Trading started on an upbeat note as the key indices, the S&P BSE Sensex and the 50-unit CNX Nifty, both, scaling their record highs in early trade. Firmness in Asian stocks boosted sentiment. The Sensex was up 99.43 points or 0.46%, up about 75 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Except BSE IT index, all the sectoral indices on BSE were in the green.
Lupin rose after the company said it has received final approval for its Doxycycline Capsules USP, 50 mg, 75 mg, and 100 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Aqua Pharmaceuticals Monodox Capsules 50 mg, 75 mg, and 100 mg.
Asian shares rose on Friday, as investors looked toward the US nonfarm payrolls report later in the global day for confirmation that the US employment picture has improved.
The market sentiment was boosted by data showing that foreign funds made heavy purchases of Indian stocks on Thursday, 6 March 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 1,272.93 crore on Thursday, 6 March 2014, as per provisional data from the stock exchanges.
At 9:29 IST, the S&P BSE Sensex was up 99.43 points or 0.46% to 21,613.80. The index gained 101.40 points at the day's high of 21,615.27 in early trade, a new record high, with the index surpassing its previous record high of 21,525.14 hit on 6 March 2014. The index gained 25.57 points at the day's low of 21,539.44 in opening trade.
The CNX Nifty was up 28.60 points or 0.45% to 6,429.75. The index hit a high of 6,430.20 in intraday trade, a new record high, with the index surpassing its previous record high of 6,415.25 hit on 9 December 2013. The index hit a low of 6,413.55 in intraday trade.
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The BSE Mid-Cap index rose 31.12 points or 0.46% to 6,739.12, matching with Sensex's performance. The BSE Small-Cap index rose 36.15 points or 0.55% to 6,662.61, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 502 shares gained and 144 shares fell. A total of 27 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest of them fell. Bharti Airtel (up 3.13%), Bhel (up 1.1%) and L&T (up 0.96%) edged higher from the Sensex pack.
Lupin rose 0.87% after the company said after market hours on Thursday, 6 March 2014, that it has received final approval for its Doxycycline Capsules USP, 50 mg, 75 mg, and 100 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Aqua Pharmaceuticals Monodox Capsules 50 mg, 75 mg, and 100 mg. Lupin's Doxycycline Capsules 50mg, 75mg and 100mg are the AB-rated generic equivalents of Aqua Pharmaceuticals, LLC's Monodox Capsules 50mg, 75mg and 100mg and are indicated in the treatment of infections caused by various microorganisms and as an adjunctive therapy in severe acne.
The company also received final approval from the FDA for its Ciprofloxacin for Oral Suspension, 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) to market a generic version of Bayer HealthCare Pharmaceuticals, Inc.'s (Bayer) Cipro for Oral Suspension 5 g/100 mL and 10 g/100 mL, Lupin said. Lupin's Ciprofloxacin Oral Suspension, 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) is the generic equivalent of Bayer's Cipro Oral Suspension 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) and indicated for the treatment of infections caused by susceptible isolates of the designated microorganisms in various conditions and patient populations.
Lupin is the first applicant to file an ANDA for Cipro Oral Suspension 250 mg/ml & 500 mg/ml and as such is entitled to 180 days of marketing exclusivity. Lupin Pharmaceuticals Inc. (LPI), the company's US subsidiary would commence marketing the products shortly, Lupin said in a statement.
Monodox Capsules had annual US sales of $180.6 million (IMS MAT Dec, 2013) whereas Cipro Oral Suspension had annual US sales of $8.6 million (IMS MAT Dec, 2013).
Zee Entertainment Enterprises rose 0.68% to Rs 275.55. The company after market hours on Thursday, 6 March 2014, said that the company has issued and allotted 20,169,423,120 - 6% Cumulative Redeemable Non-Convertible Preference Shares (Bonus Preference Shares) of Re 1 each fully paid as bonus to the company's equity shareholders as on record date i.e. 4 March 2014, in ratio of 21 bonus preference shares for every 1 equity share held in the company.
On the domestic political front, the Election Commission on Wednesday, 5 March 2014, announced the dates for 2014 Lok Sabha elections. The polls will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014.
The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh, including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
An estimated 81.4 crore voters will be eligible to vote in the coming elections after 9.71 crore new voters have been added to the rolls since the last elections. From the coming elections, candidates in a Parliamentary constituency in bigger states can spend up to Rs 70 lakh on their campaign, up from Rs 40 lakh in 2011. In the 2009 elections, it was Rs 25 lakh.
The 2014 Lok Sabha elections will see the introduction of "None of the Above" (NOTA) option in voting, which came into vogue in the assembly elections a few months ago.
Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian shares rose on Friday, as investors looked toward the US nonfarm payrolls report later in the global day for confirmation that the US employment picture has improved. Key benchmark indices in Singapore, Japan, South Korea, Indonesia, and Taiwan were up 0.01% to 0.56%. Key benchmark indices in China and Hong Kong fell 0.02% to 0.28%.
Lawmakers in the largely-autonomous Russian-majority peninsula of Crimea voted in favour of leaving Ukraine and joining the Russian Federation, even as the US slapped visa restrictions on the separatists and began lining up financial sanctions against Moscow.
The US and Ukraine complained that Crimean legislators were tutored by Russia and they did not recognize the legitimacy of a formal referendum that has been scheduled for March 16 to put a seal of approval on the vote. Meanwhile, the Crimean parliament resolved "to enter into the Russian Federation with the rights of a subject of the Russian Federation" . It said it had asked Russian President Vladimir Putin "to start the procedure"
President Barack Obama said the US and its allies will keep raising pressure on Russia to back down in Ukraine and held open the possibility of further sanctions if Vladimir Putin's government doesn't respond. His administration earlier banned visas for Ukrainian officials and others, including Russians, who it says are threatening Ukraine's sovereignty. Obama also authorized the imposition of financial sanctions.
US stocks were mostly higher on Thursday, sending the Standard & Poor's 500 Index to an all-time high, as data showed jobless claims fell to the lowest level in three months and investors watched developments in Ukraine.
Fewer Americans than projected filed applications for unemployment benefits last week, an indication companies are holding on to staff even as cold weather threatens to slow the world's largest economy. The Labor Department will release its February jobs report today, 7 March 2014. Separate data indicated factory goods orders in January fell 0.7%, declining more than forecast.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.
In Europe, the European Central Bank kept interest rates unchanged at a record low of 0.25% on Thursday, as stronger inflation and economic output reduced the need for officials to take action.
The Bank of England (BoE) also left interest rates at a record low of 0.5% and its gilt purchase target unchanged at 375 billion ($617 billion), as expected.
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