Friday, 15 June 2018

Nifty hovers around 10,800 amid trade war woes; DRL top gainer

Asian markets are cautiously mixed ahead of expected US tariffs.

Rupee Update: The rupee plunged by 32 paise to hit a three-week low of 67.95 against the US dollar following strong demand for the greenback amid sustained foreign capital outflows.
Besides, the dollar strengthening against other currencies overseas as the European Central Bank (ECB) pledged to leave interest rates unchanged until mid-2019, weighed on the rupee, traders said.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,372.84 crore yesterday, as per provisional data issued by the stock exchanges.
Yesterday, the rupee had gained 3 paise to end at 67.62 against the US currency, cutting short its two-day decline.
Market Update: The market is rangebound. Investors monitor the trade developments ahead of likely announcement of US tariffs on some Chinese goods.
The 30-share BSE Sensex fell 15.47 points to 35,584.35 and the 50-share NSE Nifty declined 1.70 points to 10,806.30. About 954 shares advanced against 687 declining shares on the BSE.
Buzzing: Prestige Estates share price gained as much as 5 percent in morning after global investment firm CLSA maintained Buy call to the stock, with a target price of Rs 395 per share.
The research house sees large scale-up potential in residential & office business and likes company's platform-led strategy to growth.
The company raised its risk appetite & investment capability at the right time, CLSA said, adding the stock is a preferred value pick in the property sector.
ICICI Bank clarifies on NCLT case against Punj Lloyd: ICICI Bank has filed an insolvency petition under the Insolvency and Bankruptcy Code, 2016 against Punj Lloyd before the NCLT Principal Bench, New Delhi on May 28.
On June 14, 2018, the NCLT issued notice to Punj Lloyd to file their reply within 2 weeks. The petition has been filed in the ordinary course of business against a defaulting borrower and has been determined to not be material to ICICI Bank and does not warrant disclosure to the stock exchanges.
USFDA Approval: Dr Reddy's Laboratories has received final approval from the US Food and Drug Administration (USFDA) and is launching Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg in the United States market.
It is a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film.
The product is being launched with an approved Risk Evaluation and Mitigation Strategy (REMS) Program.
Buprenorphine and naloxone are used to treat adults with opioid dependence/addiction. Buprenorphine helps suppress withdrawal symptoms caused by discontinuation of opioid drugs, and naloxone reverses and blocks the effect of opioids.
This combination of medications is used as part of a complete treatment program including prescription monitoring, counseling, and psychosocial support.
Market Opening: Benchmark indices opened on a flat note amid mixed trade in Asia ahead of likely US tariffs on select Chinese goods.
The Sensex fell 12.28 points to 35,587.54 and the Nifty slipped 1.80 points to 10,806.20.
L&T, Reliance Industries, HDFC Bank, BPCL and IOC are under pressure.
Dr Reddy's Labs, TCS, Lupin, ICICI Bank, Titan Company and Maruti Suzuki gained up to 2 percent.
Nifty Midcap index is flat.
Tata Global, HDFC Standard Life, Venkys, Kesoram Industries, PVR, HOEC, Prestige Estates and LG Balakrishna gained up to 5 percent.
SBI Life, Vakrangee, Gitanjali Gems, Avenue Supermarts and Gati fell up to 5 percent.
Market Pre-Opening: The Sensex gained 56.44 points at 35,656.26 and the Nifty rose 0.70 points to 10,808.70.
Pre-Market: The Nifty50 is likely to open lower on Friday following muted trend seen in other Asian markets. The Nifty closed 48 points lower at 10,808.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 19.5 points or 0.18 percent. Nifty futures were trading around 10,795-level on the Singaporean Exchange.
US stocks ended a choppy session lower on Wednesday after the US Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes this year, said a Reuters report.
The European Central Bank said on Thursday it will end its unprecedented bond purchase scheme by the close of the year, taking its biggest step in dismantling crisis-era stimulus a decade after the start of the euro zone's economic downturn, it said.
Asian shares wobbled on Friday as investors braced for US tariffs against China, while the euro flirted with two-week lows after a cautious European Central Bank indicated it would not raise interest rates for some time.
Market Pre-Opening: Benchmark indices are higher in pre-opening trade. Asian markets are mixed ahead of likely US tariffs on some Chinese goods.
The Sensex Sensex rose 122.33 points to 35,722.15 and the Nifty gained 15.40 points at 10,823.40.



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