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Photo: iStock
Photo: iStock

Markets may be volatile; Vodafone, Sun Pharma shares in focus

  • Wall Street shares ended higher after choppy trade as hopes mounted US leaders would agree on another coronavirus stimulus package
  • Among major companies which will announce earnings today are DLF, Godrej Properties, Canara Bank, Adani Gas, Jyothy Labs and Cadila Healthcare.

MUMBAI: Indian stock markets are likely to be volatile on Wednesday, while trends in SGX Nifty suggest a flat opening of benchmark indices. On Tuesday, BSE Sensex ended at 37,687.91, up 748.31 points or 2.03%. Nifty closed at 11,095.25, up 203.65 points or 1.87%.

Asian shares fell on Wednesday, following a choppy trading session on Wall Street and losses in Europe.

Spot gold rose in early trade and touched a fresh record of $2,025.76 per ounce. Prices have soared 33% so far this year.

Wall Street shares ended higher after choppy trade as hopes mounted US leaders would agree on another coronavirus stimulus package. The Dow Jones Industrial Average .DJI gained 0.62%, the S&P 500 rose 0.36% and the Nasdaq Composite added 0.35%.

Back home, shares of Sun Pharmaceutical Industries Ltd will be in focus. On Tuesday, the company said it will launch favipiravir under the brand ‘FluGuard’ at 35 per pill, making it the cheapest brand of the antiviral drug in India. Sun Pharmaceutical’s ‘FluGuard’ is the sixth generic of favirpiravir to be launched in India, with Glenmark Pharmaceuticals Ltd being the first to launch it in June after conducting a 150-patient clinical trial. At 35 per tablet or 4,270 for a course, Sun Pharma’s brand will also be the cheapest as it is lower than Jenburkt Pharmaceuticals’ tablet at 39 per pill. An entire course of favipiravir requires 122 tablets over two weeks

Meanwhile, the telecom disputes tribunal on Tuesday did not modify its order observing that the probe in Vodafone Idea’s RedX premium plan was prompted by a complaint by Reliance Jio Infocomm Ltd.

SpiceJet Ltd will be eyed as the airline has secured slots at London’s Heathrow Airport to start flights from 1 September, about a fortnight after it was designated as India’s scheduled carrier to the UK, the airline said in a stock exchange notification.

Info Edge (India) Ltd, the parent of popular jobs portal Naukri.com, on Tuesday evening said that its board had approved the launch of an institutional share sale to raise up to $250 million ( 1,875 crore), the company said in a stock exchange filing.

Among major companies which will announce earnings today are DLF, Godrej Properties, Canara Bank, Adani Gas, Jyothy Labs and Cadila Healthcare.

The Indian finance ministry on Tuesday said India's economic recovery will depend on how the pandemic behaves across the country in the coming days, especially in industrialised states.

The US stimulus expectations on Tuesday sent gold prices above the key $2,000 mark for the first time in history and lifted crude oil futures to their highest since March.

Bullion also got a boost as treasury bond yields fell to new lows, National Australia Bank analysts said on Wednesday. The five-year treasury yield hit a record low and the benchmark 10-year Treasury yield dropped to a five-month trough, indicating dim investor outlook for the US economic recovery.

(Reuters contributed to the story)

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