Market Negative On Global Cues But Pharma Accelerates

Jun 15, 2017 | 06:13 PM IST

Share Market News – 15 June 2017

Today’s market opened negative on a note due to negative cues from the global market and some profit booking in metal and oil sector. Sensex lost 80.18 points to 31075.73; Nifty lost 40.10 points to 9578.05.

Top Gainers

Aurobindo Pharma by 6.97% to 644.05, Wipro by 1.56% to 260.10, Cipla by 1.50% to 548, Reliance Industries by 1.46% to 1377.35 And Dr Reddy's Lab by 1.11% to 2699.

Top Losers

Indian Oil Corp. by 3.35% to 406.60, Bharat Petroleum Corp. by 3.10% to 670.55, Tata Consultancy Services by 2.44% to 2410, Bharti Infratel by 2.03% to 278.25 And Hindalco by 1.90% to 196.35.

Analysis of Top Gainer and Loser

Aurobindo Pharma is the top gainer in today's market as it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Sevelamer Carbonate Oral suspension, 0.8 gm and 2.4 gm. Sevelamer Carbonate Oral suspension, a therapeutic equivalent generic version of Genzyme’s Renvela oral suspension. The product is being launched immediately

IOC is the top loser in today's market due to some profit booking in this stock. The price is at resistance level but fundamentally positive news came in as IOC, BPCL and HPCL signed an agreement to jointly set up the world's largest refinery and petrochemical complex in Ratnagiri district of Maharashtra at a cost of USD 40 billion.

Key Market News-

From June 16 onwards there will be a daily change in the diesel and petrol prices. Dynamic fuel pricing initiative, where prices are changed every day at 6 am instead of midnight, as this initiative has been taken for prices to sync with the international crude prices on the daily basis.

There is positive news for the chemical industry in India as Govt., has imposed the anti-dumping duty of up to USD 118 per tonne on import of a chemical used for corrosion control and paper bleaching from Bangladesh, Taiwan, Korea, Pakistan and Thailand and it will remain in place for five years. The duty has been initiated to protect domestic manufacturers of the chemical from "material injury" due to the cheap imports.

Stocks to Watch

Aurobindo Pharma is on the upside while HPCL is on the downside.

Aurobindo Pharma is currently trading at Rs.643.90, up by Rs.41.80 or 6.94% from its previous closing of Rs. 602.10 on the NSE. The scrip opened at Rs.602 and has touched a high and low of Rs. 648.40 and Rs. 599. respectively. So far 13574544(NSE) shares were traded on the counter. The current market cap of the Company is Rs.37683 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.895 on 06-Octomber-2016 and a 52 week low of Rs.504 on 29-May-2017

HPCL is currently trading at Rs.518.55, down by Rs.28.15 or 5.15% from its previous closing of Rs.546.70 on the NSE. The scrip opened at Rs 548 and has touched a high and low of Rs.551.30 and Rs.515 respectively. So far 5136247(NSE) shares were traded on the counter. The current market cap of the company is Rs.52698 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.584.45 on 14-Feb-2017 and a 52 week low of Rs.294.65 on 14-June-2016.

 

ABOUT AUTHOR

Niveza Editorial Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to pave a smooth road for our clients in the shaky world of stock market. While...
FULL BIO

LEAVE A COMMENT

RECOMMENDED READING

Metals Shine Despite Profit Booking Bumps; Nifty Below 9500

Share Market News – 28 June 2017 Today’s market opened negative on normal profit booking and negative global cues ahead of monthly F&O expiry, however, metal stocks shined as
Read More>>

FMCG In Green Amid Profit Booking Frenzy

Share Market News – 27 June 2017 Today’s market opened negative on normal profit booking as Nifty rallied 5.40 from last 3 months. FMCG sector settles in green despite profit
Read More>>

PSU Banks Tanked 2.1%; Profit Booking Dragged The Market Down

Share Market News – 23 June 2017 Today’s market opened positive on positive global cues but profit booking pulled the market down ahead of GST rollout on 1st July and falling
Read More>>

Dear Nvestors, Questions YOU Need To Ask

We are heading into an exciting time. The side-effects of demonetisation are behind us and the new tax reform–GST is all set to be rolled out. As an investor, you need to understand the impact of these developments on your investment and day-to-day
Read More>>

GST Impact: Logistic Sector Biggest Gainer

Market this Week The market looked cautious this week as most of the stocks were feeling the heat of the moment and coming down slowly. Retail investors looked like on seller
Read More>>