Among sectoral indices, pharma, metals and IT stocks are trading higher, while midcaps, too, are seeing good gains
Market Check: After seeing a mildly higher opening, equity benchmarks gained strength in the first hour of trade, with the Sensex gaining over 100 points, while the Nifty managed to clock 10,800. Buying was visible among PSU banks; the Nifty PSU bank index was up over 1.5 percent, while gains were seen pharmaceuticals, infra, and FMCG names. The midcap index is up around half a percent.
Among stocks, Inox Wind fell 8 percent after its auditors decided to quit the firm. Sun Pharma has extended gains from Friday, while Sagar Cements is up over 6 percent on the back of good sales figures for May.
Shares of Sun Pharma continued its gains from Friday, rising over a percent on Monday morning, after its Halol plant received a VAI status from US drug regulator. The status implies that the plant may not go a re-inspection by the regulator ahead.
The stock has touched an intraday high of Rs 536.00 and an intraday low of Rs 527.70.
The company has received a voluntary action initiated (VAI) status for its Halol plant from US FDA.
For the uninitiated, VAI status would imply that there would be no re-inspection required at its Halol unit.
Market Opens: Shares have begun the week on a positive note, with the Nifty trading eyeing 10,800-mark.
The Sensex is up 46.03 points or 0.13% at 35489.70, and the Nifty up 15.50 points or 0.14% at 10783.20. The market breath is positive as 393 shares advanced, against a decline of 151 shares, while 60 shares are unchanged.
Among sectoral indices, pharma, metals and IT stocks are trading higher, while midcaps, too, are seeing good gains.
Dr Reddy’s Labs, Adani Ports, Bajaj Finance and HCL Tech are the top gainers, while ICICI Bank, HUL, and Axis Bank have lost the most.
Asian stocks moved gingerly as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front.
Trump’s reversal, announced while he was en route to Singapore for a meeting with North Korean leader Kim Jong Un, sent his Group of Seven partners scrambling.
“The G7 meeting in Canada reiterated the growing rift between Washington and its allies over free trade,” wrote Tai Hui, chief market strategist for Asia Pacific at J.P. Morgan Asset Management.
“Business confidence, and subsequently capital spending, is at risk if this tension continues through the summer,” he said, adding that central bank meetings will be critical events this week.
Rupee Update: The Indian rupee opened with marginal gain of 4 paise at 67.46 per dollar on Monday versus previous close 67.50.
Rupee, on Friday, came under pressure against the US dollar after global crude oil prices continued its uptrend. But in the late half of the session crude prices came under pressure as US oil drilling activity rose to its highest level since March, 2015, while increasing output in Russia also weighed on the market, said Motilal Oswal.
On the domestic front, market participants will be keeping an eye on inflation and industrial production number. Expectation is that inflation for May could rise to 4.8% compared to rise of 4.5% in the previous month.
Today, USD-INR pair is expected to quote in the range of 67.45 and 67.85. Volatility for the pair could be confined to a narrow range ahead of the important global economic events scheduled in this week, it added.
Here are stocks that are in news today:
Sagar Cements May standalone production up 15% at 1.84 lakh tonne
Indian Overseas Bank raises lending rate by 5-10 bps effective June 10
Syndicate Bank raises one-year MCLR to 8.55% from 8.50%
Shoppers Stop’s chief financial officer Vijay Jain resigned w.e.f. June 08, 2018
Natco Pharma launches generic Posaconazole injection
SBI to auction 12 bad accounts this month to recover over Rs 1325 crore
PNB board approved to initiate the process to disinvest stake in PNB Housing Finance
The Nifty50 is likely to open higher on Monday tracking positive trend seen in other Asian markets. The Nifty50 close 0.7 point lower at 10,767 on Friday.
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.
US stock indexes closed higher on Friday as investors shrugged off concerns about global trade tensions but trading volume was relatively light ahead of a busy week of central bank meetings, said a Reuters report.
Asian stocks moved gingerly on Monday as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front, it said.
Japan’s Nikkei dipped 0.1 percent while South Korea’s KOSPI .KS11 added 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent.
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