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Sensex, Nifty Open Flat; Tech Mahindra Zooms 8% Post June Quarter Results
Fri, 30 Jul 09:30 am

Asian share markets are trading on a negative note today as risks of China crackdown still loomed.

Hong Kong's Hang Seng index slipped 2%, while the Shanghai Composite lost 0.5%. The Nikkei is trading down by 1.6%.

In US stock markets, Wall Street indices ended higher, boosted by robust US earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter.

The US economy grew solidly in the second quarter, putting the level of gross domestic product (GDP) above its pre-pandemic peak, but the pace was slower than expected.

The Dow Jones Industrial Average rose 154 points or 0.4% while the Nasdaq added 16 points, or 0.1%.

The Dow hit intraday record highs early in the session.

Back home, Indian share markets have opened on a flat note.

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Market participants will track shares of Britannia, Sun Pharma, IOC, Macrotech Developers, Marico, and Nazara Tech as these companies are slated to post their quarterly numbers today.

Meanwhile, NTPC and IDFC First Bank will release their earnings tomorrow.

The BSE Sensex is trading down by 16 points. Meanwhile, the NSE Nifty is trading lower by 9 points.

ITC and Infosys are among the top gainers today. SBI, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened on a flat note. The BSE Small Cap index is trading higher by 0.4%.

Sectoral indices are trading mixed with stocks in the IT sector and automobile sector witnessing buying interest.

Banking stocks, on the other hand, are trading in red.

Shares of Tech Mahindra and Tejas Networks hit their 52-week highs today.

The rupee is trading at 74.30 against the US$.

Gold prices are trading up by 1.5% at Rs 48,266 per 10 grams.

Meanwhile, silver prices zoomed 2.6% to Rs 68,140 per kg.

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In news from the insurance sector, the cabinet has approved amendment to the General Insurance Business Act, paving way for privatisation of one state-run general insurer.

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The amendments seek to allow bringing down government holding to below 51% and transfer of management control to private player in case of shortlisted firm.

In her budget speech this year, finance minister Nirmala Sitharaman had said that the government will take up two public sector banks (PSBs) and one general insurance company for privatisation in fiscal 2022.

At present, there are four state run general insurance companies - National Insurance Company, New India Assurance Company, Oriental Insurance Company and the United India Insurance Company.

According to reports, NITI Aayog has suggested the name of United India Insurance to the core group of secretaries on disinvestment headed by the cabinet secretary.

The government had provided capital support to National Insurance, Oriental Insurance and United India Insurance last year, to meet regulatory requirement and increase the authorised share capital.

For fiscal 2022, the government has laid out an ambitious plan of Rs 1.75 lakh crore from stake sale in PSUs and financial institutions.

How the divestment plan pans out remains to be seen.

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Moving on to stock specific news...

Biocon is among the top buzzing stocks today.

The US drug regulator has approved Biocon's Semglee, the first interchangeable biosimilar insulin product, to treat diabetes patients.

This means that Semglee can be substituted for its reference drug Sanofi's Lantus in the US without any intervention.

Based on the reported sales in 2020, insulin glargine (Lantus and Basaglar) had sales of US$4.2 bn globally, of which US$1.9 bn was in the US.

In a statement, the USFDA said,

  • The move will empower patients by helping to increase access to safe, effective and high-quality medications at potentially lower cost.

Semglee will be manufactured by Biocon Biologics, a subsidiary of Biocon, and marketed by its partner Viatris Inc (earlier Mylan Pharmaceuticals Inc) in the US.

Shreehas Tambe, deputy CEO of Biocon Biologics, said that the product might soon be available in India too, provided the regulatory pathway was cleared.

As per media reports, this will mean additional revenues of 8% to 15% for Biocon. This on top of no competition.

Biocon share price has opened the day down by 0.2%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

What else is happening in the markets today? Dig in...

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Stock Market Updates

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 0.8% (Today's Market)

Sep 24, 2021 01:48 PM

RELIANCE IND. share price has hit an all time high at Rs 2,505 . The BSE OIL & GAS Index is down by 0.8%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (down 0.7%) and PETRONET LNG (up 0.7%). The top losers include RELIANCE IND. and BPCL (down 0.9%).

Sensex Crosses 60,000 for the First Time, Nifty Tops 17,900; IT Stocks Lead Rally (Today's Market)

Sep 24, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 298 points, while the Nifty is trading higher by 77 points.

KEI INDUSTRIES at All Time High; BSE POWER Index Down 0.3% (Today's Market)

Sep 24, 2021 09:48 AM

KEI INDUSTRIES share price has hit an all time high at Rs 930 (up 1.9%). The BSE POWER Index is down by 0.3%. Among the top gainers in the BSE POWER Index today are KEI INDUSTRIES (up 1.9%) and SIEMENS (up 0.1%). The top losers include TATA POWER (down 0.2%) and KEC INTERNATIONAL (down 0.4%).

WIPRO at All Time High; BSE IT Index Up 2.1% (Today's Market)

Sep 24, 2021 09:42 AM

WIPRO share price has hit an all time high at Rs 699 (up 3.1%). The BSE IT Index is up by 2.1%. Among the top gainers in the BSE IT Index today are WIPRO (up 3.1%) and L&T INFOTECH (up 6.3%). The top losers include HEXAWARE TECHNOLOGIES .

L&T at All Time High; BSE CAPITAL GOODS Index Up 0.9% (Today's Market)

Sep 24, 2021 09:42 AM

L&T share price has hit an all time high at Rs 1,810 (up 1.7%). The BSE CAPITAL GOODS Index is up by 0.9%. Among the top gainers in the BSE CAPITAL GOODS Index today are L&T (up 1.7%) and HONEYWELL AUTOMATION (up 0.8%). The top losers include V GUARD INDUSTRIES (down 0.1%) and HEG (down 0.1%).

KPIT TECHNOLOGIES Share Price Up by 5%; BSE IT Index Up 1.9% (Today's Market)

Sep 24, 2021 09:30 AM

KPIT TECHNOLOGIES share price is trading up by 5% and its current market price is Rs 366. The BSE IT is up by 1.9%. The top gainers in the BSE IT Index are KPIT TECHNOLOGIES (up 5.1%) and L&T INFOTECH (up 6.2%).

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Sep 24, 2021 02:36 PM