Market Live: Nifty inches towards 10,700, Sensex rises 250 pts; Jet Airways flies higher by 11%

Among sectors, there is strength visible in the pharmaceutical names along with banking & financials, IT and automobile names.

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Market Update:

Benchmark indices extended rally, driven by banking & financials, auto, FMCG and pharma stocks.

The 30-share BSE Sensex rallied 263.15 points to 35,523.69 and the 50-share NSE Nifty rose 71.50 points to 10,688.20.

Jet Airways Gains 11% Ahead Of Crucial Tata Sons Board Meet For Deal With Company:

Jet Airways shares extended previous day’s sharp rally ahead of crucial board meet of Tata Sons for clinching deal with the airline company.

The stock surged as much as 11 percent in morning today, in addition to 24.5 percent upside seen in the previous session.

Sources told CNBC-TV18 that Tata Sons Chairman Natarajan Chandrasekaran will appraise board on developments w.r.t Jet Airways, which has been struggling with cash crunch.

The channel learnt that the issue of deal with Jet is one of the agenda items in board meeting which is scheduled to be held later in the day.

USFDA Approval

Share price of Glenmark Pharma rose 1.5 percent in morning after company received a USFDA approval for Teriflunomide tablets.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Teriflunomide tablets, 7 mg and 14 mg, a generic version of Aubagio tablets, 7 mg and 14 mg, of Sanofi-Aventis US, LLC.

With this approval, Glenmark is eligible for 180 days of shared generic drug exclusivity for Teriflunomide Tablets, 7 mg and 14 mg.

Company’s current portfolio consists of 142 products authorized for distribution in the US marketplace and 57 ANDA’s pending approval with the US FDA.

Yes Bank falls 4% Shares of Yes Bank are down over 4 percent in the morning trade as investors reacted to the news of OP Bhatt resigning from CEO & MD’s search panel.

The stock has touched an intraday high of Rs 201.90 and an intraday low of Rs 196.65.

Former SBI chairman O P Bhatt has resigned from the panel set up by Yes Bank to find a successor to its MD and CEO Rana Kapoor, the private sector bank said.

Bhatt, who was an external expert on the Search and Selection Committee (S&SC), resigned with “immediate effect” as “there may be a potential conflict of interest”, the bank added.

Market opens Equity benchmarks have opened around quarter of a percent higher. The Nifty is well above 10,600-mark, while the Sensex has risen nearly 100 points.

Among sectors, there is strength visible in the pharmaceutical names along with IT and automobile names. Meanwhile, metal stocks are mildly under pressure. In the broader markets, the Nifty Midcap index is trading flat.

The Sensex is up 95.98 points or 0.27% at 35356.52, and the Nifty up 21.10 points or 0.20% at 10637.80. The market breadth is positive as 304 shares advanced, against a decline of 116 shares, while 34 shares were unchanged.

Shares of TCS, Sun Pharma, Indiabulls Housing and Bharti Infratel have gained the most, while Yes Bank, ONGC, and IOC lost the most.

Bond alert | 10-year government bond yield opens unchanged at 7.76 percent.

Wall Street ends higher: US stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports.

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