Friday, 7 September 2018

Sensex | Nifty off lows after autos | FMCG see a pullback | midcaps recover sharply

Midcaps have seen a smart recovery, with the Nifty Midcap index trading over one-third of a percent higher.




Market Update: A sharp pullback in automobiles, metals and some FMCG names has helped the market erase all of their losses and trade in the green. The Nifty is trading above 11,550, while the Sensex is marginally higher. 

In the broader markets, midcaps have seen a smart recovery as well, with the Nifty Midcap index trading a percent higher. Gains in automobiles is led by a surge in Bajaj Auto and Tata Motors. The stocks are up around 3-4 percent. 

Sun Pharma is down 4 percent on reports that US drug regulator has issued 6 observations to its Halol unit in Gujarat. Meanwhile, Yes Bank and Power Grid are the other top losers. Tata Motors and Bajaj Auto are the other lead gainers.  

The Sensex is up 37.07 points or 0.10% at 38279.88, while the Nifty is up 18.40 points or 0.16% at 11555.30. The market breadth is positive as 1,219 shares advanced, against a decline of 866 shares, while 131 shares were unchanged.

Market Update: A sharp pullback in automobiles, metals and some FMCG names has helped the market erase some of their losses. The Sensex and Nifty are trading marginally lower after witnessing a gap-down opening. 
In the broader markets, midcaps have seen a smart recovery as well, with the Nifty Midcap index trading over one-third of a percent higher. Gains in automobiles is led by a surge in Bajaj Auto and Tata Motors. The stocks are up around 3 percent. 

Sun Pharma is down 4 percent on reports that US drug regulator has issued 6 observations to its Halol unit in Gujarat. Meanwhile, Yes Bank and Power Grid are the other top losers. Tata Motors and Bajaj Auto are the other lead gainers.  
The Sensex is down 66.33 points or 0.17% at 38176.48, and the Nifty down 18.00 points or 0.16% at 11518.90. The market breadth is narrow as 931 shares advanced, against a decline of 809 shares, while 104 shares are unchanged.

Buzzing stock: Shares of Sun Pharmaceuticals fell over 5 percent on Friday morning on buzz of observations being issued by the US drug regulator for its Halol plant. 

The stock touched an intraday high of Rs 658.00 and an intraday low of Rs 640.95.
According to reports on CNBC-TV18, the US Food and Drug Administration (FDA) issued six observations for its Halol unit in Gujarat. 

The observations include aspects such as lack of appropriate test measures for lab controls along with some procedural issues too. 

Further, the report quoted observations such as procedures designed to prevent objectionable microorganisms were not followed. It also said that written stability programme did not include sample size based on statistical data. 

Cleaning and maintenance of equipment did not see any written procedures being followed as well. 

Market opens: It’s a negative start on the market on this Friday morning as tepid global cues weighed on indices.  
There’s all-round selling among all sectors, with banks, pharmaceuticals, automobiles and FMCG dragging the most. In the broader markets, midcaps, too, are trading weak, down one-third of a percent. 

Among stocks, Bajaj Auto, Hero MotoCorp, and GAIL are the top gainers, while Sun Pharma and ICICI Bank have lost the most. Sun Pharma and Cadila are under pressure due to regulatory pressures and are trading 3-5 percent lower.  

The Sensex is down 160.22 points or 0.42% at 38082.59, and the Nifty down 48.50 points or 0.42% at 11488.40. The market breadth is negative as 478 shares advanced, against a decline of 527 shares, while 55 shares were unchanged

Rupee Opens: The Indian rupee opened marginally higher at 71.95 per dollar on Friday versus 71.99 Thursday.
Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.
Rupee depreciated by about 13 percent so far this year, 5 percent in last one month and 3 percent in last seven straight sessions. It has fallen from 70 to 72 a dollar in 21 sessions.

Market at pre-open: In the pre-opening trade on Friday the equity benchmark indices are trading higher, with Nifty trading above 11,550. 
At 09:03 hrs IST, the Sensex is up 138.69 points or 0.36% at 38,381.50, while Nifty is up 50.90 points or 0.44% at 11,587.80.
Aurobindo Pharma, L&T Tech, Wipro, Infosys, Bajaj Auto, Ultratech Cement are trading higher, while Sun Pharma slipped in the pre-opening trade.

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