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As on May 26, 2017 12:00 AM Your results on : Mid Session    
Sensex touches 31,000 mark
26-May-2017 (14:18)

Key benchmark indices were trading higher after hitting fresh intraday high in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was up 236.44 points or 0.77% at 30,986.47. The Nifty 50 index was up 71.45 points, or 0.75%, at 9,581.20. The Sensex and the Nifty, both, hit their record high levels in afternoon trade. The Sensex was trading below the psychologically important 31,000 mark after hitting that level in mid-afternoon trade. Gains in index heavyweight Reliance Industries (RIL) and ITC boosted key benchmarks higher.

The Sensex and the Nifty, both, hit their record high levels in mid-afternoon trade. The Sensex rose 284.27 points, or 0.92% at the day's high of 31,034.30 in mid-afternoon trade, its record high level. The index fell 4.46 points, or 0.01% at the day's low of 30,745.57 in early trade. The Nifty rose 82.40 points, or 0.87% at the day's high of 9,592.15 in mid-afternoon trade, its record high level. The index fell 14.35 points, or 0.15% at the day's low of 9,495.40 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 1.35%. The BSE Small-Cap index was up 1.42%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,751 shares rose and 818 shares fell. A total of 157 shares were unchanged.

Index heavyweight Reliance Industries (RIL) was up 2.67% to Rs 1,337.70. The stock hit a high of Rs 1,344.05 and a low of Rs 1,301 so far during the day.

Cigarette major ITC was up 0.95% to Rs 302.55 ahead of Q4 results today, 26 May 2017. The stock hit a high of Rs 304.80 and a low of Rs 300.55 so far during the day.

Most realty shares rose. Peninsula Land (up 3.41%), Anant Raj (up 3.12%), Unitech (up 2.96%), D B Realty (up 2.62%), Indiabulls Real Estate (up 1.75%), Mahindra Lifespace Developers (up 1.56%), Sobha (up 1.40%), Sunteck Realty (up 1.37%), Housing Development and Infrastructure (HDIL) (up 1.10%), Phoenix Mills (up 0.73%), Godrej Properties (up 0.31%) and Omaxe (up 0.20%), edged higher. Prestige Estates Projects (down 0.32%), DLF (down 0.36%), Parsvnath Developers (down 0.36%) and Oberoi Realty (down 1.66%), edged lower.

Pharmaceutical shares were mixed. IPCA Laboratories (up 3.33%), Strides Shasun (up 2.66%), Alkem Laboratories (up 1.83%), Cadila Healthcare (up 1.21%), Wockhardt (up 0.82%), Piramal Enterprises (up 0.78%) and Aurobindo Pharma (up 0.72%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.46%), Divi's Laboratories (down 1.19%) and Sun Pharmaceutical Industries (down 3.68%), edged lower.

Lupin fell 2.46%, with the stock extending recent losses triggered by the company reporting weak Q4 earnings followed by downgrade from a foreign brokerage. A foreign brokerage has downgraded the stock to outperform from buy earlier and has also lowered its target price to Rs 1,350 from Rs 1,760 earlier. According to reports, the global brokerage stated that Lupin expects a challenging FY 2018 due to competitive/regulatory pressures in the US and Japan. US concerns are on account of continued customer consolidation, incremental competition in top products, and slower-than-expected Gavis ramp-up, it said. The brokerage further added that a few critical FY 2019 launches of the company have been pushed out to FY 2020.

Shares of Lupin fell 1.71% to settle at Rs 1,227.65 on 24 May 2017 after the company announced weak Q4 earnings during market hours on that day. Lupin's consolidated net profit fell 49.16% to Rs 380.21 crore on 1.33% growth in total revenue from operations to Rs 4253.30 crore in Q4 March 2017 over Q4 March 2016.

Dr Reddy's Laboratories fell 0.14% . The company said that US drug regulator completed the audit of its formulations plant in Andhra Pradesh with zero observations. The announcement was made after market hours yesterday, 25 May 2017.

Dr Reddy's Laboratories said that the United States Food & Drug Administration (USFDA) completed the audit of its formulations Srikakulum plant (SEZ) unit II, in Andhra Pradesh on 25 May 2017 with zero observations.

Glenmark Pharmaceuticals rose 1.56% after the company said that it received final approval from the US drug regulator for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg. The announcement was made before market hours today, 26 May 2017.

Cipla dropped 3.23% after the company reported consolidated net loss of Rs 61.79 crore in Q4 March 2017 compared with loss of Rs 92.83 crore in Q4 March 2016. Revenues rose 8% to Rs 3582 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said, the company has achieved significant progress on identified key priorities and strengthened core business through consolidation, complexity reduction and deepening presence in priority markets. The quarterly results are off the mark due to a tough operating environment and certain one-offs, he added. The results for Q4 March 2017 include one-off charges related to impairment of a part of intangibles from US acquisition and a provision for loss on certain assets of subsidiary, Cipla BioTec.

Glenmark Pharmaceuticals said that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets, 5 mg, 20 mg and 40 mg, of Daiichi Sankyo, Inc. Glenmark's Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals in its manufacturing facility located in Goa, India. According to IMS Health sales data for the 12 month period ended March 2017, the Benicar Tablets, 5 mg, 20 mg and 40 mg market achieved annual sales of approximately $950 million in US.

Meanwhile, the company issued clarification after market hours yesterday, 25 May 2017, that global rating agency S&P has reaffirmed its credit rating as 'BB' as part of their annual review cycle. In addition, they have affirmed 'BB' issue rating on the senior unsecured notes issued last year. However, they have changed the outlook from 'stable' to 'negative', based on their internally defined criteria.

Overseas, Asian and European stocks were mixed as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.

Brent for July 2017 settlement was up 32 cents at $51.78 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.

OPEC and some non-OPEC members agreed yesterday, 25 May 2017 to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stem sliding prices.

Broad market depicts strength
26-May-2017 (13:33)
Shares continue upward momentum
26-May-2017 (12:20)
Key benchmarks continue moving higher
26-May-2017 (11:23)
Sensex, Nifty hit fresh record high
26-May-2017 (10:22)
Sensex hits record high
26-May-2017 (09:25)
Market spurts on broad based buying
25-May-2017 (14:23)
Bank, capital goods stocks advance
25-May-2017 (13:29)
Key benchmarks trade near day's high
25-May-2017 (12:20)
Sensex, Nifty hit fresh intraday high
25-May-2017 (11:22)
Strong market breadth
25-May-2017 (10:18)
Market opens higher on positive global cues
25-May-2017 (09:36)
Key benchmarks hit fresh intraday low
24-May-2017 (14:24)
Market reverses intraday gains; breadth weak
24-May-2017 (13:39)
Negative market breadth
24-May-2017 (12:23)
Sensex, Nifty hit fresh intraday high
24-May-2017 (11:23)
Key benchmarks hover in green
24-May-2017 (10:25)
Positive market breadth
24-May-2017 (09:25)
Key benchmarks turn range bound
23-May-2017 (14:25)
Broad market depicts weakness
23-May-2017 (13:19)
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