Market languishes in red

The CNX Midcap and the Smallcap indices are up 0.7% each at 13,630 and 6,014, respectively. 

The market continues to languish in red on the back of notable weakness in select banking, FMCG and pharma stocks.

The Sensex is now down 84 points at 28,802, and the Nifty has shed 31 points at 8,747.

The broader market, however, has out-performed the benchmark indices. The CNX Midcap and the Smallcap indices are up 0.7 percent each at 13,630 and 6,014, respectively.

The breadth too is fairly positive - out of 1,720 stocks traded on the NSE, 925 have advanced and 552 have declined so far in the day.

The CNX Pharma index has dropped a percent at 13,400. Cipla down over 3 percent at Rs. 697 is the major loser in the Pharma space.

Cadila Healthcare and Lupin have plunged 2.5 percent each to Rs, 1,797 and Rs. 1,965, respectively. Sun Pharma is the other notable losers.

Apart from the pharma majors - Zee Entertainment is the major loser in the Nifty050. The stock has slipped 2.5 percent to Rs. 348.

Tech Mahindra has declined nearly 2 percent to Rs. 658. HDFC Bank, Hindalco, Asian Paints, ITC and TCS are the other major losers.

On the positive front, Idea Cellular is the major gainer. The stock has surged 3 percent to Rs. 193. Sesa Sterlite too has rallied 2.7 percent to Rs. 200.

SBI, NMDC, IDFC and Punjab National Bank have rallied around 2 percent each to Rs. 287, Rs. 135, Rs. 176 and Rs. 165, respectively.

Bank of Baroda, BHEL and Tata Power are the other prominent gainers.

Nifty trades near 8,750

The CNX Smallcap and the CNX Midcap indices have added 0.5-0.7 percent at 6,005 and 13,617, respectively.

The market has extended losses in the last one-hour of trades. The 50-scrip index of the NSE so far has touched a low of 8,740 and is now down 31 points at 8,747.

Similarly, the BSE Sensex has declined to register a fresh intra-day low at 28,768 - down 131 points from the day's high. Currently, the BSE index is down 94 points at 28,792.

Whereas, the broader market continues to out-perform the benchmark index. The CNX Smallcap and the CNX Midcap indices have added 0.5-0.7 percent at 6,005 and 13,617, respectively. The Nifty Junior has gained 0.6 percent at 20,323.

HDFC twin are major draggers today. The twin have accounted for a decline of 50 points for the BSE Sensex and 16 points for the NSE Nifty.

Sectorwise, the CNX Pharma index has tumbled over a percent. The CNX FMCG index has moved down 0.3 percent. The Bank Nifty, the CNX IT and the CNX Metal indices are trading on a soft note.

On the other hand, the CNX PSU Bank index continues to trade on a firm note - up 1.6 percent. The CNX Realty index has advanced 0.7 percent. The CNX Auto index has gained 0.2 percent.

The market breadth is positive in the early noon deals. Out of 1,719 stocks have traded on the NSE - 921 stocks have advanced, while 552 stocks have declined.

So far, 63 stocks have hit 52-week high on the NSE, whereas only nine stocks have hit 52-week low. 

United Tech's India business at top performing market for UTC globally: Gaurang Pandya

The company is open for inorganic growth via acquisitions, as they are looking at it very strategically and focusing on more areas.

American multinational conglomerate United Technologies researches, develops, and manufactures high-technology products in numerous areas, including aircraft engines, helicopters, HVAC, fuel cells, elevators and escalators, among others. UTC is also a large military contractor, producing missile systems and military helicopters, most notably the UH-60 Black Hawk helicopter.

In an interview with CNBC TV18, Gaurang Pandya, company's president of its India division, shared his views on the performance of the company in India.

Talking about the plans for India business, he said, "If you look at the run rate last three to four years for UTC in India we have pretty much doubled the business in the last three to four years. Now we had put a big goal out there and the expectation would be that the market would also play ball at the same time. There is always going to be a little of whether the market is actually keeping up with the pace or not where you are growing. So we are going to be on track to continue the traction in terms of really seeing the growth. Now we talked about before we just started but Q4 we ended really strong. We started Q1 of this year which for us January to March and double digit growth and with that the traction is going to continue to stay as we move forward".

