Stock Market

Sensex, Nifty consolidate; Tata Motors, Reliance, Hindalco up


Chillicious Team

12:40 pm Europe opens:

European shares opened higher today as markets re-open after the Easter break and investors look ahead to jobs data from the US later this week. The pan-European STOXX 600 was up around 0.4 percent.

European markets started the shortened trading week on a positive note with most investors looking ahead to key nonfarm payrolls data and the employment report from the US on Friday.

12:20 pm Aurobindo gets USFDA nod: Drug firm Aurobindo Pharma has received final approval from USFDA to manufacture and market Rivastigmine Tartrate Capsules USP, used for the treatment of dementia disease, in the American market.

“The company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Rivastigmine Tartrate Capsules USP, 1.5 mg, 3 mg, 4.5 mg and 6 mg,” Aurobindo Pharma said in a BSE filing.

The company said this product is expected to be launched in the first quarter of next fiscal.

The approved product is bioequivalent and therapeutically equivalent to Novartis Pharmaceuticals Corporation’s Exelon Capsules, it added.

Also read – Resolved various legacy issues, moving to 25% corp tax rate: FM

12:00 pm Market Check

The market continued to consolidate in noon trade with the Nifty hovering around 7600 level. Asian markets were also under pressure with the Shanghai falling over a percent.

The 30-share BSE Sensex declined 46.13 points to 24920.27 and the 50-share NSE Nifty slipped 9.45 points to 7605.65. The broader markets, too, were marginally down as the market breadth remained weak. About two shares declined for every share advancing on the BSE.

Reliance Industries, Tata Motors, Maruti Suzuki, Axis Bank, Tata Steel and Hindalco Industries gained 1-2.5 percent whlie Sun Pharma, Dr Reddy’s Labs, Cipla, ONGC, GAIL and BHEL fell 1-3 percent.

Lupin tanked 9 percent after IIFL reported that the company’s Mandideep unit in Madhya Pradesh was inspected by the USFDA and has been given a 483 letter. Mandideep is second largest revenue contributor to US business after Goa unit.