Market Status

Monday, 26 February 2018

Market Live: Sensex begins week 100 points higher, Nifty reclaims 10,500 | Share Market Tips



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.


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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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