Key benchmark indices remained firm after hitting fresh intraday high in early afternoon trade. The 50-unit CNX Nifty hit 1-1/2-week high. The barometer index, the S&P BSE Sensex, was up 280.76 points or 1.12%, up about 200 points from the day's low and off 30 points from the day's high. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. The BSE Mid-Cap index was up 1.5%. The BSE Small-Cap index was up 1.44%. Both these indices outperformed the Sensex. Firmness in Asian stocks and fall in crude oil prices boosted market sentiment on the domestic bourses. Today being the last day of the quarter, there was a buzz of buying by mutual funds for window dressing.
Pharma stocks gained. Ranbaxy Laboratories and Sun Pharmaceutical Industries extended Friday's gains triggered by Ranbaxy's announcement that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for a generic version of a medicine for treatment of hypertension and heart failure. Cipla edged higher after the company said it has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen. WABCO India rose amid high intraday volatility on reports that the government has issued a notification to make anti-lock braking system (ABS) compulsory for all new models of commercial vehicles staring April 2015 as a safety measure.
At 12:20 IST, the S&P BSE Sensex was up 280.76 points or 1.12% to 25,380.68. The index jumped 307.06 points at the day's high of 25,406.98 in early afternoon trade, its highest level since 25 June 2014. The index rose 79.63 points at the day's low of 25,179.55 in opening trade.
The CNX Nifty was up 88.65 points or 1.18% to 7,597.45. The index hit a high of 7,604.05 in intraday trade, its highest level since 19 June 2014. The index hit a low of 7,531.60 in intraday trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. On BSE, 1,841 shares gained and 700 shares fell. A total of 101 shares were unchanged.
The BSE Mid-Cap index was up 137.68 points or 1.5% at 9,342.85. The BSE Small-Cap index was up 143.87 points or 1.44% at 10,166.16. Both these indices outperformed the Sensex.
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Ranbaxy Laboratories extended Friday's gains triggered by the company announcement that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for Valsartan 40 mg, 80 mg, 160 mg and 320 mg tablets -- a generic version of a medicine for treatment of hypertension and heart failure. The stock was up 2.81% at Rs 511.10. The formulation is bioequivalent to and have the same therapeutic effects as that the branded drug Diovan. The total annual market sales for Diovan in the United States stands at $2.19 billion (IMS-MAT: April 2014).
Sun Pharmaceutical Industries rose 3.01% to Rs 680.55 after hitting record high of Rs 683.55 in intraday trade. In April this year, Sun Pharma had announced acquisition of Ranbaxy in a $4 billion transaction.
Cipla rose 1.22% to Rs 442.65. The company said before market hours that it has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen. Given the recent preference to local manufacturing, the acquisition secures Cipla's presence in a fast growing market in Yemen. Cipla already has a leading position in Yemen with over 200 products. Cipla will pay $21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones. The closing of the transaction is subject to completion of certain conditions precedent.
Dr Reddy's Laboratories rose 1.5% to Rs 2,592.05, with the stock extending Friday's gains. The company during trading hours on Friday, 27 June 2014, announced that it has launched Duloxetine Delayed-Release Capsules USP 20 mg, 30 mg and 60 mg, a therapeutic equivalent generic version of CYMBALTA (Duloxetine Delayed-Release Capsules) in the US market on 26 June 2014. The CYMBALTA brand and its generic version had US sales of approximately $5.04 billion for twelve months ended 30 April 2014, according to IMS Health data.
Shares of Lupin gained 0.44%.
WABCO India rose amid high intraday volatility on reports that the government has issued a notification to make anti-lock braking system (ABS) compulsory for all new models of commercial vehicles staring April 2015 as a safety measure. The stock was up 5.4% at Rs 3,310. The scrip jumped as much 13.73% to the day's high of Rs 3,569.90 in early trade. The stock rose 3.22% at the day's low of Rs 3,240 so far during the day. For existing commercial vehicles, the vehicle makers will have to fit ABS before April next year, as per reports. WABCO India provides solutions to the commercial vehicle segment of the automotive industry, which includes manufacturing ABS.
The Sensex moved higher in early trade tracking gains in Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Firmness continued on the bourses in mid-morning trade. Key benchmark indices remained firm after hitting fresh intraday high in early afternoon trade. The 50-unit CNX Nifty hit 1-1/2-week high.
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 60.0875, compared with its close of 60.085/095 on Friday, 27 June 2014.
Oil prices edged lower adding to last week's fall as supply disruption fears from Iraq eased as government forces launched a pushback against a Sunni militant takeover of large areas of the country. Brent crude oil futures for August delivery were off 32 cents at $112.98 a barrel.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
Asian stocks edged higher on Monday, 30 June 2014 ahead of packed week of economic data that will test investor hopes for a pick up in the US and global economy. Key benchmark indices in Japan, Indonesia, China, South Korea and Taiwan were up 0.24% to 0.93%. Key benchmark indices in Singapore and Hong Kong fell by 0.18% to 0.38%.
Trading in US index futures indicated that the Dow could fell 2 points at the opening bell on Monday, 30 June 2014. US stocks ended modestly higher on Friday, 27 June 2014, led by technology shares, though downbeat second-quarter and full-year forecasts from DuPont Co kept a lid on gains.
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