Key gauges continue to hold their initial gains

Indian equity benchmarks continued to maintain their initial gains and are trading jubilantly but in very tight range, with frontline gauges inching towards their crucial 38,000 (Sensex) and 11,500 (Nifty) levels. Sentiments remained upbeat on private report that India’s economy is expected to grow at a healthy 7.5 per cent in the first quarter (Q1) of 2018-19 (FY19), lower than a seven-quarter high of 7.7 per cent in the fourth quarter (Q4) of 2017-18 (FY18). Buying in metal, FMCG and healthcare counters too providing support to the markets while, buying in blue-chip stocks like Vedanta, HUL and Yes bank too aiding sentiments. Shares of paper companies edged higher on the bourses on expectations of a positive outlook for the current July-September quarter. Breweries stocks remained in limelight on report that citing a GST Council decision, the Delhi High Court disposed off a writ petition filed by leading liquor companies challenging imposition of service tax on licence and application fee for liquor sold in retail.

On the global front, European markets are trading mostly in red as traders remained on sidelines ahead of final inflation and current account data from euro area as well as US reports on consumer sentiment and leading economic indicators to be released later in the day. Sentiments also remained dampened, as traders focus is largely attuned to Turkey’s ongoing currency crisis. Asian markets are trading mostly in green at this point of time. Back home, in scrip specific developments, Apollo Hospitals Enterprise gained on reporting 71% jump in Q1 net profit, while IL&FS Transportation Networks zooms on inking agreements with Ramky.

The BSE Sensex is currently trading at 37993.44, up by 329.88 points or 0.88% after trading in a range of 37840.16 and 38012.52. There were 22 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.79%, while Small cap index was up by 0.89%.

The top gaining sectoral indices on the BSE were Metal up by 1.88%, FMCG up by 1.81%, Basic Materials up by 1.75%, Healthcare up by 1.54% and Bankex was up by 1.37%, while Oil & Gas down by 0.09% was the lone losing index on BSE.

The top gainers on the Sensex were Yes Bank up by 3.41%, Vedanta up by 3.33%, SBI up by 3.01%, Hindustan Unilever up by 2.57% and ITC up by 2.49%. On the flip side, Hero MotoCorp down by 0.53%, Maruti Suzuki down by 0.45%, ONGC down by 0.43%, Bharti Airtel down by 0.28% and Coal India down by 0.19% were the top losers.

Meanwhile, drug price regulator, the National Pharmaceutical Pricing Authority (NPPA) has fixed the ceiling price of 92 drug formulations used for treatment of cancer, hepatitis C, migraine and diabetes among others. The prices have been fixed/ revised under the Drug (Prices Control) Order (DPCO), 2013.

The authority has mentioned that out of total, the retail price of 72 scheduled formulations has been fixed, that of 9 has been revised. It has also revised the retail prices of 11 scheduled formulations. Under the Drugs (Prices Control) Order (DPCO) 2013, it fixes ceiling price of essential medicines of Schedule I based on simple average of all medicines in a particular therapeutic segment with sales of more than 1%.

In respect of medicines not under price control, manufacturers are allowed to increase the maximum retail price by 10% annually. Set up in 1997, NPPA has been entrusted with the task of fixation/revision of prices of pharma products, enforcement of provisions of DPCO and monitoring of prices of controlled and decontrolled drugs.

The CNX Nifty is currently trading at 11482.55, up by 97.50 points or 0.86% after trading in a range of 11431.80 and 11483.85. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 4.28%, Yes Bank up by 3.65%, Lupin up by 3.50%, Vedanta up by 3.30% and SBI up by 3.07%. On the flip side, GAIL India down by 1.35%, Eicher Motors down by 0.90%, Maruti Suzuki down by 0.48%, Hero MotoCorp down by 0.47% and ONGC down by 0.46% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 gained 78.34 points or 0.35% to 22,270.38, Taiwan Weighted rose 7.06 points or 0.07% to 10,690.96, Hang Seng increased 113.35 points or 0.42% to 27,213.41 and KOSPI was up by 6.25 points or 0.28% to 2,247.05. On the flip side, Straits Times decreased 1.84 points or 0.06% to 3,210.09 and Shanghai Composite was down by 36.09 points or 1.35% to 2,669.10.

European markets are trading mostly negative; UK’s FTSE 100 decreased 8.97 points or 0.12% to 7,547.41 and Germany’s DAX was down by 15.74 points or 0.13% to 12,221.43. However, France’s CAC was up by 5.30 points or 0.1% to 5,354.32.