A range bound movement was witnessed, with the barometer index, the S&P BSE Sensex, trading marginally higher and the 50-unit Nifty 50 index trading marginally lower in mid-morning trade. At 11:18 IST, the Sensex was up 3.13 points or 0.01% at 25,853.43. The Nifty was currently off 3 points or 0.04% at 7,862.95. The market breadth indicating the overall health of the market was strong. On BSE, 1,415 shares rose and 811 shares fell. A total of 175 shares were unchanged. The BSE Mid-Cap index was currently up 0.27%. The BSE Small-Cap index was currently up 0.51%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed mixed trend. US stocks closed higher for the third straight session yesterday, 23 December 2015, led by outsize gains in the energy and materials sector stocks as crude oil futures rebounded after the weekly crude oil data showed US crude inventories posted an unexpectedly large decline last week.
Shares of oil exploration and production (E&P) companies edged higher as global crude oil prices continuing their rebound off multiyear lows. Cairn India (up 2.59%), ONGC (up 0.76%) and Oil India (up 2.06%) edged higher. Reliance Industries fell 0.32%. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms.
Stocks of public sector oil marketing companies (PSU OMCs) also edged higher. HPCL (up 0.27%) and BPCL (up 0.39%) rose. Indian Oil Corporation shed 0.03%.
Brent for February settlement was currently up 22 cents at $37.58 a barrel. The contract had gained $1.25 a barrel or 3.46% to settle at $37.36 a barrel during the previous trading session.
Capital goods stocks rose. Bharat Electronics (up 3.69%), Crompton Greaves (up 1.93%), ABB India (up 0.23%), Bharat Heavy Electricals (Bhel) (up 0.38%), BEML (up 0.09%), L&T (up 0.33%) and Siemens (up 0.45%) rose. Thermax fell 0.96%.
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Biocon surged after the company during market hours today, 24 December 2015, announced the introduction of an advanced novel therapy CIMIVIR-L for the treatment of Hepatitis C in India. The stock jumped 5.71% to Rs 509.25. The stock hit high of Rs 512 in intraday so far, which is a 52-week high for the stock. The stock hit a low of Rs 484 so far during the trading session.
Biocon said that CIMIVIR-L is a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, which is an equivalent of the innovator product commercialized by Gilead Sciences in the US. The Drugs Controller General of India (DCGI) recently approved the sale of Sofosbuvir-Ledipasvir combination, which is being manufactured in India under a license from Gilead. CIMIVIR-L will be made available to patients in India at a fraction of the global cost of the innovator brand. The cost of a 12-week course of this combination therapy in the US is $94,500 (about Rs 63 lakh). Hepatitis C is a viral disease that causes liver inflammation leading to diminished liver function or liver failure.
In keeping with its commitment to introduce innovative therapies at an affordable price to patients, Biocon had entered into a licensing agreement last year with US-based Gilead to manufacture and commercialize its chronic Hepatitis-C blockbuster product range, Sofosbuvir and Sofosbuvir-Ledipasvir combination in India and in select emerging markets.
Meanwhile, Reserve Bank of India Governor Raghuram Rajan said in his foreword on the latest Financial Stability Report (FSR) released by the RBI yesterday, 23 December 2015, that despite domestic inflation coming down significantly, India should not lose sight of the fact that the climatic conditions have tended to be more erratic and unpredictable. This will have an impact on the volatility of inflation and perhaps its level, Rajan said.
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