Stock Market

Sensex, Nifty sluggish; Reliance, HDFC, HUL major laggards

Sep 21, 2015, 01.51 PM | Source: Chillicious.com

Hindalco, Tata Motors, Axis Bank, Maruti and GAIL are top gainers while Cipla, Reliance, Dr Reddy’s Labs, HDFC and HUL are major losers.

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Sensex, Nifty sluggish; Reliance, HDFC, HUL major laggards

Hindalco, Tata Motors, Axis Bank, Maruti and GAIL are top gainers while Cipla, Reliance, Dr Reddy’s Labs, HDFC and HUL are major losers.

13:22

Chillicious Team

1:30 pm DRL deal: 

The California-based BioMarin Pharmaceutical has entered into a settlement agreement with Dr Reddy’s Laboratories to resolve patent litigation in the US regarding Kuvan, the former’s 100mg oral tablets.

According to a statement issued by BioMarin, the US drugmaker said it will grant Dr Reddy’s a non-exclusive licence to its patents on Kuvan (sapropterin dihydrochloride) allowing the Indian drug maker to market a generic version of Kuvan 100mg tablets in the US at a later stage, which is expected to be more than five years from now.


Kuvan, which has clocked USD 203 million revenues for the company in 2014, is indicated for the treatment of hyperphenylalaninemia (HPA) in adults and children with phenylketonuria (PKU), who have been shown to be responsive to such treatment.


Don’t miss: Maruti up 1%, Credit Suisse bullish on market share gains


The market is flat but has recovered majorly. The Sensex is down 36.32 points at 26182.59 and the Nifty slips 8.90 points at 7973. About 1398 shares have advanced, 993 shares declined, and 129 shares are unchanged.


Hindalco, Tata Motors, Axis Bank, Maruti and GAIL are top gainers while Cipla, Reliance, Dr Reddy’s Labs, HDFC and HUL are major losers.


Meanwhile, the Reserve Bank of IRendia is likely to effect one rate cut of 25 basis points at its monetary policy meeting on September 29, says Standard Chartered Associate Economist Anubhuti Sahay, but she expects no further rate cuts beyond that.


“While we expect the RBI to go and cut rates, we expect the monetary policy stance, the forward guidance to be very guarded,” she told CNBC-TV18.

12:00

However, the broader markets rebounded. In second line shares, investors showed better appetite for small caps than mid caps, with the BSE Small Cap Index up 0.7 percent compared to a 0.1 percent increase in the BSE Midcap Index.

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11:00

Tata Motors, Maruti, Axis Bank, L&T and SBI are top gainers while HDFC, Tata Steel, M&M, NTPC and Hindalco are among losers in the Sensex. FMCG index is down 0.6 percent from previous close.

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10:00

Maruti Suzuki rose 0.7 percent after Credit Suisse added stock to the Asia ex-Japan and Global Focus list. Maruti has gained around 800 basis points market share in the last three years as it is amidst a strong product cycle with six all new launches in a period of eighteen months, said the brokerage.

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09:15

Sun Pharma and GAIL are two gainers in the Sensex. Among the losers are ICICI Bank, M&M, Axis Bank, Vedanta and Hindalco are losers in the Sensex.

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