Nifty Pharma is likely to be
witnessing some profit booking after days of upmove last week. All other
sectoral indices are trading in the green, with financials and auto leading the
pack.
9:42 am Simbhaoli
Sugars, OBC plunger 9-20%:
Shares of Oriental Bank of Commerce and Simbhaoli Sugars
lost 9-20 percent intraday on Monday as investors turned cautious post
developments of a likely fraud involving the sugar firm.
The Central Bureau of Investigation (CBI) said on Sunday it
had filed a fraud case against executives of Simbhaoli Sugar for causing
alleged losses of Rs 1.09 billion to state-run Oriental Bank of Commerce,
reports Reuters. The bank alleged that the sugar refiner “dishonestly and
fraudulently diverted” a Rs 1.48-billion-loan sanctioned in 2011 for financing
cane farmers for private use, a statement issued by CBI said.
This is the second case in three days registered by the CBI
upon complaints from the Oriental Bank of Commerce. The police has registered a
case against several top officials of Simbhaoli Sugar, including its chairman
and managing director, chief executive and chief financial officer, some
unknown bank officials, and other private persons.
9:30 am Buzzing
Stock:
Shares of Dr Reddy's Laboratories slipped 4 percent in early
trade on Monday after the USFDA maintained OAI status for the company's
Srikakulam plant.
The company received the establishment inspection report
(EIR) from the US Food and Drug Administration for its API manufacturing plant
in Srikakulam, Andhra Pradesh.
"FDA has asked us for more details. We are providing
those details and continuing to engage with FDA for resolution of pending
issues," company said in press release.
9:15 am Market Opens:
Equity benchmarks began the week on a positive note,
tracking positive global cues.
The Sensex is up 109.15 points or 0.32% at 34251.30, while
the Nifty is up 33.30 points or 0.32% at 10524.30. The market breadth is
positive as 510 shares advanced, against a decline of 123 shares, while 102
shares are unchanged.
Nifty Pharma is likely to be witnessing some profit booking
after days of upmove last week. All other sectoral indices are trading in the
green, with financials and auto leading the pack.
Dr Reddy’s and Sun Pharma are the top losers on both
indices, while Tata Steel, Adani Ports and Vedanta have gained the most.
The Indian rupee opened higher by 8 paise at 64.65 per
dollar on Monday versus 64.73 Friday.
Pramit Brahmbhatt of Veracity said, "The rupee will see
marginal positive impact in today's session on back of positive cues from the
domestic equity market."
"We expect the USD-INR pair to trade in a range of
64.50-65," he added.
Asian markets rose early on Monday, tracking gains seen on
Wall Street as US bond yields receded from recent four-year highs in the last
session.
Japan's Nikkei 225 soared 292.69 points, or 1.34 percent,
with technology stocks, financials and automakers higher on the day. Among
index heavyweights, SoftBank Group jumped 1.79 percent and Fast Retailing rose
1.34 percent.
Elsewhere, South Korea's benchmark Kospi added 0.42 percent
while the junior Kosdaq saw more significant gains, climbing 1.05 percent in
early trade.
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