09:45am Ranbaxy in News
The BSE
Sensex rose 65 points to 26414 while Ranbaxy Laboratories gained 1 percent.
The
company has settled the litigation concerning its participation in the Texas
Medicaid Program. Under the settlement agreement, Ranbaxy will make payments to
the State of Texas totaling USD 39.75 million in a series of tranches through
August 2015, said the company in its filing to BSE.
"The
claims at issue related exclusively to the manner in which the Ranbaxy has
historically reported pricing data to Texas Medicaid for certain of its drugs.
As has been widely reported, the State of Texas has brought nearly identical
claims against virtually every other major pharmaceutical manufacturer in the
United States. Ranbaxy believes that it fully complied with all relevant laws,
however the company settled the matter to avoid any further distraction and
uncertainty of continued litigation with the State of Texas," it explained.
09:35am Market Expert
With
domestic cues positively stacked in favour of India, market expert Ambareesh
Baliga believes 7800-7850 to be good support levels. He doesn't see it breaking
in a hurry.
However,
he adds, global cues continue to be tricky, and hence he prefers neither to be
a buyer nor a seller at the moment.
He says if
7850 breaks, then the downside for Nifty opens. Because of technical factors,
market can crack further and the next level will be 7400. But if Nifty doesn't
fall below 7800 level then the trading band will be 7800-8200.
Baliga
says the results so far have been decent but most investors are making the
mistake of buying these stocks at high prices (on exuberance) as soon as the
results are out. He advices investors to let prices cool from the initial
exuberance and then buy.
09:15am Market Check
Equity benchmarks
opened flat despite weak global cues and ahead of outcome of Maharashtra and
Haryana elections that will be on Sunday. The Sensex fell 1.37 points to
26347.96 and the Nifty declined 0.65 points to 7863.35.
About 432
shares have advanced, 530 shares declined, and 47 shares are unchanged.
DLF shot
up 6.62 percent, showing a smart recovery after losing nearly 30 percent in
previous session due to Sebi order. .
Hero
Motocorp and TCS gained nearly 2 percent ahead of second quarter earnings today
later in the day. Tata Motors, BHEL and Tata Steel climbed over 1.5 percent.
However,
Hindalco, Bajaj Auto (post 29 percent fall in Q2 profit), Reliance Industries,
Sesa Sterlite, Tata Power and Cairn India lost 1-2.5 percent.
The Indian
rupee opened marginally lower on Thursday at 61.48 per dollar compared to 61.41
a dollar in previous session.
Dollar
hits a three-week low against the euro and a more than one-month low against
the yen post weak US economic data that heightened concerns that the federal
reserve would delay its first rate hike.
Mohan
Shenoi of Kotak Mahindra Bank said, "Dollar weakness against global majors
may not impact rupee significantly due to reduced custodial flows. The rupee is
expected to trade today in a range of Rs 61.10-61.50/dollar."
On the
global front, Asian markets (barring Shanghai) were trading lower with the
Nikkei falling over 2 percent. US stocks closed down but recovered
significantly from historic intraday losses amid concerns about Europe, Ebola
and the economy. Stocks lost nearly 3 percent during the day but recovered in
the close.
In Europe,
stocks closed more than 2 percent lower as investors shunned risky assets on
fears of crumbling global growth, weak economic data, and concerns about the
political situation in Greece.
In commodities, Brent crude continues its slump,
slips below USD 84 per barrel. More information please visit this site www.bigprofitbuzz.com
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