Market opens at new 52-wk high; Sensex up 150 pts, Nifty eyes 9K

sensex

9:37 am Buzzing: Wockhardt tanked nearly 7 percent intraday as investors turned bearish after the company’s US arm received a warning letter from the US drug regulator.

The US Food and Drug Administration issued a warning letter to Morton Grove Pharmaceuticals, a stepdown subsidiary of the company in Illinois, US. “This would mean that current portfolio of the company will continue to be made available in the market. However, new approvals will be withheld till resolution,” it told the exchanges in a notification on Wednesday.

The warning letter comes as a blow to the company, which was struggling with issues of regulatory non-compliance. Three plants of Wockhardt in India are already under an import ban in the US. Its formulations units at Chikalthana and Waluj in Maharashtra have been under the USFDA’s import alert since 2013, while its bulk drug plant at Ankleshwar in Gujarat was issued an import alert in August.

9:27 am FII view: The employment data in the US does not show any spectacular progress, but remains steady, Willem Buiter, Chief Economist at Citi told CNBC-TV18. This may result in the US Federal Reserve hiking key rates when it meets in March, he added.

However, he said emerging markets are unlikely to falter as the momentum in the emerging markets steadily pick up pace in 2017. He said, for instance, the worst performers of last year, Russia and Brazil, are showing various positive signs.

The dollar’s movement will largely depend on the fiscal package that is proposed to the US Congress, according to the economist, who sees a slight uptick in the dollar in 2017.

9:15 am Market Check:

Equity benchmarks started off session at fresh 52-week high on Thursday, with the Nifty March futures hitting 9000 level, backed by banks, auto, technology and metals stocks.

The 30-share BSE Sensex was up 148.09 points at 29132.58 and the 50-share NSE Nifty gained 41.90 points at 8987.70. About 673 shares advanced against 106 declining shares on the BSE.

Tata Motors, ICICI Bank, Wipro, Bajaj Auto, GAIL, Hindalco and Tata Motors (DVR) were early gainers while Dr Reddy’s Labs and Coal India were under pressure.

The Indian rupee gained by 8 paise at 66.75 per dollar versus 66.83 Wednesday.

Tirthankar Patnaik of Mizuho Bank says he expects the USD-INR to range between 66.50-67.50/dollar in the near term with the State election results on March 11 crucial for its continued strength.

The dollar hit a seven-week high after hawkish comments from two Federal Reserve officials increased expectations that the US Central Bank is closer to raising interest rates. Futures traders are now pricing in a 69 percent chance of a Fed hike in March, up from 35 percent on Tuesday.

Asia markets traded mostly higher, tracking gains in the US where the Dow Jones industrial average closed above 21,000 on the back of President Donald Trump’s speech to lawmakers.

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Nifty touches 8950, Sensex & Midcap strong; auto stocks in focus

nifty-updates-capitalheight11:33 am IPO: Avenue Supermarts, the operator of supermarket retail chain D-Mart, has set a price band of Rs 295-299 for its upcoming Rs 1,870-crore initial public offering (IPO).
The issue will open on March 8 and close on March 10, 2017.
Avenue Supermarts has reserved 50 percent portion of public issue for qualified institutional buyers and out of which, 60 percent may be allocated to anchor investors.

The company said 15 percent portion of the total issue size is reserved for non-institutional investors and the rest 35 percent for retail investors.
Grey market brokers say that the issue is quoting at a premium of Rs 170-180 in the unofficial market.

11:20 am Indiabulls Real in focus: Indiabulls Real Estate’s arm has suspended work on its luxury residential project called Sky Suites that it was developing in Mumbai’s business district of Lower Parel. The project is being set up by Indiabulls Sky Suites, a subsidiary of IBREL arm Indiabulls Properties Investment Trust.

The company was forced to suspend work on the project after the Airport Authority of India placed severe height restrictions on the project, asking it to keep the height of the residential tower at 163 metres against 327 metres that the company had asked for.

Since the height restriction will limit the total area that can be built, the company is now forced to have a re-look at the revenue model of the project.
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Breaking News: Don’t Panic its Buying Opportunity in the Market

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Traders, no need to panic about today’s sell off in the market as the market remains bullish in the long-term. Today, Nifty closed below 8150 sheds nearly 60 points and Bank Nifty sheds nearly 230 points on weak global markets. But it is just a profit booking for the last rally and nothing is alarming. Nifty has strong support near 8010 and market will rebound from support levels. One can average his positions on the support to increase profit. Top sectors to invest in is Manufacturing companies, FMCG and logistic companies.

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Indices Fall for 2nd Consecutive Day…Nifty Below 8200

NSE

Finally, the BSE Sensex ended with a loss of 128 points at 26,636. The BSE Sensex opened at 26,723 touched an intra-day high of 26,972 and low of 26,621. The NSE Nifty closed with a loss of 33 points at 8,170. The NSE Nifty opened at 8,180 hitting a high of 8,266 and low of 8,163.

The Indian stock market closed lower for second consecutive session. After opening on a flat note, indices moved higher surging past the 8250 mark, however it was short lived as selling pressure in the realty, auto, industrial stocks. On the other hand, power and utilities stocks ended with marginal gains. Investors also remained cautious ahead of IIP data for April which is scheduled to be released later in the day.

Among the 51-stocks of Nifty, Hindalco, Yes Bank, BHEL, ACC, Ambuja Cement, Power Grid, Lupin and Tech Mahindra were among the gainers on NSE, whereas Tata Motors DVR, Tata Steel, GAIL, Tata Motors, Coal India and Bank of Baroda were among the losers today.

Finally, the BSE Sensex ended with a loss of 128 points at 26,636. The BSE Sensex opened at 26,723 touched an intra-day high of 26,972 and low of 26,621.

The NSE Nifty closed with a loss of 33 points at 8,170. The NSE Nifty opened at 8,180 hitting a high of 8,266 and low of 8,163.

The India VIX (Volatility) index was up 3.50% at 15.6725.

Out of 1,439 stocks traded on the NSE, 770 declined and 616 advanced today. The BSE Midcap index and the Smallcap index closed lower.

The rupee was trading down 13 paise at 66.83 per US dollar.

On the global front, Asian stocks closed on mixed note as weak. Chinese and Taiwanese stock markets are closed for the Dragon Boat Festival. Nikkei 225 and Hang Send closed in red.

European shares slipped for a third straight day with weaker commodities prices putting further pressure on mining and energy stocks. The FTSE 100 was trading down 1.64%. DAX and the CAC 40 are down 2% respectively.

Crude oil declined from a 10-month high in New York, as a stronger dollar countered a rally driven by tightening global supplies.

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