Nifty off day’s high, Sensex up over 100 pts; Yes Bank, Indiabulls Housing top losers

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

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Jefferies on GAIL: Research house maintained buy call with a target of Rs 450 per share. According to firm, the near term is challenging, but a solid medium-term outlook.

OMCs trade lower: Shares of oil marketing companies (OMCs) were down upto 3 percent on higher crude oil prices. Today, oil prices rose amid expectations of supply cuts from OPEC, although record US production dragged.

USFDA Observations for Dishman’s Ahmedabad Plant

CNBC-TV18 said Dishman Pharmaceuticals’ Ahmedabad API unit had received Form 483 with 2 observations which are:

US FDA said 1) Blending of in-specification with OOS (out-of-specification) immediate batches is performed; and 2) Laboratory investigations for OOS intermediate batches are not conducted.

The US Food and Drug Administration had inspected company’s Ahmedabad API unit during October 22-26.

Market Update

Benchmark indices rallied further with the Sensex rising 280.19 points to 35,540.73 and the Nifty inching towards 10,700, up 77.30 points at 10,694.

The broader markets underperformed frontliners with the Nifty Midcap index rising 0.2 percent amid positive breadth.

About 1,123 shares advanced against 894 declining shares on the BSE.

USFDA Observations for Alembic Pharma’s Panelav Plant

CNBC-TV18 said Alembic Pharma’s Panelav plant had received Form 483 with four observations which are:

USFDA said 1) there is a failure to review discrepancy on whether or not batch is distributed; 2) there is no written procedures for production & process controls to assure drug quality; 3) batch production & control records do not include in-process results; and 4) employees are not given training in particular options they perform.

The US Food and Drug Administration had inspected Panelav plant during October 22-26. The company manufactures finished dosages in this plant.

V2 Retail Increases Retail Stores Count

V2 Retail has launched one operational retail store at near Mahendra Finance, Shahjahanpur, Shejadpur.

Therefore currently 73 retail stores are operational, the company said.

Oil Rises On Expected OPEC Cuts

Oil prices rose amid expectations of supply cuts from OPEC, although record US production dragged.

US West Texas Intermediate (WTI) crude oil futures were at $56.76 per barrel, up 0.53 percent, from their last settlement.

Brent crude oil futures were up 0.63 percent, at $67.04 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply. Source: Reuters.

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.

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.

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