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Nifty ends at 8002, Sensex up 161 pts; Sun Pharma falls 1%

Sun Pharma, Lupin, Coal India, TCS and Cipla were among losers while ONGC, Vedanta, Bharti Airtel, Bajaj Auto and GAIL were top gainers in the Sensex.

August 28, 2015 / 04:01 PM IST

Moneycontrol Bureau3:30 pm Market close: The market ended with gains even though it lost steam mid way. The Sensex was up 161.19 points or 0.6 percent at 26392.38 and the Nifty gained 53 points or 0.7 percent at 8001.95. About 1295 shares advanced, 1403 shares declined and 109 shares were unchanged.

Sun Pharma, Lupin, Coal India, TCS and Cipla were among losers while ONGC, Vedanta, Bharti Airtel, Bajaj Auto and GAIL were top gainers in the Sensex.

2:59 pm Market Update: The Sensex erased more than 300 points gains from day's high, trading at 26292.82, up 61.63 points. The Nifty slipped below the 8000-mark, up 21.20 points at 7970.15.The market breadth also turned negative as about 1221 shares have advanced against 1412 shares declined on the Bombay Stock Exchange.2:50 pm Underperformer: Sun Pharma plunged 4 percent today after the company has faced class action suit in US over 2009 plant closures.US court of appeals affirmed lower court's findings that Caraco, the subsidiary of Sun Pharma, violated Worker Adjustment Act.2:40 pm Buzzing: Shares of MMTC surged 4 percent intraday as the government has approved bids for import of 1,000 tonnes of onion. MMTC which had floated a tender for 10,000 tonnes of onion import, received only one bid from Singapore-based Cross Trade Line for 1,000 tonnes.

The shipment of 1,000 tonnes will reach either Chennai or JNPT ports by September 10. The approved bidder has been asked to source onions from Egypt, China, Pakistan and other countries where the commodity is available.

The imported onions would be supplied to state governments after seeking their requirements. Stating more imports would be undertaken in coming weeks to check prices, Agriculture Additional Secretary Avinash K Srivastava said, "It has been decided that MMTC will float tender after tender till onion situation comes under control. MMTC has been asked to float a fresh tender for import of 10,000 tonnes."2:20 pm Boost to medical devices biz: The government is working on several steps, including removing duty anomalies, to boost medical devices manufacturing sector and make it a USD 50 billion industry in the next five years, a top official today said.Secretary in the Department of Pharmaceuticals, V K Subburaj, said that soon recommendations will be made to rectify the inverted duty structure for the growing medical devices sector. He said departments of health and pharmaceuticals along with the Department of Industrial Policy and Promotion (DIPP) is working on the matter and soon they will make recommendations to the revenue department on the issue.

An inverted duty structure impacts domestic industry adversely as manufacturers have to pay a higher price for raw material in terms of duty, while imported finished products land at lower duty and cost lesser. "The important hurdle (which the sector is facing) is the regulatory mechanism...The duty structure has to be modified. Health, DIPP and Pharma are jointly discussing the issue... Probably by next week, we will finalise the recommendations," Subburaj said here at a CII function.2:00 pm Market Check

The market erased more than half of morning gains in afternoon trade due to profit booking in select banking & financials, capital goods and healthcare stocks. The Sensex rose 177.07 points or 0.68 percent to 26408.26 and the Nifty advanced 52.15 points or 0.66 percent to 8001.10.

Even the broader markets came off day's high with the BSE Midcap and Smallcap indices rising only 0.3 percent each. About 1386 shares have advanced against 1184 shares declined on the Bombay Stock Exchange.

The rupee fell 15 paise to 66.19 a dollar, which indicated that the foreign institutional investors may be net sellers in today's trade.

Infosys, ONGC, Bajaj Auto, Bharti Airtel and Vedanta topped the buying list on Sensex, up 3-5 percent. Dr Reddy's Labs gained nearly 2 percent post management changes.

However, Sun Pharma, HDFC, Lupin, TCS, L&T, Cipla and Coal India saw profit booking, down 0.3-1 percent.

first published: Aug 28, 2015 02:00 pm

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