Monday, 11 July 2016

Nifty above 8450, Sensex up 450 pts; Midcap index at record high

The market extended rally in morning trade with the Nifty reclaiming 8450 level for the first time since August 2015. 

10:15 am Cadila's growth plan: Pharma firm Cadila Healthcare sees big growth opportunity in US and Latin American formulation markets and plans to enhance share in the US generics market by launching complex, oral solids and formulations.

"Going forward, the company's focus will continue to be on launching complex, difficult-to-make oral solids and formulations of other dosage forms like injectables, nasals, creams and ointments in order to enhance share in the US generics market," Cadila Healthcare Chairman Pankaj Patel said in the company's annual report.  INTRADAY 2 DAY FREE TIPS

The US is the world's largest pharma market, both for branded and generics drugs, accounting for around one third of the global market. The company is present in generics market through its wholly owned unit Zydus Pharmaceuticals (USA) Inc.

During 2015-16, the company's business in the US remained the largest contributor to the consolidated revenue, which crossed USD 600 million in sales for the first time.

Also read - L&T is my life; will ensure it remains in strong hands: AM Naik 

10:00 am Market Check 

The market extended rally in morning trade with the Nifty reclaiming 8450 level for the first time since August 2015.

The 30-share BSE Sensex rose 466.49 points or 1.72 percent to 27593.39 and the 50-share NSE Nifty was up 132.35 points or 1.59 percent at 8455.55. The broader markets remained strong with the Midcap index hitting record high.

The market breadth was strong as about four shares advanced for every share falling on the Bombay Stock Exchange.

All sectoral indices traded in green with the PSU Bank and Infra rising the most.

ICICI Bank, HDFC Bank, HDFC, Tata Motors, L&T, ITC and SBI surged 2-4 percent.

Asia markets traded higher, bolstered by election results in Japan and Australia and shrugging off concerns a strong US jobs report might push the Federal Reserve closer to hiking rates.

Japan's Nikkei 225 rallied 4 percent. Those gains came despite the yen remaining relatively strong. In upper house elections on Sunday, Prime Minister Shinzo Abe's ruling coalition won in a landslide, in a development analysts said was likely to make it far easier to push through his economic agenda, dubbed Abenomics.


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