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Market update at 2 PM: Sensex is down 725.67 points or 1.20% at 59497.48, and the Nifty fell 205.80 points or 1.15% at 17719.50.
Alembic Pharma gets USFDA nod for Entacapone Tablet
Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Entacapone Tablets USP, 200 mg.
The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Comtan Tablets, 200 mg, of Orion Corporation. Entacapone Tablets are indicated as an adjunct to levodopa and carbidopa to treat end-of-dose “wearing-off” in patients with Parkinson’s disease.
Alembic Pharmaceuticals was quoting at Rs 819.05, up Rs 2.85, or 0.35 percent.
Kotak Mahindra Mutual Fund launches Midcap 50 ETF Scheme
Kotak Mahindra Asset Management Company announced the launch of an Exchange Traded Fund – Kotak Midcap 50 ETF – an open ended scheme that will track the Nifty Midcap 50 Index.
The new fund offering (NFO) is benchmarked against the Nifty Midcap 50 Index (TRI), which captures the movement of the mid-cap segment of the market.
The Kotak Midcap 50 ETF will replicate the Nifty Midcap 50 Index, which includes the top 50 companies based on full market capitalisation from Nifty Midcap 150 Index with preference given to those stocks on which derivative contracts are available on the National Stock Exchange. In case 50 midcap stocks do not have derivatives contract available on them then it could have less than 50 stocks in the index.
Factors Pulling The Markets Lower
Minutes of the Federal Open Market Committee’s December 14-15 meeting suggested the US central bank may raise interest rates sooner than expected, adding to mounting concerns over the latest variant…
RBL Bank shares advanced over 2 percent intraday on January 6 after company reported better loan growth for the quarter ended 31 December 2021.
RBL Bank’s gross advances jumped 5 percent year-on-year to Rs 59,941 crore (provisional) in Q3FY22 from Rs 57,092 crore in the same quarter of the previous fiscal year. Sequentially, it was up 3.5 percent from Rs 57,939 crore in Q2FY22.
Retail advances remained flat, while wholesale advances grew 8 percent sequentially during the three month period.
Market at 1 PMBenchmark indices erased some of the intraday losses but still trading lower with Nifty around 17700The Sensex was down 731.39 points or 1.21% at 59491.76, and the Nifty was down 210.80 points or 1.18% at 17714.50. About 1621 shares have advanced, 1456 shares declined, and 83 shares are unchanged.
Mohit Ralhan, Managing Partner & Chief Investment Officer of TIW Private Equity:
The market has been facing downward pressure post touching its all-time high in October. While, the economy has been recovering on expected lines, the global cues indicating the unwinding of balance sheet expansion by central banks around the world have been a major factor.
In this context, the US Fed’s hawkish stance has not been a surprise, but the negative market reaction today is primarily due to the indication of balance sheet reduction in the Fed minutes released yesterday. Almost all members showed concern on rising inflation and the possibility of accelerating rate hikes followed by a reduction in the balance sheet.
Although the timing remains uncertain, market participants are now expecting this to happen sooner than later. In addition, the rising cases of COVID-19 around the globe has also increased the risk levels. Overall, we remain cautious in the markets right now.
Shares of NHPC advanced 3 percent on January 6 after company signed an agreement with Green Energy Development Corporation of Odisha (GEDCOL) for formation of a JV company for development of 500 MW floating Solar Power Projects in various water reservoirs in the State of Odisha.
ADF Foods gets govt approval under PLI scheme for food processing industries
ADF Foods Industries share price rose 2 percent on January 6 after company received approval from the Government of India under Production Linked Incentive (PLI) scheme for food processing industries.
“ADF Foods Industries has received approval from the Government of India under Category III pf the PLI scheme for food processing industries – incentive for undertaking branding and marketing activities abroad,” company said in its release.
Super Six Chart Picks By KRChoksey For An Upside Up To 40%
SBI Life Insurance, Godrej Consumer Products, UPL, Cipla, Bajaj Auto and Tata Consultancy Services are among the top chart picks of KRChoksey for an upside of up to 40 percent.