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Nifty hovers around 8200, Sensex volatile; Sun Pharma up 2%

Sun Pharma gained more than 2 percent ahead of board meeting to consider proposal of buyback of shares.

June 23, 2016 / 10:45 AM IST

Moneycontrol Bureau10:45 am Buzzing: Share prices of Natco Pharma rose 8 percent intraday on the back of tentative approval received from USFDA for Sorafenib tablets.The company's marketing partner, Mylan Inc. has received a tentative approval for its abbreviated new drug application (ANDA) for Sorafenib tablets, 200mg, with the US Food and Drug Administration (USFDA).This product is the generic version of Nexavar, which is indicated for the treatment of certain types of cancers including unresectable hepatocellular carcinoma and advanced renal cell carcinoma.Natco manufactures this product at its facility in Kothur, Mahaboobnagar district, Telangana, India.10:35 am Interview: Biocon has initiated phase II/III study of QPI-1007 to treat non-arteritic anterior ischemic optic neuropathy (NAION), a rare eye disease in India.Speaking to CNBC-TV18, Kiran Mazamdar Shaw, CMD of the company said Biocon had entered into researching the drug for this disease a year ago and that early trials have indicated a positive data. However, the drug won't enter the market before 2-3 years, she added.10:15 am FII Views: Jeff Chowdhry of LGM Investments feels if Britain votes to leave the European Union, it would cause a sort of a ripple effect across both European stock markets and the European currency investors may move into the yen or gold or US dollar. In an interview to CNBC-TV18, he says emerging markets too would be hit as investors turn risk averse.“In the short-term and short-term means just a couple of days, I think yes because it would definitely be a surprise, one,” he says.“Secondly, it would mean risk-off and in a risk-off environment, EMs including India would be affected on sort of a short-term basis,” he says.The biggest casualty of a ‘leave’ vote would be the pound sterling and the UK stock market which could fall as much as 5-10 percent feels Chowdhry.Chowdhry sees a relief rally across markets in the event of a 'stay' vote, but does not expect that to be as big as the magnitude of fall if the vote goes the other way.Also read - Annual report analysis: Credit Suisse outperform on ITC, FY16 cash flow up10:00 am Market Check

Equity benchmarks continued to be directionless with the Nifty hovering around 8200 as investors remained cautious ahead of Britain's referendum tonight.

The Sensex fell 19.01 points to 26746.64 and the Nifty declined 5.65 points to 8198.05. The BSE Midcap and Smallcap indices slipped 0.3 percent each on weak market breadth.

About 1022 shares declined against 666 advancing shares on Bombay Stock Exchange.

Sun Pharma gained more than 2 percent ahead of board meeting to consider proposal of buyback of shares.

first published: Jun 23, 2016 10:00 am

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