The Sensex extended gains in morning trade while the Nifty regained positive zone in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 72.72 points or 0.21% at 34,083.33. The Nifty 50 index was up 4.30 points or 0.04% at 10,535.80. The Nifty hit record high in morning trade. Pharma stocks gained. Shares of telecom and telecom tower infrastructure providers declined.
A divergent trend was seen in early trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with marginal losses. The Sensex scaled record high in early trade.
Among secondary indices, the S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.35%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,443 shares rose and 850 shares fell. A total of 136 shares were unchanged.
Overseas, Asian markets were mixed in trading thinned by a holiday-shortened week. US stocks closed lower in light volume trade yesterday, 26 December 2017 as shares of Apple tumbled, offsetting gains in energy stocks as oil prices hit their highest in more than two years. European markets were closed yesterday, 26 December 2017 in observance of Boxing Day.
Back home, pharma stocks gained. Divi's Laboratories (up 4.01%), Cadila Healthcare (up 1.7%), Dr Reddy's Laboratories (up 1.26%), Cipla (up 2.05%), Lupin (up 0.34%) and Aurobindo Pharma (up 0.75%) edged higher.
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Sun Pharmaceutical Industries rose 4.02% after the company said that US drug regulator has accepted a new drug application for OTX-101, used in treating dry eye disease. The announcement was made before trading hours today, 27 December 2017.
Sun Pharmaceutical Industries announced that the US Food and Drug Administration (USFDA) has accepted a new drug application (NDA), filed by its wholly owned subsidiary, for OTX-101 (cyclosporine A, ophthalmic solution) 0.09%, a novel nanomicellar formulation of cyclosporine A 0.09% in a clear, preservative-free aqueous solution. OTX-101 is now under review for approval by the USFDA, marking an important developmental milestone for Sun Pharma's dry eye candidate.
Post the US FDA approval, OTX-101 will be commercialized in the US by Sun Ophthalmics, the branded ophthalmics division of Sun Pharma's wholly owned subsidiary, based in Princeton, New Jersey. Sun Ophthalmics, founded in 2015, currently markets BromSite (bromfenac ophthalmic solution) 0.075% to eye care practitioners across US.
OTX-101 is being evaluated for the treatment of dry eye disease. It is a patented, novel, proprietary nanomicellar formulation of cyclosporine A, 0.09%. It is a clear, preservative-free, aqueous solution.
Glenmark Pharmaceuticals gained 1.41% after the company announced that it has received US drug regulator's approval for Norethindrone Acetate and Ethinyl Estradiol Tablets USP and Ferrous Fumarate Tablets. The announcement was made before market hours today, 27 December 2017.
Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Tablets USP and Ferrous Fumarate Tablets, 1 mg/20 mcg.
The drug is the generic version of Minastrin 24 Fe Tablets, of Allergan Pharmaceuticals International. According to IQVIA sales data for the 12 month period ended October 2017, the Minastrin 24 Fe Tablets market achieved annual sales of approximately $337 million.
Glenmark's current portfolio consists of 130 products authorized for distribution in the US marketplace and 58 ANDA's pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
Shares of telecom and telecom tower infrastructure providers declined. Bharti Infratel (down 0.01%), Idea Cellular (down 0.39%), MTNL (down 0.6%) and Bharti Airtel (down 0.27%) edged lower.
Reliance Communications (RCom) jumped 21.8% to Rs 25.98 after the company announced its exit from the Reserve Bank of India (RBI)'s Strategic Debt Restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders. Upon completion of all transactions as announced, the balance debt in RCom is expected to be approximately Rs 6000 crore only, representing reduction of over 85% of total debt. The announcement was made after market hours yesterday, 26 December 2017.
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