Key indices edged lower in early trade amid initial volatility. The barometer index, the S&P BSE Sensex was currently off 80.20 points or 0.3% at 26,907.26. The market breadth indicating the overall health of the market was strong with more than two gainers for every loser on BSE.
Tech Mahindra advanced after the company announced that it has teamed-up with global telecom technology firm Avion Systems, to provide Network Design and Engineering Services to major Communications Service Providers. Lupin advanced after the company said its US subsidiary launched a generic tablet in four strengths in US. Aurobindo Pharma rose after the company said it has received USFDA nod to manufacture and market Valsartan Tablets in four strengths in US.
Asian equity markets were higher today, 7 January 2015, after steep losses yesterday, 6 January 2015.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 1570.76 crore yesterday, 6 January 2015, as per provisional data.
At 9:18 IST, the S&P BSE Sensex was down 80.20 points or 0.3% at 26,907.26. The index dropped 98.66 points at the day's low of 26,888.80 in early trade. The index rose 8.64 points at the day's high of 26,996.10 in early trade.
The CNX Nifty was down 23.80 points or 0.29% at 8,103.55. The index hit a high of 8,130.55 in intraday trade. The index hit a low of 8,102.95 in intraday trade.
The BSE Mid-Cap index was up 14.16 points or 0.14% at 10,249.90. The BSE Small-Cap index was up 17.83 points or 0.16% at 11,004.05. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong with more than two gainers for every gainer. On BSE, 894 shares advanced and 397 shares declined. A total of 35 shares were unchanged.
Tech Mahindra rose 0.44% at Rs 2,548.80 after market hours yesterday, 6 January 2015 announced that it has teamed-up with global telecom technology firm Avion Systems, to provide Network Design and Engineering Services to major Communications Service Providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the Carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
Lupin rose 0.53% at Rs 1,401.90 after market hours yesterday, 6 January 2015, announced that its US subsidiary Lupin Pharmaceuticals Inc. has launched its Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg strengths, the generic version for Novartis Pharmaceuticals Corporation's (Novartis) Diovan Tablets, 40 mg, 80 mg, 160 mg and 320 mg strengths, having received final approval from the United States Food and Drug Administration (FDA). Lupin's Valsartan Tablets 40 mg, 80 mg, 160 mg and 320 mg are the AB rated generic equivalent of Novartis's Diovan Tablets and is indicated for treatment of hypertension and heart failure. Diovan tablets had annual US sales of $2.08 billion (IMS MAT September, 2014), Lupin said.
Aurobindo Pharma rose 2.32% at Rs 1,113.50 after market hours yesterday, 6 January 2015, announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Valsartan Tablets USP, 40mg, 80mg, 160mg and 320mg. The product is ready for launch, Aurobindo Pharma said. Aurobindo now has a total of 195 abbreviated new drug application (ANDA) approvals from USFDA, which includes 170 final approvals and 25 tentative approvals, the company said.
Asian equity markets were higher today, 7 January 2015, after steep losses yesterday, 6 January 2015. Key indices in China, Hong Kong, Japan, Taiwan, Singapore, South Korea, and Indonesia were up 0.01% to 0.81%.
The US stock market endured another day of selling yesterday, 6 January 2015, due to slumping oil prices. Investors appear to discount positive effect of lower oil prices on broader economy and continue to view the slide in crude as a symptom of slower global growth, which will threaten improving US economy.
The US services sector expanded in December at its slowest rate since February as growth in new business and employment declined, an industry report showed yesterday, 6 January 2015. Markit said the final reading of its Purchasing Managers Index for the service sector was 53.3 in December, down from its flash reading of 53.6 and November's reading of 56.2. Markit's composite PMI, a weighted average of its manufacturing and services indexes, fell to 53.5 in December from a flash reading of 53.8 and 56.1 in November.
The Fed will release minutes of the Federal Open Market Committee (FOMC) meeting held on 16 and 17 December 2014 today, 7 January 2015. The Fed minutes may shed light on policy makers' views on the appropriate timing of the first interest-rate increase since 2006 and the conditions that would prompt them to tighten policy. At the two-day meeting in December, the FOMC had said it would be patient on the timing of an increase, replacing an earlier pledge to keep borrowing costs low for a "considerable time".
The US Labor Department reports monthly payroll data for December 2014 on Friday, 9 January 2015.
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