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Benchmark indices turned sharply higher in the last hour of trade in today’s session amid strong gains in IT heavyweights, FMCG, and HDFC stock.
At the closing bell, the BSE Sensex stood higher by 210 points (up 0.4%).
Meanwhile, the NSE Nifty closed higher by 52 points (up 0.3%).
Tata Consumer Products and Wipro were among the top gainers today.
JSW Steel and Adani Ports, on the other hand, were among the top losers today.
The SGX Nifty was trading at 16,614, up by 51 points, at the time of writing.
The BSE MidCap index and the BSE SmallCap index ended up by 0.7% and 0.3%, respectively.
Sectoral indices ended on a mixed note with stocks in the IT sector, healthcare sector and FMCG sector witnessing most of the buying interest.
Metal stocks, on the other hand, witnessed selling pressure.
Shares of L&T Technology and Tata Elxsi hit their respective 52-week highs today.
Asian stock markets ended on a negative note today as traders weighed the impact of delta virus variant on global growth.
The Hang Seng and the Shanghai Composite ended the day down by 1.7% and 2%, respectively.
The Nikkei ended down by 0.4% in today’s session.
US stock futures are trading on a negative note today with the Dow Futures trading down by 149 points.
The rupee is trading at 74.35 against the US$.
Gold prices for the latest contract on MCX are trading up by 0.5% at ₹47,480 per 10 grams.
In news from the auto sector, Maruti Suzuki was among the top buzzing stocks today.
Maruti Suzuki may resort to a deeper-than-expected 30-40% cut in vehicle production this month, as the shortage of semiconductors remains severe.
For the nation’s top car manufacturer, this would mean a loss of 50,000-60,000 units in production and ₹25 – 30 bn in revenue in August.
This could also affect the availability of popular models in the upcoming festive season, with demand already on an upswing.
The Indian unit of Japan’s Suzuki Motor was until recently expected to lower its production plans for this year by 5%, or 70,000-80,000 vehicles.
The output cut in August alone would be about three-fourths of that, according to a media report.
The company is now likely to produce 110,000-120,000 units this month, they said.
The automaker has initiated production rationalisation at parent Suzuki Motor’s Gujarat plant in the first fortnight of August and has now expanded it to its own Manesar facility in Haryana.
Production at Manesar is likely to go down to 45,000 units in August versus the average production of 65,000 units a month.
At Suzuki Motor Gujarat, output is likely to be cut by 65-70% to 15,000-20,000 cars, they said.
The impact on the Gurgaon plant, which makes entry-level cars, is relatively less.
Global forecasting firm IHS Markit expects the July-September quarter to be the worst in terms of chip shortage in India.
IHS Markit expects the situation to remain uncertain in the coming months too.
Maruti Suzuki share price ended the day up by 0.9% on the BSE.
Speaking of stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these stages.
View Full Image
This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.
Moving on to news from the pharma sector…
Lupin Gets Tentative Nod from USFDA to Market Partial-Onset Seizures Drug
Drug firm Lupin on Monday said it has received tentative nod from the US health regulator to market its generic Brivaracetam tablets used for the treatment of partial-onset seizures.
The company has received tentative approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Brivaracetam tablets, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, Lupin said in a statement.
The product is a generic version of UCB Biopharma SPRL’s Briviact tablets in the same strengths, it added.
These tablets will be manufactured at the company’s Nagpur facility, the statement said.
Brivaracetam tablets are indicated for the treatment of partial-onset seizures in patients four years of age and older.
As per June 2021 data, Brivaracetam tablets had estimated annual sales of US$311 m in the US, it added.
Lupin share price ended the day up by 0.4% on the BSE.
We will keep you posted on more updates from this space. Stay tuned.
This article is syndicated from Equitymaster.com
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