LIVE: Sensex, Nifty continue to trade flat; RPG Life Sciences shares surge
After Tuesday’s major fall, the benchmark BSE Sensex recaptured the crucial 25,000-mark by rebounding 117 points in early trade on fresh buying by funds and retail investors in bluechips amid firm Asian cues.
1.24 pm: Sensex was up 59.22 points at 24942. Nifty was trading 24.10 points up at 7627.
12.56 pm: Shares of RPG Lifesciences jumped nearly 17 per cent after the company announced that it has received good manufacturing practice (GMP) certificate from German authority for its formulation facility in Gujarat. Sensex was up 33.58 points at 24,917. READ MORE
12.18 pm: Sensex was trading 40.20 points up at 24,923. Kishore Biyani’s Future Retail has agreed to buy the entire equity shares of FabFurnish.com owned and operated by Bluerock eServices (BEPL) as per the share purchase agreement. Consequent to acquisition of the entire share capital, BEPL will become a subsidiary of the company. Shares of Future Retail were trading 2 per cent up at Rs 130. READ MORE
11.52 am: Aviation stocks such as InterGlobe Aviation (IndiGo), SpiceJet and Jet Airways gained up to 3 per cent in morning trade on Wednesday on reports that the civil aviation ministry is likely to abolish the 5/20 rule. READ MORE
11.15 am: Future Retail stocks were trading 1.69 per cent up at Rs 129.60 as it has agreed to acquire the entire equity shares of FabFurnish.com owned and operated by Bluerock eServices (BEPL) as per the terms and conditions agreed under the share purchase agreement. Consequent to acquisition of the entire share capital, BEPL will become subsidiary of the company. Sensex was trading 3.57 points down at 24,880.02, Nifty was trading 3.05 points up at 7,606.25.
10.46 am: Sensex was up 31 points at 24,914. ABB India has signed a memorandum of understanding (MoU) with the Indian Institute of Technology Madras (IIT Madras) to enter into technical co-operation to build microgrids as well as joint R&D in the field of rural electrification, utilization of natural non-fossil resources, battery energy storage and their connection to loads and main grid. IITM and ABB will jointly work to design, build and supply equipment for up to two such microgrids in rural areas. Shares of ABB were up 0.66 per cent at Rs 1290.20.
10.12 am: Meanwhile, Ashoka Buildcon shares hit lower circuit and slumped 20 per cent to Rs 136. Sensex was up 21.44 points at 24,905. According to PTI, Enforcement Directorate and Income Tax department on Tuesday conducted joint searches at the office of Ashoka Buildcon and the residence of its head in connection with allegations that it financed certain construction by family of ex-deputy chief minister Chhagan Bhujbal, arrested last month in a money laundering case.
10.02 am: RPG Life Sciences has received GMP certification from Bavarian Authority, a competent authority in Germany, as per EUGMP standards for its formulation facility at Ankleshwar in Gujarat. The Bavarian authority conducted the audit of the manufacturing facility in early March 2016. The certification will help the company in boosting sales by expanding its geographical presence in the European markets. Shares of RPG Life were trading 6.21 per cent up at Rs 248. Sensex was up 46.41 points at 24,930. Nifty was trading 20.65 points up at 7,623.85.
9.50 am: Rupee recovered by 8 paise to 66.38 against the dollar at the Interbank Foreign Exchange in early trade on fresh selling of the US currency by banks and exporters amid a higher opening of the domestic equity market.
9.37 am: Aurobindo Pharma has received USFDA approval for anti-infective gPolymyxin Injection. The product has annual sales of around $7.6 million. Shares of Aurobindo Pharma were trading 0.77 per cent up at Rs 756.70. Sensex was up 25.60 points at 24,909.
9.20 am: Shares of Talwalkars Better Value Fitness surged nearly 5 per cent in the early trade on Wednesday after it informed BSE regarding the launch of 33 Zorba – renaissance studios in 25 cities in the span of 60 days. READ MORE
9.15 am: Domestic equity indices opened in green on Wednesday. The BSE Sensex opened 117.06 points up at 25,000.65. Nifty opened 32.85 points up at 7,636.05.
9.04 am: Outlook: According to SMC Investment and Advisors, the coming session is likely to witness a range of 7,550 on declines and 7,700 on advances.
8.47 am: The BSE Sensex and NSE Nifty are likely to open in green on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 8.28 am (IST), SGX Nifty was up 24.50 points, or 0.32 per cent, at 7,633.
Asian share prices won some reprieve on Wednesday after a sharp fall in the previous session, but gains were modest as soft economic data from the United States and Europe cast a shadow on the global economic outlook.
On Wall Street, the S&P 500 lost 1.01 per cent on Tuesday as investors took profits on recent gains ahead of a quarterly reporting season that is expected to reveal sharply lower earnings.
On Tuesday, domestic equity markets were not too enthused by the Reserve Bank’s 25 basis points rate cut and global cues did not help either as market benchmark Sensex plunged by 516 points, most in nearly two months, to crack below the 25,000-mark, with banking stocks taking a big knock.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 800.79 crore on Tuesday. Domestic institutional investors bought shares worth Rs 55.85 crore on that day.
RPG Life Sciences shares will remain in focus in Wednesday’s trade. The company which is a part of the RPG Group, engaged in manufacturing and marketing of pharmaceutical products, has received GMP Certificate from Bavarian Authority, a competent authority in Germany.
(With agency inputs)