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Nifty ends above 50DMA

This article was posted on Aug 11, 2009 and is filed under Market News

Sensex gained 65 points or 0.4% at 15,074 while, Nifty ended higher by 34 points to shut shop at 4,471.

Indian markets were back in action on Tuesday snapping a three day losing streak. The NSE Nifty index managed to take support at the 4,398 levels which is close to the 50 Day Moving Average.

Bulls overlooked the fears of declining monsoon and the outburst of pandemic H1N1 Flu as markets traded in a narrow range throughout the day. But, offloading in the index heavyweights dragged the Nifty below the 4400 levels in intra-day trades. However, markets staged smart recovery from there on taking support at crucial technical levels.

The BSE Sensex gained 65 points or 0.4% at 15,074 after touching a high of 15,218 and a low of 14,864. The index opened at 15,000 against the previous close of 15,009. The NSE Nifty ended higher by 34 points to shut shop at 4,471.

In Asia, the Nikkei in Japan ended higher by 0.6% at 10,585 while Australia’s S&P/ASX ended higher by 0.6% at 4,332. The Hang Seng index in Hong Kong ended higher by 0.7% at 21,074. Shanghai index in China gained 0.5% at 3,264.

In Europe, stocks were trading mixed. The FTSE in the UK was flat. The DAX was flat and the CAC 40 index in France was up 0.3%.

Coming back to India, among the BSE sectoral indices, the Auto index was the top gainer, gaining 3.2%, followed by the Realty index that was up 2.7%. The BSE Metal index up 2.4% and the BSE Pharma index was up 1%.

On the other hand, BSE PSU index ended lower 0.02%.

The BSE Mid-Cap index ended higher by 1.2% and the BSE Small-Cap index edged higher by 0.6%.

Within the Sensex, the major gainers were Tata Motors, M&M, Hindalco, Maruti, Bharti, Sun Pharma and Tata Power. Among the major losers were JP Associates, HDFC, NTPC, ONGC, Wipro and ICICI Bank.

Outside the frontline indices, the big gainers in the broader market were Cummins India, Tech Mahindra, Bharat Forge, GVK Power, Torrent Power and HCL Tech. On the other hand, losers included REI Agro, Glenmark, P&G, Indian Hotels and Glaxo.

Strides Arcolab announced that it is also one of the approved and qualified manufacturer of ‘Oseltamivir Capsules’ – the generic equivalent of Tamiflu – Roche’s innovator product.

Mr. V.S. Iyer, CEO – India Operational stated that “Strides is fully geared up to meet significant supply need of the product for domestic and international markety”

Shares of Strides shot up by over 5% to Rs158. The stock opened at Rs154 and made an intra-day high of Rs166 and a low of Rs151. Total traded volumes stood at 1.3mn shares.

Ranbaxy Laboratories received final approval from the U.S. Food and Drug Administration to manufacture and market Sumatiptan Succinate Tablets, 25mg (base), and 50mg (base).

The office of Generic Drugs, U.S.Food and Drug Administration, has determined the Ranbaxy formulation to be bioequivalent and have the same therapeutic effect as that of the reference listed drug Imitrex by GlaxoSmithKline.

Shares of Ranbaxy shot up by over 6% to Rs277. The stock opened at Rs262 and made an intra-day high of Rs280 and a low of Rs262. Total traded volumes stood at 0.9mn shares.

Shares of Lupin advanced by 2% to Rs994 after ~1.39% equity shares of the company changed hands in two blocks deals on the BSE. The stock opened at Rs980 and made an intra-day high of Rs1002 and a low of Rs976. Total traded volumes stood at 1.2mn shares on the BSE.

IIFL in its recent reports said that “With a revenue CAGR of over 50% over FY06-09, Lupin has grown faster than most of its peers in the US market. Newly in-licensed products and accelerated ANDA filings will maintain its growth momentum in the branded and generics businesses respectively. In the domestic market, the company’s revenues have consistently risen at over 20% annually, as against the industry’s growth rate of 10-12%. Its business in other emerging markets and Japan too is growing well. As the Japanese market warms up to generics, we see significant synergies that can boost growth rates”.

Shares of Tata Steel were in demand and are trading with smart gains after reports stated that the company is looking for several mineral projects in Brazil and Australia. Tata Steel Europe, which controls Corus’s operations, had imported around 22mt of iron ore and 11mt of coal in FY09.

The stock was up by 1.5% to Rs463, it opened at Rs454 and made an intra-day high of Rs466 and a low of Rs450. Total traded volumes stood at 2.9mn shares.

The Board of Directors of Gammon Infrastructure approved the sub-division of the issued and un-issued equity shares of the Company of the face value of Rs 10/- (Ten) each into 5 (Five) equity shares of Rs 2/- (Two) each, subject to the approval of the shareholders.

Shares of Gammon Infra were locked by 5% upper circuit to Rs103.5. The stock opened at Rs95 and made an intra-day high of Rs103.5 and a low of Rs94. Total traded volumes stood at 27,000 shares.

source: IndiaInfoline

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