Stock Market

Sensex up 200pts, Nifty hits 7850; IDBI Bank, Dishman soar

Sep 23, 2015, 02.22 PM | Source: Chillicious.com

IDBI gained 12 percent. MD and CEO Kishor Kharat told CNBC-TV18 that while he hasn’t heard any news of an Axis Bank like structure for IDBI Bank, but it would certainly be a welcome move. Dishman Pharma gained 8 percent after the company announced a tie-up that makes them exclusive supplier of the API for Janssen’s tuberculosis drug – Sirturo.

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Sensex up 200pts, Nifty hits 7850; IDBI Bank, Dishman soar

IDBI gained 12 percent. MD and CEO Kishor Kharat told CNBC-TV18 that while he hasn’t heard any news of an Axis Bank like structure for IDBI Bank, but it would certainly be a welcome move. Dishman Pharma gained 8 percent after the company announced a tie-up that makes them exclusive supplier of the API for Janssen’s tuberculosis drug – Sirturo.

14:00

Chillicious Team

2:20 pm FII View:

Speaking on the impact of weak Chinese PMI on global markets, Jonathan Schiessl of Ashburton, says China still has plenty of firepower to stabilse their economy. Although manufacturing sector seems to be going through pain, there are some sectors that are showing revival like the property sector, so it is not all bad news, says Schiessl in an interview to CNBC-TV18.  However, markets continue to focus on bad data and so they are correcting, he says.

With regards to emerging markets, India continues to retain its unique position although currently it has been wrapped up in the global risk-off environment, says Schiessl.

India has been  impacted by the overall withdrawals seen in the EM space but the house continues to dribble cash into counters where valuations are good, he adds. However, they haven’t put all the cash to work because they expect market to test August lows before having a good final quarter.

According to him, India has some catalyst which other EMs are lacking and is hoping for a rate cut from RBI in the upcoming policy meet.

Also read – No need for extra stimulus, India to hit around 8% GDP: CEA

2:00 pm Market Check

The market gained strength in afternoon trade with the Sensex rising 199.26 points to 25851.10 and the Nifty climbing 43.85 points to 7855.85. The broader markets too traded in line with benchmarks; the BSE Midcap and Smallcap advanced 0.4-0.6 percent.


The market breadth was positive as about 1390 shares have advanced against 1070 shares declined on the Bombay Stock Exchange.


Nandan Chakraborty of Axis Capital said markets traded lower than long term average valuations. He advised long term investors to allocate fresh money through the SIP route.


Globally, Asian markets close lower on renewed China woes. A preliminary reading of China’s mammoth manufacturing sector fell to a six-and-half-year low of 47 in September, rekindling worries over the world’s second-largest economy.
 
IDBI gained 12 percent. MD and CEO Kishor Kharat told CNBC-TV18 that while he hasn’t heard any news of an Axis Bank like structure for IDBI Bank, but it would certainly be a welcome move. Dishman Pharma gained 8 percent after the company announced a tie-up that makes them exclusive supplier of the API for Janssen’s tuberculosis drug – Sirturo.

13:00

ITC, M&M, Coal India, NTPC and HDFC Bank are top gainers in the Sensex. Among the losers are Tata Motors, BHEL, GAIL, Cipla and Tata Steel.

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12:00

Shares of HDFC, Tata Motors, Wipro, ONGC and Bajaj Auto slipped 1-2 percent while ITC, HDFC Bank, Infosys, M&M, NTPC, ICICI Bank and Coal India gained 0.2-1 percent.

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11:00

Tata Motors, Bajaj Auto, Wipro, GAIL and Tata Steel are major losers while NTPC, M&M, Hindalco, ITC and Vedanta are top gainers in the Sensex.

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10:00

The rupee breached 66-mark against dollar today, continuing depreciation for the second consecutive session. The currency fell 15 paise to 66.02 a dollar.

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09:15

NTPC, M&M, Hero MotoCorp, Reliance and Maruti are top gainers while Bharti, Tata Steel, Tata Motors, Vedanta and Wipro are major losers in the Sensex.

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