Key benchmark indices edged higher in early trade. The barometer index, the S&P BSE Sensex was currently up 133.32 points or 0.47% at 28,649.91. The market breadth indicating the overall health of the market was strong.
Aurobindo Pharma and Glenmark Pharmaceuticals rose after the Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi, yesterday, 7 April 2015, approved two significant foreign investments in these two companies. Dr Reddy's Laboratories rose after the company and its subsidiary, Promius Pharma, LLC announced the filing of three 505(b)(2) New Drug Applications (NDAs) with the US Food and Drug Administration (US FDA).
Foreign portfolio investors (FPIs) bought shares worth a net Rs 143.98 crore yesterday, 7 April 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 326.06 crore yesterday, 7 April 2015, as per provisional data.
In overseas markets, Asian markets were mixed. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
At 9:25 IST, the S&P BSE Sensex was up 133.32 points or 0.47% at 28,649.91. The index gained 150.17 points at the day's high of 28,666.76 in early trade. The index rose 84.90 points at the day's low of 28,601.49 in early trade.
The CNX Nifty was up 42.20 points or 0.49% at 8,702.50. The index hit a high of 8,706.25 in intraday trade. The index hit a low of 8,692.95 in intraday trade.
The BSE Mid-Cap index was up 68.70 points or 0.63% at 11,019.24. The BSE Small-Cap index was up 84.25 points or 0.74% at 11,515.33. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 974 shares gained and 281 shares fell. A total of 39 shares were unchanged.
ICICI Bank gained 0.46%. The company announced before market hours reduction in base rate by 0.25% to 9.75% per annum with effect from 10 April 2015. ICICI Bank also announced a reduction in interest rates for some tenors of retail fixed deposits with effect from 10 April 2015.
Dr Reddy's Laboratories rose after the company and its subsidiary, Promius Pharma, LLC after market hours yesterday, 7 April 2015, announced the filing of three 505(b)(2) New Drug Applications (NDAs) with the US Food and Drug Administration (USFDA). Dr Reddy's Laboratories rose 1.05%. The three NDAs - DFD-01, DFD-09, and DFN-11, are in support of Dr Reddy's Proprietary Products group, focused on developing and commercializing therapies in dermatology and neurology.
DFD-01 and DFD-09 are the first dermatology applications submitted to the NDA that have been fully developed leveraging in-house capabilities. DFN-11 is the first development program filed in support of a newly created vertical, focused on the US neurology market.
Aurobindo Pharma and Glenmark Pharmaceuticals rose after the Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, yesterday, 7 April 2015, approved two significant foreign investments in these two companies. Aurobindo Pharma rose 1.16% Glenmark Pharmaceuticals rose 4.74%. Approvals have been given for Qualified Institutional Buyers to infuse fresh equity of upto 7% amounting to about Rs 2165 crore into Aurobindo Pharma. The existing FII shareholding is 27.32% in the company. This will enable the company to expand its operations in the areas of anti infective, cardiovascular and central nervous system related ingredients. Aurobindo Pharma employs more than 9500 professionals from 26 countries.
In Glenmark Pharmaceutical, CCEA approved increase in the foreign investment limit by FIIs from 35.07% to 49%. This will result in an inflow of about Rs 2022 crore.
Asian markets were mixed today, 8 April 2015. Key indices in Indonesia, Singapore, and Taiwan fell by 0.19% to 0.59%. Key indices in China, Hong Kong, Japan, and South Korea rose by 0.12% to 2.39%.
Japan posted its biggest current account surplus in almost three and a half years in February, the finance ministry said today, 8 April 2015, helped by the higher value in yen terms of income from overseas investments and a smaller trade deficit. The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.44 trillion in February before seasonal adjustment, the data showed, the highest since September 2011.
US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
The Federal Reserve should be extraordinarily patient and hold off on raising interest rates until the second half of 2016, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reportedly said yesterday, 7 April 2015. Kocherlakota reportedly said that it would be 'appropriate' for the Fed to "defer the initial interest-rate increase until the second half of 2016," and then raise the benchmark federal funds rate to roughly 2% by the end of 2017.
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