Pharmaceutical stocks see across the board rise
DATE: 11/09/2012
Key benchmark indices cut intraday losses to strike intraday high in mid-morning trade. The BSE Sensex was down 14.80 points or 0.08%, up 74.60 points from the day's low and off 6.20 points from the day's high. Index heavyweight Reliance Industries (RIL) reversed intraday fall. Index heavyweight and cigarette maker ITC rose. Pharmaceutical stocks were in demand on fresh buying. The market breadth, indicating the overall health of the market, was positive.
The key benchmark indices edged lower in early trade on mostly lower Asian stocks. Market retreated from intraday high on fresh selling in morning trade. Indices cut intraday losses hit intraday high in mid-morning trade.
Asian shares were mostly lower on Tuesday ahead of a key German ruling on the euro zone's bailout funds and the US Federal Reserve's policy decision.
At 11:21 IST, the BSE Sensex was down 14.80 points or 0.08% to 17,751.98. The index shed 8.60 points at the day's high of 17,758.18 in mid-morning trade. The index fell 89.40 points at the day's low of 17,677.38 in early trade.
The S&P CNX Nifty was down 6.95 points or 0.13% to 5,356.50. The index hit a high of 5,357.15 and a low of 5,332.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,224 shares rose and 1,049 shares fell. A total of 122 shares were unchanged.
The total turnover on BSE amounted to Rs 575 crore by 11:25 IST compared with Rs 396 crore by 10:25 IST
Among the 30-share Sensex pack, 18 declined while the rest gained. Sterlite Industries India (down 4.22%), Hero MotoCorp (down 2.12%) and Bharti Airtel (down 0.92%) edged lower from the Sensex pack.
Pharmaceutical stocks were in demand on fresh buying. Biocon (up 0.33%), Dr Reddy's Laboratories (up 0.65%), Sun Pharmaceutical Industries (up 0.93%), Ipca Laboratories (up 1.25%), Divis Laboratories (up 0.12%), Piramal Healthcare (up 0.82%), Glaxosmithkline Pharma (up 2.54%) edged higher. Ranbaxy Laboratories shed 0.36%.
Cipla rose 0.75% to Rs 389.90. The stock had struck a record high of Rs 395.45 on Monday, 10 September 2012. The Delhi High Court has recently ruled in favour of Cipla in a patent infringement case filed by Switzerland's Roche Holding AG over Cipla's cancer drug Erlocip.
Index heavyweight Reliance Industries (RIL) rose 0.21% to Rs 792.85, off day's low of Rs 783.50. RIL has bought back 3.9 crore shares for about of Rs 2793.51 crore till 4 September 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013. RIL chairman Mukesh Ambani said at the company's Annual General Meeting in June 2012 that the company's buyback program represents a highly accretive use of cash by the company and it will supplement earnings growth from operations, for higher EPS (earnings per share), in the near future.
RIL on 27 August 2012 said it has scheduled a planned maintenance turnaround of one of the diesel hydrotreater units of the DTA refinery at its Jamnagar, Gujarat complex for a period of approximately two and half weeks starting 28 August 2012. This opportunity will also be utilised to carry out other maintenance and inspection jobs during the shutdown period, RIL said in a statement. During the period the other diesel hydrotreating unit of the DTA refinery along with other units including crude processing levels are planned at normal levels, RIL said.
Index heavyweight and cigarette maker ITC rose 0.36% to Rs 265.10. The stock had scaled a record high of Rs 271.50 on 30 August 2012. The company reported strong Q1 June 2012 results. ITC's net profit jumped 20.21% to Rs 1602.14 crore on 15.34% growth in net sales to Rs 6652.21 crore in Q1 June 2012 over Q1 June 2011. Despite series of tax hikes, ITC's performance in cigarettes business remains robust and displays pricing power for the company.
Foreign institutional investors (FIIs) bought shares worth a net Rs 692.73 crore on Monday, 10 September 2012, as per the provisional data from the stock exchange.
July's industrial output data due to be released on Wednesday, 12 September 2012 and August headline inflation figure to be declared on Friday, 14 September 2012 will be closely watched.
RBI last cut rates by 0.5 percentage point to 8% from 8.5% in April, its first move to reverse a 20-month rate-tightening cycle. It then held rates steady in June and at its last rate-setting meeting on July 31, saying that a cut would exacerbate inflationary pressures. The RBI is scheduled to undertake a mid-quarter review of the monetary policy on 17 September 2012.
+POWERED BY: CAPITAL MARKET NEWS
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