The benchmark indices ended with small gains on Friday, rising for the fourth straight session. Pharma and healthcare stocks were in demand.
As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 85.91 points or 0.15% at 55,550.30. The Nifty 50 index gained 35.55 points or 0.21% at 16,630.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index gained 0.90%.
The market breadth was strong. On the BSE, 2,090 shares rose and 1,250 shares fell. A total of 118 shares were unchanged.
Buzzing Index:
The Nifty Financial Services index rose 0.13% to 16,156.05. The index added 4.96% in four trading sessions.
Shriram Transport Finance Company (up 2.22%), Piramal Enterprises (up 1.59%), REC (up 1.53%), Power Finance Corporation (up 0.85%) and Bajaj Finance (up 0.68%) were the top gainers in the Financial Services segment.
Stocks in Spotlight:
Indraprastha Gas fell 1.59%. Indraprastha Gas has received a letter of intent from PNGRB for grant of authorization to the company for the development of CGD network in the Geographical Area of Banda, Chitrakoot and Mahoba in the state of UP.
Lupin rose 0.96%. The pharmaceutical company announced that Lupin Diagnostics has launched its first Reference Laboratory in East India in Kolkata. The new Reference Laboratory at Kolkata has capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, cytogenetics, flow cytometry, histopathology, cytology, microbiology, serology, haematology, immunology and routine biochemistry.
Future Consumer declined 2.30%. The company said that it has called off joint venture with Fonterra. The companies had inked the joint venture agreement on 8 August 2018. Future Consumer and New Zealand’s Fonterra Co-operative Group had agreed to wind down their 50:50 joint venture – Fonterra Future Dairy. The last few years have been challenging for the joint venture with COVID-19 causing significant disruption to the Indian market. “Considering the impact of COVID-19 on the operations and performance of the joint venture (JV) company, it has been decided to terminate the joint venture arrangement,” Future Consumer said.
Upon the termination of the joint venture agreement, the JV firm will undertake the process of winding up the operations, subject to obtaining of necessary consent and approvals that may be required from statutory/ regulatory authorities, it added. The joint venture has 22 employees, all of which will receive appropriate entitlements, including career transition support and access to counselling.
Bayer Cropscience gained 0.14%. The company said that Bayer AG and and Cinven have entered into a definitive agreement regarding the sale of Bayer’s Environmental Science Professional business for a purchase price of $2.6 billion (2.4 billion euros). Bayer AG (Bayer) is one of the promoters of Bayer Cropscience. It held 8.43% stake in the company as on 31 December 2021. Cinven is an international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: business services, consumer, financial services, healthcare, industrials and TMT (technology, media and telecommunications).
Strides Pharma Science lost 0.76%. The company announced that its step-down wholly owned subsidiary, Strides Pharma Global, Singapore, has received approval for Colchicine tablets USP, 0.6 mg from the United States Food & Drug Administration (USFDA). The product will be marketed by Strides Pharma Inc. in the US market. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Colcrys tablets, 0.6 mg, of Takeda Pharmaceuticals U.S.A., Inc. (Takeda).
Shipping Corporation of India slipped 1.04%. Life Insurance Corporation (LIC) of India sold 93.50 lakh equity shares or 2.007% stake of Shipping Corporation between 12 March 2021 to 9 March 2022. Post transaction, LIC decreased its shareholding in Shipping Corp to 6.032% from 8.04% held earlier. The deal was executed as market sale.
Global Markets:
The Dow Jones futures were up 94 points, indicating a positive opening in the US stock market today.
European markets rose on Friday, as global investors assessed soaring U.S. inflation and a hawkish surprise from the European Central Bank, while continuing to track developments in Ukraine. Investors weighed the European Central Bank’s decision to unwind stimulus measures sooner than expected. The bank said Thursday it will end its bond-buying program in the third quarter of this year, if the economic data allows for it.
Asian stocks declined on Friday, tracking losses on Wall Street as the Russia-Ukraine war continues to keep investors cautious. US inflation hit a four-decade high, cementing expectations that the US Federal Reserve would hike key interest rates at the conclusion of next week’s monetary policy meeting to prevent the economy from overheating.
US consumer prices surged in February, culminating in the largest annual increase in 40 years. The consumer price index increased 0.8% last month after gaining 0.6% in January, the Labor Department said on Thursday. In the 12 months through February, the CPI shot up 7.9%, the biggest year-on-year increase since January 1982. That followed a 7.5% jump in January and was the fifth straight month of annual CPI readings north of 6%.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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