2:44 pm Market Update:
Equity benchmarks erased more than half of gains in afternoon trade. The Sensex rose 80.69 points to 24763.17 and the Nifty climbed 33.75 points to 7532.50.
2:35 pm Buzzing:
Shares of Orchid Pharma gained 14.3 percent intraday as it has received final approval from USFDA for Rasagiline tablets.
The company has got an approval for its ANDA (Abbreviated New Drug Application) for Rasagiline tablets 0.5 mg and 1 mg.
This product is a FTE (first-to-file) application with a shared 180-day exclusivity for Orchid.
2:20 pm IPO: Bharat Wire Ropes will hit the capital markets tomorrow with its Rs 70 crore initial public offering (IPO).
The Maharashtra-based specialty wire ropes manufacturer has fixed the price band at Rs 40-45 for the IPO. The bidding for the shares would conclude on March 22.
As per draft papers, the company is aiming to raise Rs 70 crore through the issue. The offer would include reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees.
Proceeds of the issue would be utilised for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.
Also read – Nifty to hover in range of 8300-8500 by year-end: Elara Capital
2:00 pm Market Check
Continued buying interest in banks, technology, oil and infra stocks helped market rally. The Sensex rose 177.95 points to 24860.43 and the Nifty advanced 67 points to 7565.75.
The market breadth too remained positive as about 1519 shares advanced against 941 declining shares on the Bombay Stock Exchange.
Lupin topped selling list on Sensex, falling 3 percent followed by HDFC, Sun Pharma, Dr Reddy’s Labs and Cipla with 0.4-1 percent downside.
Adani Ports, ONGC, GAIL and BHEL were biggest gainers, up more than 4 percent. Infosys, ICICI Bank, Axis Bank, L&T, Bharti Airtel and Tata Motors gained 1-2 percent.
European equities traded higher after the US Federal Reserve signaled a lower number of interest rate hikes this year. CAC, DAX and FTSE gained half a percent.
Markets around the world have been reacting to the conclusion of a two-day meeting of the US’ Federal Open Market Committee (FOMC) on Wednesday in which the central bank gave investors more clarity on the path of tightening.
The Fed left rates unchanged at between 0.25 percent and 0.5 percent at its March meeting and cut its projection for the number of 2016 rate hikes from four to two, and projected just two hikes in 2017.