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Lower Asian cues to pull local indices down at open

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by December 22, 2016 General

Trading of 50 index futures on the stock exchange indicates that the could fall 22.20 points at the opening bell tracking lower Asian cues. Key indices are slated to continue their six-day losing streak.

Overseas, most Asian stocks suffered modest losses following a slide in US stocks overnight. US stocks closed modestly lower yesterday, 21 December 2016, with the Dow Jones Industrials average and Nasdaq Composite index retreating from all-time highs set a day earlier. The market traded in a relatively tight range amid thinning volumes ahead of the December holidays. In the latest economic data, sales of previously-owned homes rose 0.7% in November as lean inventory and higher prices continue to choke the housing market.

Wall Street has been in rally mode since the US presidential election on 8 November, with investors wagering that the pro-business policies of President-elect Donald Trump will spur faster economic growth.

Among corporate news of prominent companies back home, JSW Steel said it has fixed 5 January 2017 as the record date for the proposed 10-for-1 stock split. The announcement was made after market hours yesterday, 21 December 2016.

Sun Pharmaceutical Industries announced its plans to acquire a branded oncology product, Odomzo, from Novartis. The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions. The agreement has been signed for an upfront payment of $175 million and additional milestone payments.

Odomzo (Sonidegib) was approved by the USFDA in July 2015. Odomzo is a hedgehog pathway inhibitor indicated for the treatment of adult patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.

According to IMS Health, the hedgehog inhibitor class grew by 40% October 2016 year till date versus prior year. The announcement was made after market hours yesterday, 21 December 2016.

The two key benchmark equity indices viz. the S&P BSE Sensex and the 50 index ended the choppy trading session with small losses yesterday, 21 December 2016. The Sensex lost 65.60 points or 0.25% to settle at 26,242.38, its lowest closing level since 7 December 2016 on that day.

In the trading activity, the foreign portfolio investors (FPIs) sold shares worth a net Rs 1178.08 crore yesterday, 21 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1057.96 crore yesterday, 21 December 2016, as per provisional data.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Lower Asian cues to pull local indices down at open

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 22.20 points at the opening bell tracking lower Asian cues. Key indices are slated to continue their six-day losing streak.

Trading of 50 index futures on the stock exchange indicates that the could fall 22.20 points at the opening bell tracking lower Asian cues. Key indices are slated to continue their six-day losing streak.

Overseas, most Asian stocks suffered modest losses following a slide in US stocks overnight. US stocks closed modestly lower yesterday, 21 December 2016, with the Dow Jones Industrials average and Nasdaq Composite index retreating from all-time highs set a day earlier. The market traded in a relatively tight range amid thinning volumes ahead of the December holidays. In the latest economic data, sales of previously-owned homes rose 0.7% in November as lean inventory and higher prices continue to choke the housing market.

Wall Street has been in rally mode since the US presidential election on 8 November, with investors wagering that the pro-business policies of President-elect Donald Trump will spur faster economic growth.

Among corporate news of prominent companies back home, JSW Steel said it has fixed 5 January 2017 as the record date for the proposed 10-for-1 stock split. The announcement was made after market hours yesterday, 21 December 2016.

Sun Pharmaceutical Industries announced its plans to acquire a branded oncology product, Odomzo, from Novartis. The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions. The agreement has been signed for an upfront payment of $175 million and additional milestone payments.

Odomzo (Sonidegib) was approved by the USFDA in July 2015. Odomzo is a hedgehog pathway inhibitor indicated for the treatment of adult patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.

According to IMS Health, the hedgehog inhibitor class grew by 40% October 2016 year till date versus prior year. The announcement was made after market hours yesterday, 21 December 2016.

The two key benchmark equity indices viz. the S&P BSE Sensex and the 50 index ended the choppy trading session with small losses yesterday, 21 December 2016. The Sensex lost 65.60 points or 0.25% to settle at 26,242.38, its lowest closing level since 7 December 2016 on that day.

In the trading activity, the foreign portfolio investors (FPIs) sold shares worth a net Rs 1178.08 crore yesterday, 21 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1057.96 crore yesterday, 21 December 2016, as per provisional data.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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