Nifty may move down towards 7,550
We had mentioned in Monday’s closing report that Nifty, Sensex might give up some gains and that Nifty would head lower, if it remained below 7,645. On Tuesday, caution over a potential US interest rates hike led to the major indices in the Indian stock markets to close marginally lower than Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Profit booking, unwinding of long positions ahead of derivatives expiry and caution over a likely US rate hike dragged the key equity markets lower throughout the day's trade on Tuesday. The BSE market breadth favoured the bears -- with 1,690 declines and 948 advances.
One of the biggest losers today was Lupin. Brokerage IIFL in a note said that Lupin's Mandideep facility in Madhya Pradesh has received Form 483 from US Food and Drug Administration (US FDA) after an inspection. According to the US regulator, a Form 483 is issued to a company at the conclusion of an inspection when investigators have observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. Lupin's US business is significantly dependent on Mandideep unit, which contributes revenues of more than $200 million annually, IIFL said. The Bombay Stock Exchange later sought a clarification from Lupin over the matter. Lupin in a clarification said FDA observations on Mandideep facility are minor in nature and there were total of three observations. "We believe that these observations are minor in nature and have already addressed these observations. We don't expect any disruption to product supply from our Mandideep location," Lupin said. Lupin’s shares closed at Rs1,401.45, down 6.27% on the BSE.
The Supreme Court on Tuesday allowed market regulator SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession. The step is being taken to recover investors' money that Sahara groups' two companies had collected from the public through Optionally Fully Convertible Debentures.
National Stock Exchange (NSE) on Monday said existing index names Nifty Midcap 100 and Nifty Smallcap 100 have been rebranded as Nifty Free Float Midcap 100 and Nifty Free Float Smallcap 100 respectively. "There would be a change in the names of the following indices in the Index Broadcast window (Top Right corner) and in Multiple Index Broadcast screen in NEAT and NEAT+," said NSE in statement. According to the statement, members using Non-Neat Front end (NNF) can configure/develop their system to receive the index broadcast. The new names will effective from April 1, 2015, the statement added.
BSE StAR MF, the premier stock exchange's mutual fund online distribution platform, on Monday said that it processed a record 81,000 orders worth Rs.270 crore on March 23. "The platform received a record mutual fund orders worth Rs1,048 crore on March 23, which is unmatched by any similar platform," the fund said in a statement. The fund processed a whopping 32.65 lakh orders worth Rs43,000 crore from April 15 to March 28 in 2015-16. "Ours is the only platform in the industry with multiple modes of funds and mutual fund unit settlement in demat and non-demat form, with switch over facility," the statement added. To ease transactions, BSE has introduced many features for enabling payments through all modes, including cheques, SMS and e-mail-based order authentication, access to multiple modes of its mutual fund platform, overnight investment framework and digital and real-time registration on the platform.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: