A bout of volatility was witnessed as key benchmark indices trimmed losses after opening lower. The barometer index, the S&P BSE Sensex was currently down 50.21 points or 0.19% at 26,581.08. The market breadth indicating the overall health of the market was strong. The mid-cap and small-cap indices were in green. The BSE Mid-Cap index was up 0.25%. The BSE Small-Cap index was up 0.83%. Both these indices outperformed the Sensex. Sun Pharmaceutical Industries gained after Merck & Co., Inc. and the company through their respective subsidiaries, announced an exclusive worldwide licensing agreement for Merck's investigational therapeutic antibody candidate, tildrakizumab, (MK-3222).
Asian stocks gained in choppy trade after the US Federal Reserve after a two-day policy meet on Wednesday, 17 September 2014, renewed a pledge to keep interest rates near zero for a considerable time.
At 9:23 IST, the S&P BSE Sensex was down 50.21 points or 0.19% at 26,581.08. The index dropped 128.21 points at the day's low of 26,503.08 in early trade. The index declined 34.32 points at the day's high of 26,596.97 in early trade.
The CNX Nifty was down 14.35 points or 0.18% at 7,961.15. The index hit a low of 7,939.70 in intraday trade. The index hit a high of 7,964.55 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,074 shares gained and 494 shares fell. A total of 38 shares were unchanged.
The BSE Mid-Cap index was up 24.32 points or 0.25% at 9,708.24. The BSE Small-Cap index was up 89.75 points or 0.83% at 10,919.59. Both these indices outperformed the Sensex.
Sesa Sterlite (down 0.72%), Tata Motors (down 0.65%) and Mahindra & Mahindra (M&M) (down 0.55%) edged lower from the Sensex pack.
Sun Pharmaceutical Industries gained 1.86% after Merck & Co., Inc. known as MSD outside the United States and Canada, and the company through their respective subsidiaries, after market hours on Wednesday, 17 September 2014, announced an exclusive worldwide licensing agreement for Merck's investigational therapeutic antibody candidate, tildrakizumab, (MK-3222), which is currently being evaluated in Phase 3 registration trials for the treatment of chronic plaque psoriasis, a skin ailment. Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of $80 million. Merck will continue all clinical development and regulatory activities, which will be funded by Sun Pharma. Upon product approval, Sun Pharma will be responsible for regulatory activities, including subsequent submissions, pharmacovigilance, post approval studies, manufacturing and commercialization of the approved product. Merck is eligible to receive undisclosed payments associated with regulatory (including product approval) and sales milestones, as well as tiered royalties ranging from mid-single digit through teen percentage rates on sales.
Ranbaxy Laboratories gained 0.95%. The company after market hours on Wednesday, 17 September 2014 said that the company has received a Civil Investigative Demand (CID) from the United States Department of Justice relating to the manner in which it reports pricing data for certain products eligible for reimbursement under the Medicaid program. The CID is a request for documents and information, and is not an allegation of wrongdoing or demand for compensation. The company would fully cooperate with this civil investigation, Ranbaxy Laboratories said.
In April 2014, Sun Pharma acquired Ranbaxy in $ 4 billion landmark transaction.
Idea Cellular rose 0.98%. The stock turned ex-dividend today, 18 September 2014, for final dividend of Rs 0.40 per share for the year ended 31 March 2014.
Meanwhile, the President of the People's Republic of China, Mr. Xi Jinping and the First Lady Ms. Peng Liyuan arrived in Ahmedabad, Gujarat on Wednesday, 17 September 2014. Xi's three-day visit is aimed at ramping up trade and investments, besides having discussions on substantive issues including the contentious border dispute. India and China also signed three-Gujarat specific pacts. The three pacts include making Guangzhou city in China and Ahmedabad as sister cities, setting up of industrial parks in this state and an agreement between Guangdong province and the Gujarat government for development of cultural and social ties between the two countries.
Most Asian stocks rose today, 18 September 2014 after the US Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time". Key benchmark indices in China, Indonesia, Singapore, Taiwan and Japan rose by 0.23% to 1.07%. Key benchmark indices in Hong Kong and South Korea fell by 0.68% to 0.71%.
US stocks edged higher in volatile trading on Wednesday, 17 September 2014, after the US Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time" and repeated concerns over slack in the labor market, standing firm against calls to overhaul its policy statement.
The US Federal Reserve on Wednesday, 17 September 2014, renewed a pledge to keep interest rates near zero for a "considerable time" and repeated concerns over slack in the labor market, standing firm against calls to overhaul its policy statement. * The Fed repeated its assurance that rates would stay ultra-low for a "considerable time" after a bond-buying stimulus program wraps up. In a statement after a two-day meeting, it announced a further $10 billion reduction in its monthly purchases, leaving the program on course to be shuttered next month. * The policy-setting Federal Open Market Committee also repeated its assessment that a "significant" amount of slack remains in the US labor market, a further sign it is no rush to raise benchmark borrowing costs.
Among macro data in US, US consumer prices fell for the first time in nearly 1-1/2 years in August and underlying inflation pressures were muted, giving the Fed more ammunition in its argument to keep rates low.
In UK, a crucial vote on Scottish independence will be held today, 18 September 2014. Scotland is currently a part of United Kingdom.
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