Jul 03, 2018 09:40 AM IST | Source: Moneycontrol.com
Market Live: Nifty holds 10,650 despite correction in Asian peers; ONGC, Hero top gainers
Asian stocks were cautiously mixed, with China's Shanghai Composite falling further amid trade tensions.
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Greenply in Focus: Shares of Greenply Industries added 5.6 percent in morning after company commenced commercial production at Andhra unit.
The company has commenced commercial production of medium density fibreboard (MDF) on July 1, at its manufacturing unit situated at Routhu Suramala, Thottambedu, Chittoor, Andhra Pradesh.
Buzzing: Strides Shasun share price gained as much as 2.2 percent after its subsidiary received approval from the US health regulator for the painkiller drug.
"The wholly owned subsidiary Strides Pharma Global Pte Ltd has received final approval for Ibuprofen tablets USP, 200 mg (OTC) from the United States Food & Drug Administration (USFDA)," the company said in its filing.
Ibuprofen is a generic version of Motrin IB tablets, 200 mg, of Johnson & Johnson Consumer, Inc.
"The approval further strengthens Strides Ibuprofen franchise for the US markets that now comprises of 7 approved products addressing a combined Rx and OTC opportunity of $900 million as per IMS and IRi data," the company said.
Ibuprofen is used to relieve pain from various conditions such as headache, dental pain, muscle aches, or arthritis. It is also used to reduce fever and to relieve minor aches and pain due to the common cold or flu. Ibuprofen is a non-steroidal anti-inflammatory drug (NSAID).
Market Update: Benchmark indices consolidated after yesterday's sell-off, but the broader markets reeled under selling pressure with the Nifty Midcap falling nearly half a percent.
Asian markets are under pressure with the China's Shanghai Composite falling over a percent as investors worried over trade relations between Beijing and the US.
The 30-share BSE Sensex rose 18.37 points to 35,282.78 and the 50-share NSE Nifty gained 3.70 points at 10,661.
Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term
Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Asian Paints with a stop loss of Rs 1273 and target of Rs 1330, Wipro with a stop loss of Rs 255 and target of Rs 270 and sell Grasim Industries with a stop loss of Rs 1001.50 and target of Rs 960.
Rupee Trade: The Indian rupee traded lower by 12 paise at 68.91 per dollar on fresh demand for the American currency.
Yesterday rupee closed near five-year low at 68.80 per dollar. It ended lower by 33 paise against Friday's close 68.47 .
Yesterday rupee gained in the first half of the session but came under pressure in the latter half of the session following strength in the dollar against its major crosses and higher global crude oil prices. Yesterday, crude rallied after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets, said Motilal Oswal.
Libya’s National Oil Corporation declared force majeure on loadings from Zueitina and Hariga ports, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports. Today, USD-INR pair is expected to quote in the range of 68.80 and 69.30, it added.
Market Opening: Benchmark indices started off trade on a flat note depsite weakness in the Asian peers due to ongoing trade tensions between US and China.
The Sensex fell 33.24 points to 35,231.17 and the Nifty slipped 11.40 points to 10,645.90.
Hero MotoCorp, TCS, Dr Reddy's Labs, Bajaj Auto and Coal India are early gainers.
Vedanta, Grasim, Bharti Infratel, ICICI Bank, HDFC, Titan Company, Maruti Suzuki, Cipla, Yes Bank, PNB and Bank of Baroda are under pressure.
The Nifty Midcap index fell 54 points.
8K Miles Software, AU Small Finance, Vakrangee, SREI Infra, ICICI Prudential, IDBI Bank, Nalco and Ashok Leyland lost ground. while Strides Shasun, NCC, Tata Power and Jyothy Labs are gainers.
Stocks in the news: Hero MotoCorp, Dr Reddy's Labs, Nestle, Tata Power, NCC
Here are stocks that are in news today: Dr Reddy's Labs: Company announces launch of Repatha in India Aurobindo Pharma: The firm has received USFDA approval for Ibuprofen OTC capsules.
Market Pre-Opening: Benchmark indices traded mildly higher in the pre-opening despite weakness in Asian stocks.
The 30-share BSE Sensex rose 30.02 points to 35,294.43 and the 50-share NSE Nifty gained 47.30 points at 10,704.60.
Markets@Moneycontrol: Nifty likely to open flat; Sun Pharma, Tata Elxsi top buy ideas
Trends on SGX Nifty indicate a flat opening for the broader index in India, a rise of 5 points or 0.05 percent. Nifty futures were trading around 10,655-level on the Singaporean Exchange.
Pre-Market: The Nifty50 is likely to open flat on Tuesday but with a positive bias tracking muted trend seen in other Asian markets. The index closed 57 points lower at 10,657 on Monday.
Trends on SGX Nifty indicate a flat opening for the broader index in India, a rise of 5 points or 0.05 percent. Nifty futures were trading around 10,655-level on the Singaporean Exchange.
Wall Street ended higher on Monday after a choppy session, with gains in Apple and other technology stocks offsetting worries about an escalating trade war between Washington and its trading partners, said a Reuters report.
Asian markets edged cautiously higher on Tuesday, retracing some of the sharp declines seen in the overnight session as stocks tracked gains seen on Wall Street although worries over US trade policy lingered in the background, it said.
Oil prices climbed on Tuesday after Libya declared force majeure on significant amounts of its supply, but rising overall output from OPEC as well as in the United States was dragging on markets.