Market Live: Sensex down 100 points, Nifty trades below 10,600; Idea extends losses. Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around quarter of a percent. Midcaps, meanwhile, are trading flat.
Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around the quarter of a percent. Midcaps, meanwhile, is trading flat.
Market Update: After witnessing a flat opening, equity benchmarks are trading lower, but the Nifty is continuing to hover around 10,600. Financials, after beginning lower, have turned positive, but some weakness is seen in infrastructure names. The Nifty IT index is also higher by a quarter of a percent.
Midcaps, meanwhile, are trading around 0.10 percent higher. Biocon rallied over 6 percent in morning trade and hit a fresh 52-week high after Mylan and Biocon announced that the USFDA approved Mylan’s Fulphila, a biosimilar to Neulasta, which was co-developed with Biocon.
Market Update: After witnessing a flat opening, equity benchmarks are trading lower, but the Nifty is continuing to hover around 10,600. Financials, after beginning lower, have turned positive, but some weakness is seen in infrastructure names. The Nifty IT index is also higher by a quarter of a percent.
Midcaps, meanwhile, are trading around 0.10 percent higher. Biocon rallied over 6 percent in morning trade and hit a fresh 52-week high after Mylan and Biocon announced that the USFDA approved Mylan’s Fulphila, a biosimilar to Neulasta, which was co-developed with Biocon.
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The drug is used to treat low count of neutrophils in patients undergoing chemotherapy in certain types of cancer.
Biocon rallied over 6 percent in morning trade on Tuesday to hit a fresh 52-week high of Rs 695 on BSE after Mylan N.V. and Biocon announced on Tuesday that the U.S. Food and Drug Administration (USFDA) has approved Mylan’s Fulphila, a biosimilar to Neulasta, which was co-developed with Biocon.
The drug is used to treat low count of neutrophils in patients undergoing chemotherapy in certain types of cancer, the company said in a statement to exchanges.
Biocon pared some gains and was trading 2.5 percent higher at Rs 670.85 at 09:25 AM
Biocon rallied over 6 percent in morning trade on Tuesday to hit a fresh 52-week high of Rs 695 on BSE after Mylan N.V. and Biocon announced on Tuesday that the U.S. Food and Drug Administration (USFDA) has approved Mylan’s Fulphila, a biosimilar to Neulasta, which was co-developed with Biocon.
The drug is used to treat low count of neutrophils in patients undergoing chemotherapy in certain types of cancer, the company said in a statement to exchanges.
Biocon pared some gains and was trading 2.5 percent higher at Rs 670.85 at 09:25 AM
Market opens: Equity benchmarks have begun the day on a flat note, with the Nifty holding on to 10,600-mark. The Sensex has managed to trade above 35,000.
The Sensex is up 26.02 points or 0.07% at 35037.91, and the Nifty down 11.30 points or 0.11% at 10617.20. The market breadth is negative as 217 shares advanced, against a decline of 289 shares, while 61 shares are unchanged.
Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around the quarter of the percent. Midcaps, meanwhile, is trading flat.
Biocon’s shares were higher by 3.5 percent in the morning trade as the firm received a regulatory approval to a biosimilar Pegfilgrastim. The drug is used to treat patients with Nonmyeloid cancers.
Adani Ports, Wipro, Eicher Motors and Bharti Infratel are the top gainers, while Dr. Reddy’s Labs, SBI, and Grasim lost the most.
In the global markets, Asian stocks dipped on Tuesday as the markets took a breather after the previous day's rally, although tech-inspired Wall Street gains helped limit the losses, with investor focus moving away from trade concerns and back to benign economic fundamentals.
Wall Street's three major indexes rose on Monday, led by a rally in tech stocks, pushing the Nasdaq to a record closing high as investors bet on a continuation of strong economic growth while falling oil prices weighed on the energy sector.
Rupee Update: The Indian rupee opened higher at 67.07 per dollar on Tuesday versus previous close 67.11.
The Sensex is up 26.02 points or 0.07% at 35037.91, and the Nifty down 11.30 points or 0.11% at 10617.20. The market breadth is negative as 217 shares advanced, against a decline of 289 shares, while 61 shares are unchanged.
Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around the quarter of the percent. Midcaps, meanwhile, is trading flat.
Biocon’s shares were higher by 3.5 percent in the morning trade as the firm received a regulatory approval to a biosimilar Pegfilgrastim. The drug is used to treat patients with Nonmyeloid cancers.
Adani Ports, Wipro, Eicher Motors and Bharti Infratel are the top gainers, while Dr. Reddy’s Labs, SBI, and Grasim lost the most.
In the global markets, Asian stocks dipped on Tuesday as the markets took a breather after the previous day's rally, although tech-inspired Wall Street gains helped limit the losses, with investor focus moving away from trade concerns and back to benign economic fundamentals.
Wall Street's three major indexes rose on Monday, led by a rally in tech stocks, pushing the Nasdaq to a record closing high as investors bet on a continuation of strong economic growth while falling oil prices weighed on the energy sector.
Rupee Update: The Indian rupee opened higher at 67.07 per dollar on Tuesday versus previous close 67.11.
Rupee consolidated in a narrow range ahead of the important RBI policy meeting outcome that will be released tomorrow. The three-day policy meeting began yesterday; the expectation is that the central bank could hold rates but at the same time could change its stance from ‘Neutral’ to ‘Hawkish’. Market participants will also be keeping an eye on inflation outlook especially after the recent rally in global crude oil prices, said Motilal Oswal.
Recent GDP number showed India in Q4 grew at a pace of 7.7% compared to 7.2% in the previous quarter, thereby supporting the currency on lower levels.
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