Friday, 30 September 2016

Nifty hovers around 8600, Sensex flat; BHEL, SBI, Infosys gain

GAIL, Infosys, Wipro, BHEL and ONGC are top gainers while Adani Ports, Cipla, Bharti AIrtel, Dr Reddy's Labs and HUL are major losers in the Sensex. 

10:20 am Buzzing: Alkem Laboratories shares fell over 8 percent intraday on several observations from the US health regulator for Daman facility.

"....has received the inspection report for manufacturing facility located at Daman, India which contains thirteen 483 observations," the Mumbai-based pharma company in its filing yesterday.

The US Food and Drug Administration had conducted an inspection at the facility from September 20 to September 29, 2016.

The company said it would put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA.

Also read - Number of factors to aid Indian shares: Kotak UK manager 

10:00 am Market Check 

After a firm start of the October Futures and Options (F&O) series, the market has started to wobble. The Sensex is down 27.19 points or 0.1 percent at 27800.34, and the Nifty is down 8.25 points or 0.1 percent at 8583.00. About 1382 shares have advanced, 543 shares declined, and 97 shares are unchanged.

GAIL, Infosys, Wipro, BHEL and ONGC are top gainers while Adani Ports, Cipla, Bharti AIrtel, Dr Reddy's Labs and HUL are major losers in the Sensex.

The Finance Ministry has exuded confidence that currency and stock markets, which tumbled following the surgical strike, will stabilise in the next few days and decisive action against terrorism will spur growth.

"The markets including the currency markets, the stock market they will stabilise in a matter of a very very few days," Economic Affairs Secretary Shaktikanta Das.

Oil prices dropped on profit-taking, after rising 7 percent in the past two sessions, amid doubts that OPEC's first planned output cut in eight years would make a substantial dent in the global crude glut.

Both Brent and NYMEX crude are on course for a weekly gain of around 7 percent.
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