Tuesday, 12 December 2017

Market Update: OMCs Under Pressure; Alembic Gets USFDA Approval, Divis Up 3%

Posted by suhani varma on Tuesday, December 12, 2017 with No comments



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Equity benchmarks remained under pressure on profit booking after rallying 850 points in previous three consecutive sessions. Investors await Federal Reserve policy meeting that will start tonight and the second phase of Gujarat assembly elections on Thursday.


The 30-share BSE Sensex was down 144 points at 33,311 and the 50-share NSE Nifty fell 53 points to 10,269.

About 1037 shares have advanced, 1337 shares declined, and 104 shares are unchanged.


All sectoral indices were trading in red except pharma. Lupin, Dr Reddy's Labs, Biocon, Divis Labs and Torrent Pharma leading the gainers in the pharma pack.

Alembic Pharmaceuticals has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Darifenacin extended release tablets, 7.5mg and 15mg


Oil marketing and aviation companies' share prices fell 2-3 percent on Tuesday following sharp rise in crude oil prices in international market.


HPCL, BPCL and IOC declined 2-3 percent while Jet Airways, SpiceJet and InterGlobe Aviation (IndiGo) were down 2 percent each.


According to Gaurav Bissa, Derivatives Analyst at LKP Securities, the pharma seems to be in the momentum on the roll today. I would recommend buying Lupin Future for the reason that in the last two or three days we have seen a 3 percent short covering coming in, Rs 815-820 is now evolving as a strong support for this stock.820 and 800 Put option has seen good amount of selling and 840 Call option has the highest concentration, the stock is comfortably trading above these levels. I would recommend having stoploss of Rs 835-838 and on the upside target of Rs 880 cannot be ruled out.

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