The company is open for inorganic growth via acquisitions, as they are looking at it very strategically and focusing on more areas.

Presently, Indian business is one of the best and top performing markets for UTC globally. Commenting on the US business, he said, "If I look at the US right now, it is bouncing back really well. I am not sure about the growth numbers as such at the moment. I know they were growing and growing significantly better than they were in the last few years but I would say yes it would be one of the top performing growth markets.

The company's U.S market is performing ahead of China business. On Monday the company won the reversal of $657 million judgement imposed accusing its Pratt & Whitney unit of overcharging the U.S government on jet engines for the military 

Govt & RBI to decide on composition of MPC in over 2 months

The finance ministry is inclined to give RBI Governor 'conditional' veto power over MPC 

The Finance Ministry and RBI (Reserve Bank of India) will decide on the composition of MPC (monetary policy committee) in over two months, according to a media report.

Both the authorities are in a discussion on shape of proposed MPC. The MPC will have external experts to allow heterogeneity of views, the report said.

The finance ministry is inclined to give RBI Governor 'conditional' veto power over MPC; the report further said.

In March, the finance ministry and RBI had signed a monetary policy framework to curb inflation. The objective of monetary policy is to primarily maintain price stability, while keeping in mind the objective of growth. The RBI will aim to bring inflation below 6% by January 2016. The inflation target will be 4% for FY17 and all subsequent years. 

Glenmark Generics receives ANDA approval for Levonorgestrel, Ethinyl Estradiol Tablets

Glenmark Generics Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for the oral contraceptive, Levonorgestrel/Ethinyl Estradiol Tablets USP, 0.09 mg/0.02 mg, the therapeutic equivalent of Lybrel® of Wyeth Pharmaceuticals, Inc. 

Glenmark Generics Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for the oral 


contraceptive, Levonorgestrel/Ethinyl Estradiol Tablets USP, 0.09 mg/0.02 mg, the therapeutic equivalent of Lybrel®of Wyeth Pharmaceuticals, Inc. (which is no longer being marketed in the United States).

Lybrel® is indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception. According to IMS Health sales data for the 12 month period ending February 2015, the Lybrel® market achieved annual sales of approximately $6.4 million.

Today’s approval marks Glenmark’s 11th oral contraceptive authorized for distribution by the U.S.FDA. Glenmark plans to commence shipping of Levonorgestrel/Ethinyl Estradiol Tablets, 0.09 mg/0.02 mg immediately.

Glenmark’s current portfolio consists of 97 products authorized for distribution in the U.S. marketplace and 68 ANDA’s pending approval with the U.S. FDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio. 

IndusInd Bank to acquire R​BS’s Diamond & Jewellery Financing business in India

IndusInd Bank specializes in the Diamond and Jewellery financing business and this acquisition will enhance its position. 

IndusInd Bank Ltd. today entered into an agreement with Royal Bank of Scotland N.V. to acquire its Diamond and Jewellery financing business in India and related deposit portfolio; subject to regulatory approval. This is part of ABN AMRO Bank N.V.’s Diamond & Jewellery Clients that is housed in Royal Bank of Scotland N.V. acting through its Mumbai branch in India. The Royal Bank of Scotland N.V. Diamond and Jewellery financing loan book is approximately Rs. 45 billion in size.

Until ownership of the loans transfer to IndusInd Bank Ltd., day to day management of the loan portfolio will remain with Royal Bank of Scotland N.V. Employees within Diamond and Jewellery Clients in India will also move to IndusInd Bank Ltd and will ensure seamless transition of the customer base.

IndusInd Bank specializes in the Diamond and Jewellery financing business and this acquisition will enhance its position. Several members of IndusInd Bank’s senior management had been associated with this portfolio in Royal Bank of Scotland N.V. and prior to that in ABN AMRO Bank N.V.

