Today’s Market Commentary Analysis; Lupin got approval for the drug

Market Commentary Analysis

Today’s Market Commentary Analysis: It was a negative start for the Indian indices with Nifty below 10,900. In morning, the Sensex was down 151 points at 36830, and the Nifty down 42 points at 1090. About 375 shares have advanced, 369 shares declined, and 55 shares are unchanged.Asian Paints Indiabulls Housing, UPL and Sun Pharma and Cipla, are among major gainers on the indices, while losers were Maruti Suzuki, Tata Motors, Eicher Motors, M&M, Hero MotoCorp, HDFC Bank, Kotak Mahiondra Bank, Axis Bank and JSW Steel, Yes Bank, TCS and Bajaj Finance. Among sectors, except pharma other indices are trading lower led by auto, metal, energy, bank and IT.

L&T in Today’s Market Commentary Analysis

L&T said buildings and factories business has secured a prestigious residential project from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai.

Automobile News

Passenger car sales in August 2019 fell by 41.1 percent to 1.15 lakh units and 2-wheeler sales declined 22.2 percent to 15.1 lakh units compared to same month last year. Commercial vehicle sales dropped 38.7 percent to 51,897 units​ and passenger vehicle sales plunged 31.6 percent to 1.96 lakh units YoY.

JPMorgan in News

JPMorgan Chase & Co is close to winning the lead advisory role for Saudi Aramco’s initial public offering, a source familiar with the situation said on Sunday. Reuters reported last month that Aramco formally asked major banks to submit proposals for potential roles in its planned IPO. A final decision is likely to come later this week, the source told Reuters, asking not to be identified.

Lupin in News in Today’s Market Commentary

Pharma major Lupin said it has received approval for its Ethacrynic Acid tablets USP, 25 mg, from the United States Food and Drug Administration. Lupin’s Ethacrynic is the generic version of Edecrin tablets of Bausch Health Americas, Inc.The drug is indicated for treatment of edema when an agent with greater diuretic potential than those commonly employed is required.

Market at Closing

Sensex Closed 163 points up at 37145 and Nifty Closed at 56 points up at 11003. Among Nifty50 stocks, Yes Bank, UPL, Maruti Suzuki, L&T and Kotak Mahindra Bank were top gainers, rising 2-4.5 percent whereas HCL Technologies, Infosys, Tech Mahindra, Eicher Motors and Bajaj Auto were losers. Among midcaps, RBL Bank, Blue Dart, NBCC (India), GE T&D India and Muthoot Finance rallied 4-7 percent whereas Aditya Birla Finance, Ajanta Pharma, Glenmark, Vakrangee and Torrent Pharma slipped 2-3 percent.