Stock Market LIVE: Sensex, Nifty hold gains, pharma stocks lead

BSE Sensex and NSE’s Nifty 50 traded higher on Tuesday. Photo: Mint

BSE Sensex and NSE’s Nifty 50 traded higher on Tuesday. Photo: Mint

  • Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 traded higher on Tuesday amid mixed sentiment from global equity markets. Asian stock were choppy in the morning hours as an historic US-North Korea summit began in Singapore. Moreover, investors were also cautious ahead of key retail inflation data due to be released after 5.30pm. According to Bloomberg estimates, IIP will be at 6% for April from 4.4% a month ago. CPI may come at 4.90% for May versus 4.58% last month. Here are the latest updates from the markets:

  • pm IST Religare Finvest files suit against Lakshmi Vilas BankLakshmi Vilas Bank Ltd said that Religare Finvest Ltd has filed a suit against the bank’s Janpath branch. The bank held Rs794 crore in deposits related to Religare Finvest as security for loans extended to RHC Holding Pvt. Ltd and Ranchem Pvt. Ltd. On account of default in clearing the loans, the deposits were closed and the proceeds were adjusted to clear the loans. Lakshmi Vilas Bank shares were flat at Rs117.50.

  • 2.53 pm IST Gold prices fall by Rs150 amid weak global cuesGold prices declined by Rs150 to Rs31,800 per 10 gram on Tuesday following weak global cues and muted demand from jewellers in the domestic market. Stronger US dollar against a basket of major currencies also weighed on gold prices.Global gold prices edged down as the dollar strengthened following a positive US-North Korea summit and rising prospects of an interest rate hike by the US Federal Reserve. Spot gold was down 0.1% at $1,297.96 per ounce at 12.49pm and US gold futures for August delivery were 0.1% lower at $1,301.90 per ounce.Silver prices rose past the Rs41,000-mark by gaining Rs1,110 to Rs 41,560. Globally, silver prices were down 0.1% at $16.87 an ounce.

  • 2.25 pm IST Rupee strengthens against US dollarThe Indian rupee strengthened marginally against the US dollar ahead of key consumer price index (CPI)-based inflation data, due to be released after 5.30pm on Tuesday. At 2.07pm, the rupee was trading at 67.37 against the US dollar, up 0.09% from its previous close of 67.43. The currency opened at 67.50 a dollar and touched a high and a low of 67.36 and 67.53, respectively. The 10-year bond yield stood at 7.983% from its Monday’s close of 7.962%. Bond yields and prices move in opposite directions.

  • 2.09 pm IST European stocks rise on historic Trump-Kim summitEurope’s stock markets rose at the open, as investors responded warmly to US President Donald Trump’s historic Singapore summit with North Korea’s leader Kim Jong Un. In initial trade, London’s benchmark FTSE 100 index of major blue-chip companies advanced almost 0.3% to 7,757.89 points. In the eurozone, Frankfurt’s DAX 30 added 0.6% to 12,924.03 points and the Paris CAC 40 gained 0.4% to 5,494.83, compared with the closing levels on Monday.“The market focus of the world is focused on the events taking place in Singapore, with history being made today as Donald Trump became the first sitting American president to meet face-to face with a North Korean leader,” said analyst Lukman Otunuga at traders FXTM. “The market reaction has been mostly positive, and this sentiment is likely to continue with the expectance that President Trump and Kim Jong Un are to discuss the future of Pyongyang’s nuclear programme.” (AFP)

  • 1.15 pm IST How money managers see Donald Trump-Kim Jong Un summitUS President Donald Trump signed what he called a “comprehensive document” with North Korean leader Kim Jong Un in Singapore. The signing came more than four hours into the meeting, an encounter aimed at easing decades of tensions between two foes that last year had seemed on the verge of nuclear conflict. Asian stock markets showed little reaction after the ceremony, as investors such as Low waited to find out what was in the document. Read more

  • 12.52 pm IST Suven Life shares gain after patent approvalSuven Life Sciences Ltd said that it has received one product patent from each China and US corresponding to new chemical entities for the treatment of disorders associated with neurodegenerative diseases. Shares of Suven Life Sciences rose 1.66% to Rs230.10.

  • 12.15 pm IST Orchid Pharma shares rise 5%Shares of Orchid Pharma Ltd rose 5% to Rs7.44 after the company said it got EU good manufacturing practices certificate following the inspection of its API manufacturing facility in Tamil Nadu. The facility was inspected in November 2017.