A critical success factor in Diamond Financing is global client knowledge and this is being achieved through a long term Partnership Agreement with ABN AMRO Bank N.V. This strategic relationship will facilitate deeper industry and client insight and in turn lead to improved client servicing, enhanced revenue opportunities and better risk management.

Romesh Sobti, MD & CEO, IndusInd Bank said, “We are happy to have come to an agreement with Royal Bank of Scotland N.V. on acquiring this business. This acquisition fits nicely into our strategy of creating scale with profitability in select business segments. We like this business and have a deep insight into the industry. We are also happy to reach a Partnership Agreement with ABN AMRO Bank N.V., one of the oldest banks in Diamond and Jewellery financing. This partnership will be an important pillar for both organisations to stay deeply engaged with customers in the industry globally.”

Sensex, Nifty in red; capital goods, healthcare stocks drag

The BSE Mid-cap Index is trading up 0.13% at 11,065, whereas BSE Small-cap Index is trading up 0.04% at 11,722.

At 9:27 AM, the S&P BSE Sensex is trading at 28,885 down 50 points, while NSE Nifty is trading at 8,765 down 14 points.

The BSE Mid-cap Index is trading up 0.13% at 11,065, whereas BSE Small-cap Index is trading up 0.04% at 11,722.

Some buying activity is seen in IT, consumer durable goods, oil and gas,  power and realty sectors, while banking, healthcare, metals and fmcg sectors are showing weakness on BSE.

IDFC Ltd, Godrej Consumer products, Exide Industries and Hidustan Zinc are among the gainers, whereas Cipla, Adani Enterprises, Hindalco, Industries and Punjab National Bank are losing sheen on BSE.

The rating agencies have indeed improved the mood and following Moody’s upgrade of the outlook. Both Moody’s and Fitch kept the sovereign rating unchanged at ‘Baa3’ and ‘BBB-’, respectively. Moody’s in fact could issue a rating upgrade in the next 12-18 months. Fitch’s unchanged outlook reflects a view that upside and downside risks to the ratings are balanced, says a report. Finance Minister Arun Jaitley termed the revision by Moody’s as a significant development, but said: “We have to do more.” Chief Economic Advisor Arvind Subramanian felt the revision validates the government’s reform programme.

Meanwhile, Greece is back in the news and for the right reason perhaps. It has made a crucial payment to the International Monetary Fund. Athens said the 460 million euros ($497 million) payment has been scheduled.

The Dow added 0.31%, S&P 500 rose 0.45% while Nasdaq ended half a percent higher. Asian markets are mixed. Japan's Nikkei 225 is in the red while Hong Kong's Hang Seng index and China's Shanghai index are trading marginally higher.

Sensex to open on a positive note

The indices seem to be facing resistance a bit too soon. A swinging day in a narrow band may see action 

The rating agencies have indeed improved the mood and following Moody’s upgrade of the outlook. Both Moody’s and Fitch kept the sovereign rating unchanged at ‘Baa3’ and ‘BBB-’, respectively. Moody’s in fact could issue a rating upgrade in the next 12-18 months. Fitch’s unchanged outlook reflects a view that upside and downside risks to the ratings are balanced, says a report. Finance Minister Arun Jaitley termed the revision by Moody’s as a significant development, but said: “We have to do more.” Chief Economic Advisor Arvind Subramanian felt the revision validates the government’s reform programme.

Meanwhile, Greece is back in the news and for the right reason perhaps. It has made a crucial payment to the International Monetary Fund. Athens said the 460 million euros ($497 million) payment has been scheduled.

The outlook is a positive start. The indices seem to be facing resistance a bit too soon. A swinging day in a narrow band may see action shifting to side counters. Banks were back in action on Thursday while pharma was at the receiving end.  Global cues are mostly positive.

The Dow added 0.31%, S&P 500 rose 0.45% while Nasdaq ended half a percent higher. Asian markets are mixed. Japan's Nikkei 225 is in the red while Hong Kong's Hang Seng index and China's Shanghai index are trading marginally higher.

Shares of Reliance Industries hit their one-month high on Thursday, as analysts now feel the company has more positives, says a report.

