03:30 pm Market closing:
The market
ended volatile session on a flat note. The Sensex is down 29.21 points at
26597.11 and the Nifty down 9.95 points at 7958.90. About 1857 shares have
advanced, 1088 shares declined and 100 shares were unchanged.
IT and
pharma stocks were on buyers radar while banks, metals and FMCG were down. TCS,
Sun Pharma, GAIL, Infosys and Hindalco were top gainers in the Sensex. Among
the losers were Tata Steel, Sesa Sterlite, Coal India, ICICI Bank and ITC.
03:15 pm Currency movements: The dollar hit its highest in
almost two years against the euro with German inflation data expected to keep
pressure on the ECB to ease monetary policy further, while unrest in Hong Kong
hurt Asian-exposed European shares.
The dollar
was broadly stronger, hitting a four-year high against a basket of currencies,
a six-year peak against the yen and a 13-month high against the New Zealand
dollar. Reserve Bank of New Zealand data showed the central bank intervened
last month to speed its currency's descent.
Data on
Friday showing higher US growth in the second quarter fuelled speculation that
a Federal Reserve interest rate hike may come sooner than expected, in striking
contrast with the outlook for the European Central Bank.
3:00 pm Buzzing: Shares of Strides Arcolab jumped 9
percent after board approved its merger with Shasun Pharmaceuticals . Shares of
Shasun Pharma were up 5 percent intraday.
“Each
equity shareholder of Shasun will be entitled to receive five equity shares of
Strides in lieu of 16 equity shares held in Shasun. Based on the exchange
ratio, Shasun shareholders will own 26 percent of the combined entity. The current
promoters of Shasun will, post the approval of the merger, be categorised as
promoters of the combined entity, along with the existing promoters of
Strides,” a BSE filing said.
The
combined entity to be amongst the top 15 listed Indian pharmaceutical companies
by revenue with a turnover in excess of Rs 2,500 crore. The board of directors
of the combined entity will comprise of independent directors. The appointed
date for the Scheme of Amalgamation is April 1, 2015.
The Nifty
is hovering around 7950, down 12.80 points at 7956.05. The Sensex is down 32.78
points at 26593.54. About 1846 shares have advanced, 1004 shares declined, and
84 shares are unchanged.
Defensives
like pharma and IT lend support while select metal and FMCG stocks correct and
midcaps outperform.
Sun Pharma
is the top gainer on the Nifty. Its merger with Ranbaxy is expected to be on
FIPB agenda on October 1. Additionally, CNBC-TV18 learns the company is
planning to focus on dermatology post Ranbaxy merger. It expects almost 38-40
percent of US sales to come from dermatology by FY18.
No comments:
Post a Comment