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Gaurang Shah, head investment strategist at Geojit Financial Services expects fourth-quarter earnings of Indian corporates to recover compared to the previous quarter, as markets gear up for the busy results season starting with Infosys on April 13.
“For Indian markets, its all about earnings now and that will decide the future trend. U.S. data such as the jobs report will not have that much of a bearing than cues domestically. For longer term investors, it’s a buy on dip opportunity but one needs to be very careful in terms of stock picking,” said Shah.
Shah is positive on sectors such as auto, banks, pharmaceuticals, consumer durables and fast moving consumer goods on the back of earnings momentum.
Shares of drugmaker fell as much as 3 percent to Rs 666.30, lowest since February 16.
U.S. Food & Health Administration inspectors found storage, logistics lapses at company’s Dadra plant on the first day of audit, news channel ET Now reported citing unidentified sources.
Volume 2.4 times its 30-day average: Bloomberg data.
Shares of Indian Oil, Hindustan Petroleum and Bharat Petroleum climbed between 3-4 percent.
State-run oil refiners plan to review prices daily to align them more closely with international rates, the Economic Times reported citing unidentified company officials.
#BQSpotted by @shraddha_babla | Simplex Infrastructure hits the 20% upper circuit for 1st time since May 19, 2009.https://t.co/FlKftdDo7F pic.twitter.com/uzbx5iW1pA
— BloombergQuint (@BloombergQuint) April 7, 2017
#BQSpotted by @OnlyNickey | Intrasoft Technologies extends its winning streak to 7 sessions.https://t.co/lYTLyFh1D0 pic.twitter.com/76Pa3LWei6
— BloombergQuint (@BloombergQuint) April 7, 2017
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Shares of pharmaceutical firm recovered earlier losses to trade higher by 2.56 percent at Rs 635.
The U.S. Food & Drug Administration approved Alembic’s fluoxetine hydrochloride tablets used for the treatment of obsessive–compulsive disorder.
Fluoxetine hydrochloride tablets have an estimated market size of $120 million for 12 months ended December 2015, the company said in a regulatory filing.
Grasim shareholders give the green signal for the merger proposal with Aditya Birla Nuvo. https://t.co/X4H8kGudjp pic.twitter.com/Xi6lmgADtJ
— BloombergQuint (@BloombergQuint) April 7, 2017
The rupee weakened by 13 paise to 64.65 against the U.S. dollar due to appreciation of the American currency overseas.
Besides, a lower opening in the domestic equity market also weighed on the rupee, dealers said.
The rupee had closed Thursday at a near 20-month high of 64.52, firming up by 35 paise against the U.S. dollar on massive unwinding of the American currency by exporters amid buoyant growth outlook by the Reserve Bank.
For a complete list of stocks to watch, click HERE
Trump ordered targeted military strike on the airfield in Syria from where Assad regime launched the chemical attackhttps://t.co/tbRr4Piizu pic.twitter.com/9E8Nn98l9P
— BloombergQuint (@BloombergQuint) April 7, 2017
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