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Last Updated : Dec 30, 2015 10:21 AM IST | Source: Moneycontrol.com

Sensex, Nifty flat; Tata Steel, Tata Power support

Tata Steel, Bharti Airtel, Tata Motors, Dr Reddy's Labs, HDFC, Tata Power, Cairn India and Vedanta topped buying list. ICICI Bank, Reliance Industries, Axis Bank, M&M, Sun Pharma, Bosch and TCS were marginally lower.


Moneycontrol Bureau

9:50 am Buzzing:
Shares of Jubilant Life Sciences, Alkem Laboratories and Torrent Pharmaceuticals gained 1-3 percent in early trade Wednesday after getting approval from the US health regulator for anti-depressant, anti-epileptic and pain killer drugs, respectively.

Mumbai-based Alkem Laboratories has received approval from the US Food and Drug Administration for Gabapentin drug that is used to treat postherpetic neuralgia or shingles. It is called an anti-epileptic medication or anticonvulsant.


It is the first drug approval for Alkem after its listing on exchanges last week.


Ahmedabad-based healthcare company Torrent Pharmaceuticals has also got USFDA nod for pain killer drug Celecoxib. Jubilant Generics, the subsidiary of Jubilant Life Sciences, has received approval for Citalopram hydrobromide, an antidepressant drug.

9:35 am FIPB clears FDI proposals:
The Foreign Investment Promotion Board (FIPB) today cleared four FDI proposals, including that of HDFC Standard Life Insurance, totalling about Rs 1,810 crore.

The other proposals which were cleared include that of Firefly Networks Ltd and Software is Correct, lnc, a Finance Ministry official said.

HDFC Standard Life had approached the FIPB for transfer of its shares currently held by HDFC to Standard Life (Mauritius Holdings) 2006 Ltd, thereby increasing foreign shareholding in insurance JV from 26 percent to 35 percent.

"The proposal of HDFC Standard Life would entail foreign investment of Rs 1,700 crore," the official added.

Also read - Food inflation may rise in 2016 on rabi crop moisture woes

9:15 am Market Check

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The market has opened marginally higher again on Wednesday. The Sensex rose 48.81 points to 26128.29 and the Nifty advanced 12.10 points to 7941.05.


About 710 shares have advanced, 207 shares declined, and 62 shares are unchanged on the BSE.


Tata Steel, Bharti Airtel, Tata Motors, Dr Reddy's Labs, HDFC, Tata Power, Cairn India and Vedanta topped buying list. ICICI Bank, Reliance Industries, Axis Bank, M&M, Sun Pharma, Bosch and TCS were marginally lower.

The Indian rupee has opened lower by 5 paise at 66.45 per dollar today against 66.40 Tuesday.

NS Venkatesh of IDBI Bank says with the dollar index at 98.25, the month-end dollar demand from oil companies is expected to put some pressure on the rupee," he added.

He expects USD-INR to trade today in a narrow range of 66.35-66.48/dollar.

The US dollar gained against the euro after greater risk appetite hurt demand and new pressure from short sellers likely weighed on the euro. The US dollar held its advance after stronger economic data saw treasury yields rise.



Asian shares glided higher in early trading, although investors are cautiously watching whether renewed selling in crude oil futures will dent sentiment.


The US market too ended higher with the technology sector leading broad gains amid some stabilisation in oil and commodity prices.


Among commodities, oil prices dropped, giving back some of the Tuesday rally that helped push up the US stocks toward a gain for 2015. Oil prices earlier had jumped over USD 1 a barrel, as prospects of colder weather in coming weeks inspired buying. However, slowing global demand and abundant supplies from Organization of the Petroleum Exporting Countries (OPEC) members kept energy markets bearish.




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First Published on Dec 30, 2015 09:15 am
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