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Nov 22, 2018 03:35 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex ends 218 points lower, Nifty below 10,550; midcaps see a big fall

At the close of market hours, the Sensex was down 218.78 points or 0.62% at 34981.02, while the Nifty was lower by 73.20 points or 0.69% at 10526.80.

  • Nov 22, 03:35 PM (IST)

    Market at Close It’s a negative end for the market for this week as tomorrow is a trading holiday on account of Guru Nanak Jayanti. 

    The Nifty has given up 10,550-mark.

    Among sectors, financials, consumption, energy, metals and pharma saw the most losses, while selling was visible in the midcaps space. 

    Adani Ports, TCS, and Zee Entertainment were the top gainers, while M&M, Tata Steel, and Grasim lost the most. 

    At the close of market hours, the Sensex was down 218.78 points or 0.62% at 34981.02, while the Nifty was lower by 73.20 points or 0.69% at 10526.80. The market breadth was negative as 1093 shares advanced, against a decline of 1489 shares, while 153 shares were unchanged.

  • Nov 22, 03:18 PM (IST)

    JUST IN | Cadila Health Zydus gets US FDA nod for atorvastatin calcium tablets

  • Nov 22, 02:16 PM (IST)

    USFDA Approval

    Zydus Cadila has received the final approval from the USFDA to market Atorvastatin Calcium Tablets in the strengths of 10 mg, 20 mg, 40 mg and 80 mg (US RLD — Lipitor).

    It will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad.

    Atorvastatin is used along with a proper diet to help lower bad cholesterol and fats (such as LDL, triglycerides) and raise good cholesterol (HDL) in the blood.

  • Nov 22, 02:06 PM (IST)

    Rupee At Day's High

    The Indian rupee appreciated further in afternoon, trading at day's high on falling oil prices.

    Weakness in dollar against some currencies, increased selling of the greenback by exporters & banks, and persistent foreign fund inflows also supported the rupee.

    The currency was trading at 71.04 against the US dollar, up 42 paise or 0.6 percent after hitting day's high of 71.02 a dollar and low of 71.20.

  • Nov 22, 01:53 PM (IST)

    ONGC Ordered To Pay Rs 242 cr to Mumbai Port Trust

    Oil and Natural Gas Corporation (ONGC) has been ordered to pay about Rs 242 crore to the Mumbai Port Trust (MbPT) as wharfage compensation for the transportation of crude oil through the two pipelines the company had laid within the limits of the state-run port.

    In a regulatory filing, state-owned ONGC said it is examining the admissibility of the claim.

    The Tariff Authority for Major Ports (TAMP) passed an order for wharfage compensation payable by ONGC on October 3, 2018.

    TAMP order stated that "ONGC shall pay to MbPT a compensation at one half of wharfage rate as applicable on the per tonne of crude oil which will be imported into the port of Mumbai through all or any of the ONGC pipelines." Source: PTI

  • Nov 22, 01:38 PM (IST)

    Pennar Group Bags Order

    Pennar Group, a leading value-added engineering products and solutions company, has bagged orders worth Rs 317 crore across its various business verticals and the subsidiary, PEBS Pennar.

    The Group’s flagship company Pennar Industries Limited (PIL) received multiple orders aggregating Rs 190 crore across its business verticals such as railways, tubes and industrial components. These orders were received from PIL’s long standing customers including Solis Engineering, JM Infratech, IFB, Ashok Leyland, Tecumseh, Wabco, Mahindra, Salem Steel, etc.

      Pennar Group Bags Order  

 Pennar Group, a leading value-added engineering products and solutions company, has bagged orders worth Rs 317 crore across its various business verticals and the subsidiary, PEBS Pennar. 

 The Group’s flagship company Pennar Industries Limited (PIL) received multiple orders aggregating Rs 190 crore across its business verticals such as railways, tubes and industrial components. These orders were received from PIL’s long standing customers including Solis Engineering, JM Infratech, IFB, Ashok Leyland, Tecumseh, Wabco, Mahindra, Salem Steel, etc.
  • Nov 22, 01:32 PM (IST)

    Investec cuts Eicher Motors target to factor in impact of strike

    Royal Enfield maker Eicher Motors shares fell a percent intraday after Investec slashed target price on the stock by 13.4 percent to Rs 30,300 from Rs 35,000 earlier following cut in earnings estimates.

