Market Negative On Global Cues But Pharma Accelerates

Market Negative On Global Cues But Pharma Accelerates

Sensex Touched 31500

Share Market News 15 June 2017

Todays 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 Genzymes 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.

 

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