Corporate Updates

Markets remain range bound, Healthcare index up 2 percent

The benchmark indices are trading in a tight range with a positive bias, supported by buying in Healthcare and technology shares.

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At 2.30 PM, the 30-share BSE index was trading at 25,110, up 47 points and 50-share NSE index was trading at 7,510, up 17 points.

Global Markets:

Asian shares were mostly in the red on Friday, weighed down by a weak performance on Wall Street and doubts about the strength of the U.S. economy, which pushed bonds higher.

dIgitalhealth

China’s Shanghai Composite dipped 0.11 percent, Singapore’s Straits Times 0.2 percent .and Japan’s Nikkei dropped 1.3. On the other hand, Hong Kong’s Hang Seng appreciated 0.1 percent.

A smaller-than-expected increase in May’s U.S. consumer spending, in data released on Thursday, added to concerns about the health of the U.S. economy following surprisingly weak first quarter GDP data.

Crude:

Oil prices edged lower in Asia today following lackluster US economic data that has fuelled bearish sentiment about demand in the worlds top crude consumer and is currently quoting at $113.19 during the late morning trade.

Meanwhile, the rupee is trading at Rs. 60.14 against the US dollar on the back of weak local equities.

Rain Check:

Rains were 31 percent below average in the week to June 25, the weathe, improving from 45 percent below average in the second week of the monsoon.

Indias one-year interest-rate swaps headed for a third weekly increase on concern a shortage of rainfall will hurt farm output and spur inflation, reducing the scope for monetary easing by the central bank.

Buzzing stocks:

Investors sought refuge in the defensive Pharma space with Ranbaxy Laboratories that surged 5 percent to Rs 497 on reports that it has received the US Food and Drug Administration (US FDA)’s approval to sell a generic version of Novartis’s hypertension medicine, Diovan. In addition, Sun Pharma zoomed 4 percent, biggest gainer of this hour.

Dr Reddy’s Labs rose 2.1 percent after the pharma major launched duloxetine delayed-release capsules USP 20 mg, 30 mg and 60 mg in the US market, the company said today. Sun Pharma was up 4 percent.

IT shares were up on the back of improving demand environment after Accenture Plc reported better-than-expected revenue for the third quarter ended May 31, 2014 because of higher demand for its consulting services. TCS, Wipro and Infosys were up 1.5-3.5 percent each.

Among other gainers, index heavyweights ITC and Reliance rose 1.3 percent and 0.2 percent, respectively

On the losing end, Auto shares and Capital goods which zoomed yesterday on the news of extended tax cuts are trading in the negative zone on the account of profit booking. M&M, Tata Motors and Maruti Suzuki dropped between 0.98 and 1.5 percent, each. In addition, BHEL and Larsen dipped between 0.4 and 2.6 percent, each

BSE Bankex lost 0.4 percent with SBI, ICICI Bank and Axis Bank down 0.8 to 1.3 percent, each

Select Oil and Gas shares continue to dwindle after the deferment of price hike by the Modi-led government yesterday. ONGC lost 0.09 percent and GAIL slumped 1.6 percent after a major fourteen people were killed and 20 injured in a blast and fire at a gas pipeline in Andhra Pradesh during the morning hours.

The broader markets, BSE Midcap and BSE Smallcap are in line with their larger counterparts and are up marginally by 0.065 and 0.3 percent, each

Havells India surged 8 percent to Rs 1,192 ahead of board meeting on Monday to consider sub-division of equity shares of face value of Rs 10 a share to a lower denomination.

Reliance Capital surged 1.4 percent to Rs 632.95 on BSE on a report that Japan’s Sumitomo Mitsui Trust Holdings Inc may buy 10% stake in the Anil Ambani-owned company by paying $400 million for new shares.

The market breadth is positive with 1,567 advances and 1,332 declines.

Source: Business Standard

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