    The research house trimmed its EPS estimates by 3 / 1 percent for FY19/20 primarily to factor in impact of strike, but it has maintained buy call on the stock.

  • Nov 22, 01:16 PM (IST)

    Goa Plant II & III clears USFDA inspection

    Indoco Remedies shares were locked in 20 percent upper circuit at Rs 206.40 after company's Goa Plant II & III cleared the US health regulator's inspection.

    The US Food and Drug Administration (USFDA) inspected Indoco's sterile facility (Plant II) and solid dosages facility (Plant III) situated in Goa from November 14-21, 2018.

    "The inspection concluded with Indoco receiving 2 minor observations, none of which are repeat in nature," the pharma company said in its filing.

    This facility had received a warning letter from the USFDA in March 2017.

  • Nov 22, 01:08 PM (IST)

    Market Outlook

    Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas said the markets are facing a number of headwinds both on the micro as well as the macro level. US China trade wars pose a threat of slowing down global growth also the upcoming general and state elections will keep the Indian markets volatile.

    On the earning front Q2 has been lacklustre mainly due to higher raw material costs. Oil prices declining due to oversupply issues comes as a big relief to India and will keep the fiscal deficit in check for the time being.

    Investors looking to create a long term portfolio should use any dips in the market to get into quality names where valuations remains reasonable

  • Nov 22, 12:52 PM (IST)

    JUST IN | Finance Minister Arun Jaitley has begun a briefing on Cabinet Meeting decisions. 

  • Nov 22, 12:45 PM (IST)

    Fuel retailers such as Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation recouped some of September's losses in October and November after sharp fall in crude oil prices.

    IOC fell more than 25 percent in August and September followed by around 20 percent recovery in October and November amid volatility. HPCL lost 43 percent and BPCL 39 percent followed by recovery of 49 percent and 23 percent respectively in same period.

    Brent crude futures, the international benchmark of oil prices, after rising up to $86 a barrel, the highest level since November 2014 in the beginning of October corrected up to 27 percent to trade around $63 a barrel amid global growth concerns and increase in supply from OPEC countries.

  • Nov 22, 12:25 PM (IST)
  • Nov 22, 12:02 PM (IST)

    JUST IN | HPCL has reappointed Ram Niwas Jain as independent director.

  • Nov 22, 11:04 AM (IST)

    Investec Raises HDFC Target

    Housing Development Finance Corporation shares gained a percent in morning as Investec believes company should benefit from the liquidity crisis on account of its strengths on liability side.

    While having a buy call on the stock, the research house raised its target price to Rs 1,950 from Rs 1,825 earlier, implying a 4 percent potential upside.

    Investec expects HDFC to gain market share in the current year, preserving its profitability, and expects more than 14 percent value compounding over medium-term.

  • Nov 22, 10:55 AM (IST)

    Huhtamaki PPL Slips 8% On Closure Directions for Thane Plant from MPCB

    Huhtamaki PPL shares plunged as much as 7.6 percent in morning after getting closure directions from Maharashtra Pollution Control Board for its Thane plant in Maharashtra.

    In response to the allegation, the company has filed a Writ Petition in the Bombay High Court on November 21, challenging and setting aside the closure direction.

  • Nov 22, 10:37 AM (IST)

    Macquarie Downgrades NMDC to neutral on Donimalai lease issue

    NMDC shares fell 1.8 percent in morning on Thursday after global brokerage house Macquarie downgraded the stock to neutral amid Donimalai lease issue.

    The research house also reduced its FY20-21 EPS estimates by 9-5 percent as it feels Donimalai lease issues may be a drawn-out legal battle.

    "We build a 6-month disruption into the base case, but risks are on downside. Steel plant is facing some delays, & we push commissioning by 6 months to FY21," Macquarie said.

  • Nov 22, 10:28 AM (IST)

    Technical Outlook

    Laurence Balanco of CLSA said the Nifty has been consolidating between support Of 9,960-9,970 & resistance at 10,669-10,772.