Shares of Plethico Pharmaceuticals zoomed 20 per cent today after reaching settlement with Aurobindo Pharma related to the acquisition of US-based Natrol.

Symphony Ltd on Thursday announced entering the league of firms with market capitalisation crossing the Rs. 10,000 crore mark. Symphony’s share price on Thursday touched a new high of Rs. 2,890 per share intra-day and closed at Rs. 2,870.55 on the Bombay Stock Exchange. Its market capitalisation touched a high of Rs. 10,108.78 crore intra-day and on closing basis it was Rs. 10,040.75 crore, according to a company statement.

China has moved to prop up its struggling iron ore industry by slashing taxes, potentially expanding a global glut and undermining a strategy by mega miners to drive out high-cost competitors, says a report.

Brazil's Vale and Australian miners Rio Tinto and BHP Billiton have sought to drive out higher cost and less efficient miners in China, to make way for a flood of new production.

 Inox Wind rose 35% on listing day on Thursday; the stock closed at ₹438.40.

The Hyderabad special court has announced a 7 year jail term for Satyam's chief Ramalinga Raju, along with a fine of Rs. 25 lakh, after he was found guilty in one of India's largest corporate scandal, Rs. 14,000-crore Satyam scam The CBI found all accused guilty of conspiracy and criminal charges in the Satyam scam case. "All the accused have been convicted of almost all charges," prosecutor K. Surender told reporters outside the court. Raju has been faced charges of forgery, criminal conspiracy and breach of trust.The CBI, who is handling the case, claimed that Satyam scam caused Rs. 14,000 crore loss to Satyam shareholders.

Jet Airways (India) Ltd has announced that the Board of Directors of the Company has appointed Anita Naresh Goyal, as an Additional Director (non-executive and non-independent) with effect from April 08, 2015.Report said that the company would have to pay a fine of Rs 50,000 as it failed to appoint at least one woman director within the stipulated deadline of March 31.

SBI has revised the interest rate on bulk deposits after the RBI decided to maintain status quo on policy rates.

Aurobindo Pharma Limited has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Atracurium Besylate Injection, 10mg/mL, 5mL single-dose vials (ANDA 206010) and 10mg/mL, 10mL multi-dose vials (ANDA 206011).

EON Electric Ltd has hit 20% upper circuit at Rs 45. The company has announced that the Board of Directors of the Company has appointed Mrs. Bela Mahendru as Additional Director w.e.f. March 31, 2015 by passing of Resolution by Circulation on March 31, 2015.

Telecom majors - Bharti Airtel and Idea Cellular declined around 3% each to Rs. 406 and Rs. 187, respectively. Towards the end of the trading day, media reports indicated that TRAI brought down the ceiling on roaming call charges, both incoming and outgoing to 45 paise and 80 paise per minute, respectively.

Astra Microwave Products ended 6% higher to Rs. 155 on incorporating a wholly-owned subsidiary in Singapore, to carry on the business in the areas of high end microwave integrated chip business and related areas.

Pharma stocks were the major losers following Bofa-ML downgrade on the sector. The foreign investment firm cut its ratings on Sun Pharma to 'Under-perform' from 'Buy'. And similarly, it reduced its ratings on Lupin, Cipla and Cadila to 'Neutral' from 'Buy'. The brokerage firm, however, maintained its 'Buy' rating on Aurobindo Pharma.

Sun Pharma and Lupin slumped around 3.5 percent each to Rs. 1,110 and Rs. 2,014, respectively. Cadila Healthcare and Cipla too plunged around 2.5 percent each to Rs. 1,847 and Rs. 719, respectively.Glenmark slipped over 2 percent to Rs. 863. Divi's Labs and GlaxoSmithKline Pharma were the other notable losers.

Rane Engine Value ended 1% higher to Rs. 565 on the back of a windfall gain of Rs. 25.75 crore by way of part sale of land in Chennai

GVK Power & Infrastructure ended 1% higher percent at Rs. 9.39 on reports that Vertex Project will increase its stake in the company from 8.91 percent to 15.24 percent