Key equity indices reversed losses and hit fresh intraday high in morning trade. The Nifty retraced after briefly crossing 14,000 mark. Pharma, auto and banks shares advanced while metal, IT and FMCG shares declined. Trading was volatile as the December 2020 F&O contracts expire today, 31 December 2020.
At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 55.26 points or 0.12% to 47,801.48. The Nifty 50 index added 11.05 points or 0.08% to 13,993.
In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index rose 0.54%.
The market breadth was strong. On the BSE, 1673 shares rose and 818 shares fell. A total of 143 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,824.52 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 587.43 crore in the Indian equity market on 30 December, provisional data showed.
Coronavirus Update:
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Total COVID-19 confirmed cases worldwide stood at 82,663,945 with 1,804,138 deaths. India reported 257,656 active cases of COVID-19 infection and 148,738 deaths while 9,860,280 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Pharma index rose 0.94% to 12,945.05. The index declined 0.65% in the past three sessions.
Aurobindo Pharma (up 3.45%), Lupin (up 1.24%), Dr. Reddy's Labs (up 1.24%), Biocon (up 1.10%), Cadila Healthcare (up 0.67%), Cipla (up 0.63%), Sun Pharma (up 0.50%), Torrent Pharma (up 0.47%), Alkem Laboratories (up 0.36%) and Divi's Labs (up 0.22%) advanced.
Glenmark Pharmaceuticals added 0.92% to Rs 503.35. The drug maker said it received US drug regulator's final approval for tadalafil tablets. Tadalafil tablets are generic version of Cialis tablets of Eli Lilly and Company. According to IQVIA, sales data for the 12 month period ending November 2020, the Cialis tablets achieved annual sales of approximately $125.5 million.
Glenmark also received tentative approval from United States Food & Drug Administration (USFDA) for Gabapentin Enacarbil extended-release tablets. The product is generic version of Horizant extended-release tablets of Arbor Pharmaceuticals, LLC. The Horizant market achieved annual sales of approximately $99.5 million.
Further, the pharmaceutical company received tentative approval for Apremilast tablets, a generic version of Otezla tablets of Amgen Inc. Otezla tablets achieved annual sales of approximately $2.7 billion.
Stocks in Spotlight:
Union Bank of India added 0.31% to Rs 32.05. Shareholders of Union Bank of India on Wednesday approved the bank's proposal for raising up to Rs 6,800 crore equity capital to fund business growth.
FDC rose 2% to Rs 332.10. The company said it is in the process of expanding its production capacity by installation of an additional BFS machine at one of its existing plants located at Waluj in Maharashtra. The estimated cost of expansion would be around Rs 74 crore at first stage and around Rs 26 crore at later stage. The said process is spread over a period of 20 months. The total production capacity of the said plant is likely to be increased by 30 to 33% after commissioning and completion of all the regulatory requirements, it added.
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