Sensex opens 100 points up, Nifty above 10,850; Sun Pharma, TCS shine

All sectoral indices are trading in the green, with sharp gains seen in pharmaceuticals, IT and PSU banking space. The midcap index is trading higher by almost half a percent.

Share price of Sun Pharmaceutical Industries added 3 percent in the opening trade on Wednesday as company received EIR from USFDA for its Halol facility.

The company has received the EIR (establishment inspection report) from the USFDA for the inspection conducted at its Halol facility (Gujarat, India) during the period February 12-23, 2018.

The agency concluded that the inspection is now closed and the issues contained in the warning letter issued in December 2015 have been addressed, company said in release.

 Here is a heatmap of the stocks currently present on the Sensex. 

Market Opens: Shares have started on a good note, with the Sensex rising over 100 point, while the Nifty is well above 10,850-mark.

All sectoral indices are trading in the green, with sharp gains seen in pharmaceuticals, IT and PSU banking space. The midcap index is trading higher by almost half a percent.

The Sensex is up 144.22 points or 0.40% at 35836.74, while the Nifty is up 31.10 points or 0.29% at 10874.00. The market breadth is positive as 314 shares advanced, against a decline of 144 shares, while 46 shares were unchanged.

Shares of Sun Pharma and TCS are the top gainers, while Airtel, Kotak Mahindra, and Zee Entertainment are the top losers.

Rupee Update: The Indian rupee opened lower by 12 paise at 67.60 per dollar on Wednesday against previous close 67.48.

Volatility for the USD-INR pair was confined to a narrow range in the past few sessions, but today is expected to open higher at 67.70 levels following weaker-than-expected economic numbers on the domestic front. Data released by CSO showed India’s inflation in May rose 4.87% compared to 4.53% in the previous month on back of higher fuel prices, said Motilal Oswal.

The central bank recently forecast retail inflation at 4.7% in October-March period, “with risks tilted to the upside”. On the other hand, India’s industrial production number for April rose 4.9% compared to estimates of 5.2%. Today, USD-INR pair is expected to to quote in the range of 67.45 and 67.80-67.95, it added

Here are stocks that are in news today:

Ex-Dividend: Can Fin Homes, MAS Financial Services, Kansai Nerolac Paints

Wipro and Opera Solutions launch solution to detect and address fraud and waste in US Healthcare Insurance claims

TCS board will consider a proposal for buyback of equity shares on June 15

Moody upgraded the Counterparty Risk Assessment (CR Assessment) of PNB to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr)

Sun Pharma has received an establishment inspection report (EIR) for its Halol unit from USFDA

Allahabad Bank said that Hong Kong Regulator has upped supervision on banks branch

Alok Industries – NCLT asks resolution professional to present resolution plan to creditors

Bharat Forge acquired 34% and Bharat Forge International acquired 0.7% in TEVVA

Videocon to file defamation suit against Bloomberg

The Nifty50 is likely to open flat on Wednesday following muted trend seen in other Asian markets. The Nifty50 closed 55 points higher at 10,842 on Tuesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21.5 points or 0.2 percent. Nifty futures were trading around 10,769-level on the Singaporean Exchange.

Wall Street made modest gains on Tuesday while the US dollar rose slightly against a basket of major currencies, with only muted impact from the long-awaited US-North Korea summit aimed at denuclearizing the Korean peninsula, said a Reuters report.

Asian shares edged slightly lower on Wednesday as investors looked to the Federal Reserve policy decision and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit in Singapore, it said.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent in early trade while Japan’s Nikkei eked out gains of 0.10 percent.

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