  • 11.30 am IST Market update: Sensex, Nifty trade higherBSE Sensex traded higher by 172.87 points, or 0.49%, to 35,656.34, while the Nifty 50 rose 51.35 points, or 0.48%, to 10,838.30. BSE MidCap and SmallCap gained 0.30% and 0.37%, respectively. Among the sectoral indices on BSE, healthcare gained most at 1.32%, IT 0.69%, FMCG 0.63% and teck 0.50%, while metal fell 0.84%, utilities 0.48%, power 0.42% and basic materials 0.35%. Dr. Reddy’s Labs, TCS, SBI and ITC were among the major gainers, whereas Tata Steel, Power Grid, Coal India and Bharti Airtel were among the major losers.

  • 11.25 am IST Vakrangee shares up 5%Shares of Vakrangee Ltd hit an upper circuit of 4.93% to Rs39.35 compared the previous day’s closing.

  • 11.03 am IST Fortis Healthcare shares fall over 1%Fortis Healthcare Ltd shares were trading 1.46% lower at Rs141.50. The board of Fortis Healthcare has extended the date for submission of binding offers by a fortnight to 28 June as the financial accounts of last year are yet to be finalized, reported Business Standard. Mint on Monday reported that the due diligence of Fortis has unearthed unpaid vendors’ bills of Rs450 crore, a Rs503 crore penalty on its subsidiary Fortis Escorts Heart Institute and undisclosed land-related issues at three of its hospitals.

  • 10.16 am IST Marklet update: Sensex, Nifty extend gainsBSE Sensex traded higher by 130.32 points, or 0.37%, to 35,613.79, while the Nifty 50 rose 32.35 points, or 0.30%, to 10,819.30.

  • 10.13 am IST Usha Martin shares jump 10%Shares of Usha Martin Ltd gained 10% to Rs32.55 after the company’s board has approved a proposal to explore the sale of its steel business, marking a shift in strategy to revive the company. The company had earlier hired an investment banker to find a buyer for its wire rope business with the aim of paying down debts of around Rs4,700 crore, Mint reported. Royal Bank of Canada was scouting for buyers for Usha Martin’s wire rope unit. Consulting firm McKinsey and Co. had advised the board on the proposed sale of the business.

  • 9.40 am IST Stride Shasun shares gain over 4% on USFDA drug approvalShares of Stride Shasun Ltd rose 4.3% to Rs365 after the company said it got USFDA approval for generic Tamiflu capsules for the US market. As per IQVIA MAT April 2018 data, the US market for Oseltamivir Phosphate Capsules was approximately $725 Million. The product will be manufactured at the company’s Oral dosage facility at Bangalore and will be marketed by Strides Pharma in the US Market. The company has 75 cumulative ANDA filings with USFDA of which 48 ANDAs have been approved as of date and 27 are pending approval.

  • 9.30 am IST Market update: Sensex, Nifty trade marginally higherBSE Sensex traded higher by 56.48 points, or 0.16%, to 35,539.95, while the Nifty 50 rose 25.55 points, or 0.24%, to 10,812.50.

  • 9.27 am IST Rupee edges lower against US dollar ahead of CPI inflation dataThe Indian rupee weakened marginally against the US dollar in opening trade on Tuesday ahead of key consumer price index (CPI)-based inflation data due to be released after 5.30pm. The home currency was trading at 67.49 against the US dollar, down 0.09% from its previous close of 67.43. The currency opened at 67.50 a dollar. The 10-year bond yield stood at 7.972% from its Monday’s close of 7.962%. Bond yields and prices move in opposite directions.

  • 9.25 am IST US dollar surges, Asian stocks volatile as Trump-Kim summit beginsThe US dollar jumped to a 3-week top on Tuesday while stock markets in Asia were choppy as an historic US-North Korea summit began in Singapore, raising some hopes it could pave the way to ending a nuclear stand-off on the Korean peninsula. Trading was volatile as MSCI’s broadest index of Asia-Pacific shares outside Japan seesawed between positive and negative territory. It was last flat, while Japan’s Nikkei pared early gains to be up 0.2% from as high as 0.9%.South Korean shares slipped 0.1% while Chinese shares were in the red too with the blue-chip off 0.4%. Australian shares were a tad firmer. The lead from Wall Street was mixed overnight, with the Dow barely changed, the S&P 500 up 0.1% and the Nasdaq adding 0.2%.