Sensex, Nifty Post First Weekly Gains In February
Indian equity benchmarks posted their first weekly gain this month.
Closing Bell
Indian equity benchmarks posted their first weekly gain this month as some investors deemed the decline in equities overdone. The S&P BSE Sensex Index closed 1 percent higher at 34,138.97, while the NSE Nifty 50 Index ended at 10,491.50, up 1.1 percent.
The market breadth was tilted in favour of buyers. All the 19 sectoral gauges compiled by BSE Ltd. traded higher, led by S&P BSE Sensex Index's 2.9 percent gain.
Sun Pharma Receives Form 483 With Three Observations
Shares of the country’s largest drug maker extended gains and rose as much as 5.4 percent to Rs 571.50. The pharmaceutical company received form 483 from the U.S. drug regulator with three observations for its key Halol plant, according to its stock exchange notification.
The company said that it is preparing the response to the observations and that it will submit to USFDA within 15 business days, adding that it is committed to addressing these observations promptly.
The only positive is that the number of observations has come down to three form the earlier time, Ranjit Kapadia, Centrum Broking Analyst told Bloomberg. “We still need details on these three observations, how serious there are, before commenting further.”
European Stocks Range-Bound
European stocks were steady in early trade amid investors’ cautiousness after Wall Street failed to hold onto gains for a fourth session in a row on Thursday.
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Countdown
Stock Moving On Heavy Volumes
Dynamatic Technologies
- Stock rose as much as 20 percent to Rs 1,947.65.
- Trading volume was 23.2 times its 20-day average.
Vardhman Special Steels
- Stock rose as much as 14.1 percent to Rs 172.
- Trading volume was 9.3 times its 20-day average.
Venky’s India
- Stock rose as much as 11.2 percent to Rs 3,269.
- Trading volume was 6.2 times its 20-day average.
Source: Bloomberg
