug firm Suven Life has been granted a patent by Australia for a drug used in the treatment of neuro-degenerative diseases.Suven Life in a filing to BSE stock exchange announced "the grant of one product patent from Australia corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases."The patent is valid till 2033, the filing said. Suven Life CEO Venkat Jasti said: "We are very pleased by the grant of these patents to Suven for our pipeline ofmolecules in the CNS arena, which are being developed for cognitive disorders with high unmet medical need with a huge market potential globally."With this new patent, Suven has a total of 25 granted patents from Australia.12:20 pm USFDA nod: Drug major Lupin has received final approval for generic version of anti-depressant Paroxetine Extended Release tablets from the US health regulator.
In a BSE filing, Lupin said "it has received final approval for its Paroxetin Extended Release Tablets USP, 12.5 mg, 25 mg and 37.5 mg from the United States Food and Drug Administration (USFDA)." The company said it will commence promoting the product shortly.
Lupin's Paroxetin Extended Release Tablets USP, 12.5 mg, 25 mg and 37.5 mg are the AB rated generic equivalents of Apotex Technologies, Inc's Paxil CR Tablets, 12.5 mg, 25 mg and 37.5 mg.
It is indicated for the treatment of major depressive disorder, panic disorder, social anxiety disorder and premenstrual dysphoric disorder.
Also read - Buy, sell, hold: 11 stocks analyst are watching out12:00 pm Market Check
Equity benchmarks remained higher amid consolidation in noon as investors stayed on the sidelines ahead of Union Budget that scheduled to be announced on February 1.
The 30-share BSE Sensex was up 58.86 points at 27093.36 and the 50-share NSE Nifty gained 28.40 points at 8377.75. The market breadth remained positive as about 1509 shares advanced against 913 declining shares on the BSE.
Hero Motocorp, Deepak Fertilisers, JSW Steel, United Spirits, Force Motors, ICICI Bank, Axis Bank, Yes Bank and Infosys were most active shares on exchanges.Hindalco was top gainer among Nifty stocks, up 3 percent followed by ITC, Tata Motors, ONGC, SBI, Lupin and GAIL.
Oil ticked lower today, falling for the first time in three sessions as prospects of rising US production weighed on the market. Brent crude, the international benchmark for oil prices, was trading at USD 55.43 per barrel, down 0.11 percent from its last close. US West Texas Intermediate (WTI) crude futures fell 0.17 percent to USD 53.11 a barrel.
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