09:45am Ranbaxy in News
The BSE Sensex rose 65 points to 26414 while Ranbaxy
Laboratories gained 1 percent.
The company has settled the litigation concerning its
participation in the Texas Medicaid Program. Under the settlement agreement,
Ranbaxy will make payments to the State of Texas totaling USD 39.75 million in
a series of tranches through August 2015, said the company in its filing to
BSE.
"The claims at issue related exclusively to the manner
in which the Ranbaxy has historically reported pricing data to Texas Medicaid
for certain of its drugs. As has been widely reported, the State of Texas has
brought nearly identical claims against virtually every other major
pharmaceutical manufacturer in the United States. Ranbaxy believes that it
fully complied with all relevant laws, however the company settled the matter
to avoid any further distraction and uncertainty of continued litigation with
the State of Texas," it explained.
09:35am Market Expert
With domestic cues positively stacked in favour of India,
market expert Ambareesh Baliga believes 7800-7850 to be good support levels. He
doesn't see it breaking in a hurry.
However, he adds, global cues continue to be tricky, and
hence he prefers neither to be a buyer nor a seller at the moment.
He says if 7850 breaks, then the downside for Nifty opens.
Because of technical factors, market can crack further and the next level will
be 7400. But if Nifty doesn't fall below 7800 level then the trading band will
be 7800-8200.
Baliga says the results so far have been decent but most
investors are making the mistake of buying these stocks at high prices (on
exuberance) as soon as the results are out. He advices investors to let prices
cool from the initial exuberance and then buy.
09:15am Market Check
Equity benchmarks opened flat despite weak global cues and
ahead of outcome of Maharashtra and Haryana elections that will be on Sunday.
The Sensex fell 1.37 points to 26347.96 and the Nifty declined 0.65 points to
7863.35.
About 432 shares have advanced, 530 shares declined, and 47
shares are unchanged.
DLF shot up 6.62 percent, showing a smart recovery after
losing nearly 30 percent in previous session due to Sebi order. .
Hero Motocorp and TCS gained nearly 2 percent ahead of
second quarter earnings today later in the day. Tata Motors, BHEL and Tata
Steel climbed over 1.5 percent.
However, Hindalco, Bajaj Auto (post 29 percent fall in Q2
profit), Reliance Industries, Sesa Sterlite, Tata Power and Cairn India lost
1-2.5 percent.
The Indian rupee opened marginally lower on Thursday at
61.48 per dollar compared to 61.41 a dollar in previous session.
Dollar hits a three-week low against the euro and a more
than one-month low against the yen post weak US economic data that heightened
concerns that the federal reserve would delay its first rate hike.
Mohan Shenoi of Kotak Mahindra Bank said, "Dollar
weakness against global majors may not impact rupee significantly due to
reduced custodial flows. The rupee is expected to trade today in a range of Rs
61.10-61.50/dollar."
On the global front, Asian markets (barring Shanghai) were
trading lower with the Nikkei falling over 2 percent. US stocks closed down but
recovered significantly from historic intraday losses amid concerns about
Europe, Ebola and the economy. Stocks lost nearly 3 percent during the day but
recovered in the close.
In Europe, stocks closed more than 2 percent lower as
investors shunned risky assets on fears of crumbling global growth, weak
economic data, and concerns about the political situation in Greece.
In commodities, Brent crude continues its slump, slips below
USD 84 per barrel.More information please visit this site www.bigprofitbuzz.com
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