MUMBAI :Mumbai: BSE Sensex and NSE Nifty 50 fell off record highs dragged mainly by bank stocks. Pharma sectors outperformed all the sectoral indices with BSE Healthcare rising 1.84%, while all other indices on ended lower. The Sensex hit an all time high of 34,137.97 before settling 98.80 points, or 0.29%, lower to 33,911.81. The Nifty 50 touched a record high of 10,552, but fell 40.75 points, or 0.39%, to close at 10,490.75. Sun Pharma, Dr. Reddy’s, M&M and Wipro were the top gainers, whereas Bharti Airtel, ICICI Bank and L&T were the top losers.
Closing bell
BSE Sensex closed lower by 98.80 points, or 0.29%, to 33,911.81, while the Nifty 50 fell 40.75 points, or 0.39%, to close at 10,490.75.
Market update
BSE Sensex traded lower by 63.69 points, or 0.19%, to 33,946.92, while the Nifty 50 fell 25.50 points, or 0.24%, to 10,506.
Vedanta unit to invest $158 million in AvanStrate
Vedanta Ltd said the board of directors of its unit Cairn India Holdings Ltd approved an investment of $158 million in AvanStrate Inc., a Japanese manufacturer of LCD glass substrate and currently majority owned by Carlyle Group. Vedanta shares rose 1.13% to Rs325.25.
Aarti Industries board approves share buyback
Aarti Industries Ltd said its board of directors approved share repurchase of 820,383 shares for an aggregate amount of Rs98.4 crore. The company’s shares were trading 3.13% lower at Rs1,084.55.
European shares trade higher
Europe’s main stock markets pushed higher at the start of trading following an extended holiday break. London’s FTSE 100 rose 0.1% to 7,603.10, about 11 points short of its all time high. In the eurozone, Frankfurt’s DAX 30 climbed 0.4% to 13,121.44 and the Paris CAC 40 gained 0.3% to 5,378.10.
Rupee trades lower against US dollar, bond yield erases gains
After hitting a fresh 17-month high, the 10-year bond yield erased all the gains and fell nearly 3 basis points. The 10-year bond yield was at 7.244%, compared to its previous close of 7.275%. Earlier in the morning trade, it hit a high of 7.31%—a level last seen on 12 July 2016. The rupee was trading at 64.12 a dollar, down 0.08% from its Tuesday’s close of 64.08.
Market update
BSE Sensex traded higher by 67.55 points, or 0.20%, to 34,078.16, while the Nifty 50 rose 7.50 points, or 0.07%, to 10,539.
Edelweiss Financial Services gets Irda nod for insurance unit
Edelweiss Financial Services Ltd said insurance regulator Irda has granted approval and has registered the company’s unit, Edelweiss General Insurance Co. Ltd, to commence its business in general and health insurance in India. The company’s shares surged 3% to Rs299.60
Albert David to close Mandideep unit
Albert David Ltd said the company has decided in favour of closing its Mandideep unit, effective 1 January. The company informed that entire workforce affected by closure have been compensated. Shares rose 1.8% to Rs349.
Aurobindo Pharma receives USFDA approval
Aurobindo Pharma Ltd said that the company has received final approval from the USFDA to manufacture and market Fondaparinux Sodium injection, a bioequivalent and therapeutically equivalent to the reference listed drug product Arixtra Injection of Mylan Ireland. Shares rose 1.86% to Rs696.70.
L&T unit gets orders worth Rs1,125 crore
Larsen & Toubro Ltd said the company’s construction unit received orders worth Rs1,125 crore across various business segments. Shares traded 0.13% lower at Rs1268.
Pharma stocks trade higher
The BSE Healthcare index surged 2.39%. Sun Pharam rose 6.14%, wockhardt Ltd 6.97%, Divi’s Lab 4.22%, Eris Lifesciences 3.73%, Dr. Reddy’s Labs 2.35%.
Market update
BSE Sensex traded higher by 99.10 points, or 0.29%, to 34,109.71, while the Nifty 50 rose 13.55 points, or 0.13%, to 10,545.05.
Amtek Group companies shares rise
Castex Technologies Ltd surged 20% to Rs6.34 after the NCLT has admitted an application by State Bank of India to initiate the corporate insolvency resolution process against iron-cast auto parts maker Castex Technologies Ltd. Its other group stocks were also trading higher. Amtek Auto Ltd rose 5%, Metalyst Forgings Ltd 5%, JMT Auto Ltd rose 3%.
Fortune Financial Services gets merger order from Bombay HC, NCLT
Fortune Financial Services India Ltd said it has received an order from the Bombay high court and NCLT Chennai for the merger of The Investment Trust of India Ltd, earlier known as ITI Wealth Management Pvt. Ltd, with the company. The company’s shares rose 2.14% to Rs286.
RCom shares surge over 125% in last six trading sessions
Shares of Reliance Communications Ltd (RCom) surged over 125% in the last six trading sessions after the company announced a Rs39,000 crore debt resolution plan. In the intraday trade on Wednesday, the stock surged nearly 25% to Rs26.66.
Bitcoin’s rebound eases as cryptocurrency watchers debate value
Bitcoin’s rally took a pause Wednesday, suggesting it isn’t about to make another run at its record reached last week.
Bitcoin's rebound eases as cryptocurrency watchers debate value https://t.co/Tfoy8boyGo
— Livemint (@livemint) December 27, 2017
Glenmark Pharma receives USFDA approval
Glenmark Pharmaceuticals Inc. USA received final approval by the USFDA for norethindrone acetate and ethinyl estradiol tablets and ferrous fumarate tablets, the generic version of Minastrin 1 24 Fe Tablets, of Allergan Pharmaceuticals International Ltd. Glenmark Pharma shares rose 0.80% higher at Rs577.40.
ONGC shares gain on rising oil prices
Oil and Natural Gas Corp. Ltd rose 1% to Rs195.85 after international crude oil prices past over 66-mark due to a blast in Liybia.
Market update
BSE Sensex traded higher by 67.95 points, or 0.20%, to 34,078.56, while the Nifty 50 edged up 2.25 points, or 0.02%, to 10,533.75.
RCom shares gain 16% on debt resolution plan
Reliance Communications Ltd rose 16% to Rs24.70 after the company finalized a debt resolution plan that involves the sale of its assets and does not require lenders and bond holders to write off their dues or convert it into equity. According to the plan, which includes the sale of spectrum, fibre and tower network, equity injection by global strategic partners and development of real estate assets, RCom’s debt will be reduced by Rs39,000 crore from the Rs45,000 crore it owed lenders at the end of October.
Sun Pharma gets new drug approval from USFDA
Sun Pharmaceuticals Industries Ltd rose 2.54% to Rs554.20 after the company said US food and drug regulator accepted a new drug application for OTX-101.
10-year bond yield hit fresh 17-month high
The 10-year bond yield hit a fresh 17-month high due to lower than expected collection of goods and services tax (GST) for the month of November. The 10-year bond yield was at 7.31%—a level last seen on 12 July 2016, compared to its Tuesday’s close of 7.271%. The rupee was trading at 64.17 a dollar, down 0.14% from its Tuesday’s close of 64.08.
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