    If the index breaks below 9,960-9,970 support, then it would trigger the bearish implication of the cited top, he added.

  • Nov 22, 10:22 AM (IST)

    BUZZ ALERT | GMR Infrastructure shares advanced 2 percent in morning on Thursday after Kakinada Gateway Port (KGPL) signed the concession agreement with Andhra Pradesh government for development commercial port.

    Kakinada SEZ, the subsidiary of GMR Infrastructure, had received the letter of award on October 5 for development of Greenfield commercial port at Kona Village, East Godavari District, Andhra Pradesh.

    Kakinada SEZ has promoted Kakinada-Gateway Port as its wholly owned subsidiary and as the special purpose vehicle for implementation of the port project.

  • Nov 22, 10:01 AM (IST)

    Glenmark Pharma Gets USFDA Approval for Antimicrobial Drug

    Glenmark Pharmaceuticals shares gained 1.7 percent in morning after the US health regulator approved antimicrobial drug of the company.

    "The United States Food & Drug Administration (USFDA) granted final approval for Atovaquone oral suspension, which is available in 750 mg/5 mL strength," the company said in its filing.

    Abbreviated new drug application was filed by its US subsidiary.

    Atovaquone is a generic version of Mepron oral suspension, 750 mg/5 mL, of GlaxoSmithKline LLC.

  • Nov 22, 09:49 AM (IST)

    Vakrangee locked in upper circuit Vakrangee shares were locked in 5 percent upper circuit at Rs 25.35 on Thursday after getting clean chit from Economic Offences Wing (EOW) with respect to price and volume manipulation.

    There were pending buy orders of 421,781 shares, with no sellers available, at 9:40 hours IST.

    A complaint was filed with the office of Economic Offences Wing (EOW) against the company and its Promoter/ Managing Director & CEO Dinesh Nandwana.

  • Nov 22, 09:46 AM (IST)

  • Nov 22, 09:34 AM (IST)

    Market Update Equities have extended their gains, with the Sensex rising over 100 points. 

    At 09:31 hrs IST, the Sensex is up 110.43 points or 0.31% at 35310.23, and the Nifty up 32.30 points or 0.30% at 10632.30. The market breadth is positive as 820 shares advanced, against a decline of 459 shares, while 52 shares were unchanged.

    TCS, Yes Bank, Tech Mahindra and Zee are the top gainers, while Airtel, Axis Bank, and Bharti Infratel have lost the most. 

     Market Update  Equities have extended their gains, with the Sensex rising over 100 points.  

 At 09:31 hrs IST, the Sensex is up 110.43 points or 0.31% at 35310.23, and the Nifty up 32.30 points or 0.30% at 10632.30. The market breadth is positive as 820 shares advanced, against a decline of 459 shares, while 52 shares were unchanged. 

 TCS, Yes Bank, Tech Mahindra and Zee are the top gainers, while Airtel, Axis Bank, and Bharti Infratel have lost the most. 
  • Nov 22, 09:29 AM (IST)

    Yes Bank surges Shares of Yes Bank are up around 2 percent on Thursday morning as investors reacted to news of a Board Meeting to discuss appointment of Chairman, CEO and independent director. 

  • Nov 22, 09:23 AM (IST)

    Here is a look at gainers and losers' intraday chart movement. 

     Here is a look at gainers and losers' intraday chart movement. 
  • Nov 22, 09:18 AM (IST)

    Market opens Equity benchmarks have begun the day on a good note, with the Nifty holding 10,600 in the opening tick. The 

    The Sensex is up 84.56 points or 0.24% at 35284.36, and the Nifty up 18.80 points or 0.18% at 10618.80. The market breadth is positive as 305 shares advanced, against a decline of 104 shares, while 36 shares were unchanged.

    Among sectors, energy and IT names are trading in the green, while Nifty Infra is down around half a percent. Buying is visible in the broader markets, with Nifty Midcap rising over 0.40 percent. 

    Shares of ONGC, Yes Bank, and Tech Mahindra are the top gainers, while Maruti Suzuki, Hero MotoCorp, Bharti Airtel and Dr Reddy’s Labs have lost the most. 

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