X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Sensex Pares Gains; Power Stocks Drag
Thu, 11 May Closing

After opening the day on a positive note and scaling record highs, share markets in India pared early gains and ended the day flat. Gains were largely seen in the auto sector and consumer durables sector, while stocks in the power sector and stocks in the oil and gas sector ended the day in red.

At the closing bell, the BSE Sensex stood higher by 3 points and the NSE Nifty closed higher by 15 points (up 0.2%). The BSE Mid Cap index ended the day up by 0.1%, while the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets finished positive as of the most recent closing prices. The Hang Seng gained 0.44% and the Nikkei gained 0.31%. The Shanghai Composite gained 0.31%. European markets are trading flat today. The FTSE 100 is up 0.03% while Germany's DAX is trading flat and France's CAC 40 is down 0.02%. The rupee was trading at 64.39 to the US$ at the time of writing.

While stocks in the pharma sector have come under pressure recently, Cadila Healthcare share price has bucked the trend and ended the day on a positive note.

Cadila Healthcare (Zydus Cadila) was in focus today as the company received a favourable judgement from a US federal court in a patent infringement case. The judgement enables the company to launch its generic product in the US market.

Just Released: Multibagger Stocks Guide
(2017 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

The US Court of Appeals for the Federal Circuit has affirmed judgement in favour of Zydus Pharmaceuticals (USA) Inc, holding that its proposed generic version of Lialda does not infringe a US patent, the company said in a statement.

Zydus was the first pharmaceutical company to file an abbreviated new drug application (ANDA) for a generic version of Lialda. Lialda is used for the treatment of remission of active, mild to moderate ulcerative colitis and for the maintenance of remission of ulcerative colitis, a chronic inflammatory bowel disease that affects approximately 700,000 people in the United States.

The Court of Appeals' decision is a major step toward Zydus providing a generic version of the drug whose annual sales in 2016 were to the tune of $714 million in the USA.

Cadila Healthcare share price closed the day up by 4.7%.

The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years. The sector has faced great volatility over the years.

Volatility in the Pharma Sector

We had recently written about the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

  • Over the past few years, risk in the US markets has increased. The US Food and Drug Administration has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

In such a volatile environment, how can one earn good returns from the stock markets?

We believe a few super investors could provide the clue. These are the guys who've beaten the markets black and blue and have an eye for multi bagger stocks irrespective of the macro environment.

With respect to which super investors to follow, our Research analysts Kunal and Rohan have could be of great help courtesy their project, The Superinvestors of India.

To know more about these superinvestors and their stock picking approach, download a free copy of - The Super Investors Of India.

Moving on to news from stocks in the metals sector. Hindalco share price ended the day on an optimistic note after its subsidiary entered into a new joint venture (JV).

Hindalco announced that its wholly owned subsidiary Novelis has entered into a joint venture with Kobe Steel, a producer of aluminum products in Japan.

The joint venture to be named as Ulsan Aluminium, will be formed by Novelis selling Kobe Steel 50% of its ownership interest in its Ulsan, South Korea facility for US$ 315 million.

Through the joint venture, Novelis and Kobe Steel will jointly own and operate the Ulsan facility, which employs over 600 people, with each company remaining responsible for its metal supply and commercial relationship.

The partnership is strategic as it will aide in better utilisation of the Ulsan facility as well as serve the increasing demand for lightweight rolled aluminium products across Asia which is emerging as a manufacturing hub for the global automobile industry.

The transaction will also help Novelis reduce its net debt by generating cash flows. The JV transaction is expected to be closed in September 2017, subject to customary closing conditions.

It is noteworthy that the Ulsan plant completed a major expansion recently, adding a new three-stand hot finishing mill as well as a pusher furnace and annealing furnaces.

Hindalco share price ended the day up by 3.4%

And here's a note from Profit Hunter

Cadila Healthcare is among the most active stocks in the market today - up 5%. Let's have a look at its chart.

Last time we reviewed this stock, it had just resisted from its resistance level of Rs 450 and struggled around this level for about a month. A few days back, the stock finally overcome this resistance level and now it is trading at a new life high.

As per the change of polarity principle, the 450 level that acted as strong resistance on way up will now act as strong support for the stock. A level to watch out for...

Cadila Healthcare at Its Lifetime High
Cadila Healthcare at Its Lifetime High 

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Sensex Pares Gains; Power Stocks Drag". Click here!

  

S&P BSE SENSEX


Jun 28, 2017 12:35 PM

MARKET STATS