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Last Updated : Jan 10, 2017 11:26 AM IST | Source: Moneycontrol.com

Sensex, Nifty, Midcap higher; Reliance, Tata Motors, ICICI lead

Equity benchmarks as well as broader markets continued to hold early gains with the Sensex rising over 100 points, led by oil, banks and auto stocks.


Moneycontrol Bureau

10:59 am Market Update:
Benchmark indices remained higher with the Sensex rising 126.57 points to 26853.12 and the Nifty climbing 35.80 points to 8271.85.

About two shares advanced for every share falling on the BSE.

10:40 am Fitch on Jubilant Pharma:
Fitch Ratings says it expects Jubilant Pharma's credit profile to benefit from new long-term contracts for its radiopharma business with leading US distributors.

Jubilant Pharma is a wholly-owned subsidiary of Jubilant Life.


The contracts, which were signed by its wholly owned subsidiary, Jubilant DraxImage Inc., are effective for 39 months from January 2017 and involve nuclear pharmaceutical products used for various diagnostic and therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone scans.


JPL's radiopharma business - a key constituent of its speciality pharma portfolio - has a good market position in the US with a niche product portfolio. The company has limited competition for many of its radiopharma products, which is reflected in the length of the supply contracts.

Fitch believes the contracts' long tenure supports the company's earnings visibility and credit profile.

10:20 am Buzzing:
Share price of Ajanta Pharma gained 2.5 percent intraday on USFDA approval for Duloxetine hydrochloride delayed release capsules.

Duloxetine is a bioequivalent generic version of Cymbalta delayed release capsules and part of an ever growing portfolio of products that the company has developed for the US market.

The company will launch the product shortly in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules.

The company has 32 abbreviated new drug application (ANDA) of which it has 17 final ANDA approvals, 2 tentative approvals and 13 ANDAs under review with USFDA.

Also read -
Buy, sell, hold: 21 large & midcap stocks to boost portfolio

10:00 am Market Check

Close

Equity benchmarks as well as broader markets continued to hold early gains with the Sensex rising over 100 points, led by oil, banks and auto stocks.


The 30-share BSE Sensex was up 126.06 points at 26852.61 and the 50-share NSE Nifty rose 39.40 points to 8275.45 while the BSE Midcap and Smallcap indices gained half a percent each.


The market breadth was positive as about two shares advanced for every share falling on the exchange.


Surendra Goyal of Citi says the market is likely to be rangebound till some clarity emerges. He maintains September 2017 target of 30,000 on the Sensex.


Reliance Industries, Tata Motors, ICICI Bank, ONGC, Adani Ports and Tata Steel gained more than 1 percent whereas Axis Bank, TCS, Sun Pharma and Bharti Airtel were moderately lower.



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First Published on Jan 10, 2017 10:00 am
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