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Last Updated : Dec 11, 2015 11:14 AM IST | Source:

Sensex, Nifty remain weak; Lupin, Infosys, Hindalco gainers

Tata Steel, Lupin, Hindalco, Sun Pharma and Infosys are top gainers while ITC, L&T, NTPC, Axis Bank and BHEL are major laggards.

Moneycontrol Bureau

10:50 am Buzzing:
Shares of Sharon Bio Medicine rallied more than 16 percent intraday ahead of reponse from the US health regulator for one of its Maharashtra plant.

US Food and Drug Administration officials have inspected company's Taloja plant and the outcome of inspection is awaited, says the company in its filing to exchanges.

The company has received establishment inspection report from the USFDA for its Dehradun plant in Uttarakhand. The US health regulator conducted inspection of this formulation manufacturing plant in August.


Mohan Kala, CFO of Sharon, in an interview to CNBC-TV18 says the company so far has not supplied drugs to the US, adding he is looking for approval for a drug called Memantine.

Memantine is used in the treatment of alzheimer's disease. Total market size of this product is USD 150 million. Kala expects approval for this drug in a week's time.

"We will pay off USD 1.1 million dues to the USFDA within next week," he says.

10:40 am Interview: Sanjeev Vashishta, CEO, SRL Diagnostics, says the company has all the right elements like superior technology, wider geographic reach and a quality team required to tap the huge potential in the diagnostics industry in India.

Vashishta believes that the diagnostics sector has a huge scope for growth with limited competition but there is immediate need to increase government spending on the sector to improve the efficiency and quality of service.

The major roadblocks faced by smaller unorganised players and new entrants into the industry is widening their reach geographically and concerns over undercutting of prices by competitors at the cost of quality, Vashishta says.

10:20 am FII View:
Mahesh Nandurkar, CLSA says inflows into the domestic equity mutual fund continue to show a remarkable resilience despite the market turbulence.

According to him, base case is that this flow is sticky but a potential slowdown in flows could hurt midcaps.

"Within FIIs, country-dedicated funds see inflows but multi-country funds have been pulling out monies and our interaction with emerging market fund managers reveals that India weightings have been taken down materially," says Nandurkar.

Also read - Key news makers of 2015

10:00 am Market Check

Sluggish continues for another day as the Sensex is down 37.30 points at 25215.02. The Nifty is down 13.65 points at 7669.65. About 1069 shares have advanced, 673 shares declined, and 101 shares are unchanged.

Tata Steel, Lupin, Hindalco, Sun Pharma and Infosys are top gainers while ITC, L&T, NTPC, Axis Bank and BHEL are major laggards.

Gold looks set for another muted trading session but was headed for the seventh weekly drop in eight weeks as investors positioned for a looming US rate hike. Fed Chair Janet Yellen next week has to decide not only whether to raise rates for the first time in a decade, but also how to assure markets on the likely path of future rate hikes. Traders currently expect the Fed to raise rates two or three times next year.A robust dollar was limiting interest in gold. The greenback rebounded from a one-month low on Thursday, boosted by rate hike expectations.

Weakness in oil was also hurting bullion. A slide in oil could trigger fears of deflation, a bearish factor for gold, which is often used as a hedge against oil-led inflation.

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First Published on Dec 11, 2015 10:00 am
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