After opening on a flat note, indices were stuck in a narrow trading range throughout the day clocking in minuscule gains. The power, capital goods, industrials and utilities stocks were among the major gainers. On the other hand, IT and health care stocks were under pressure. Nifty closed with a gain of mere seven points at 8,273, while BSE Sensex ended with a gain of 11 points at 27,021.

On the global front, Asian stocks closed on mixed note as weak The Shanghai Composite and Hong Kong’s Hang Seng index closed down. Japan’s Nikkei 225 ended higher by 0.92%.

European shares fell on 8^th June 2016. The FTSE 100 was trading marginally up. DAX and the CAC 40 are down 0.5% respectively.

L&T gained 1.5% to Rs.1510 after the company announced that its construction arm along with its joint venture (JV) partner in Qatar, Al Balagh Trading & Contracting, has signed a contract to build a 40,000 seater stadium, as part of the sports infrastructure being readied by the Emirate in preparation of the 2022 Fifa World Cup.

JSW Energy climbed 13.5% to Rs.80.35 on reports that the company might clinch the 860 MW Karnataka SEB power purchase deal.

Rajesh Exports dropped 1.4% to Rs.495. The company has announced that it has bagged Rs. 653 crores worth export order.

Siemens soared 4.2% to Rs.1257 after the company announced that, together with Siemens Bangladesh Ltd., it has won an order worth approximately Rs. 113 crore from Power Grid Company of Bangladesh Limited (PGCB) to design, procure, supply, install, test and commission 230/132kV Gas Insulated Switchgear Substation along with 225/300 MVA, 132/33 KV and 50/75 MVA Transformers at Keraniganj with in Dhaka.

JSW Steel gained 1.3% to Rs.1395. The company reported its highest ever monthly crude steel production for May 2016 at 13.48 lac tonnes showing growth of 16% over the corresponding month of previous year.

Shreyas Shipping & Logistics jumped 4% to Rs.402. The company has entered into vessel sharing arrangement with Shipping Corporation of India to commence two coastal services connecting the Middle East commencing from second week of June.

GMR Infrastructure zoomed 2.8% to Rs.11.84. GMR Infrastructure Ltd led consortium won two projects to build parts of India’s upcoming eastern cargo rail corridor, adding up to 221km, at a cost of Rs.2,280.70 crore.

Telecom stocks ended higher by 0.74%. In a move that can bring cheer to telecom companies, the inter-ministerial decision making body approved lower spectrum usage charge of 3% for the coming auctions of radio waves. This charge was 5% in the last two auctions of spectrum. Bharti Airtel Ltd gained 1%, Idea Cellular down 0.19%, Reliance Communications up 1.65%.

USDINR trade today trading up 6 paise at 66.90 per US dollar.

Out of 1,468 stocks traded on the NSE, 474 declined and 940 advanced today.

Top 5 Nifty Gainers: NTPC (1.79%), ONGC (1.16%), Reliance Ind. (1.04%), Axis Bank (0.75%) and GAIL (0.28%).

Top 5 Nifty Losers: Infosys Ltd (-3.45%), Dr. Reddys Lab (-1.73%), Hind Unilever (-1.68%), HDFC (-1.51%) and Asian Paints (-1.34%)

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Stock market in India rallied on 7 June 2016 after the Reserve Bank of India kept an accommodating stance in its second bi-monthly policy review for the current fiscal. RBI Governor Raghuram Rajan kept benchmark repo rate unchanged at 6.5% and CRR at 4%. The central bank also left statutory liquidity reserve unchanged. Nifty closed with a gain of 65 points at 8,266, while BSE Sensex ended with a gain of 232 points at 27,010.

On the global front, most of the Asian indices closed their day on a positive note. Hong Kong’s Hang Seng ended higher by 1.42%, while Japan’s Nikkei 225 closed with gains of 0.58%. The European indices also witnessed buying interest. The FTSE 100 was up 0.47%, France’s CAC 40 gained 1.18% and Germany’s DAX was up 1.66%. The rupee was trading at Rs 66.75 to the dollar at the time of writing.

Pharma stocks are trading mixed with IPCA Labs and Ajanta Pharma leading the gains. As per a leading financial daily, Gavis Pharmaceutical LLC, the US arm of Lupin Ltd has received a final nod from the US health regulator to launch Voriconazole tablets. The drug is used to treat infections in skin, abdomen, kidney, bladder wall and wounds.

Vfend tablets and Vfend oral suspension had sales of US$ 92.8 million and US$ 15.9 million, respectively in the US as at the end of FY16.

The company has stated that it shall commence marketing the drug in the US shortly.

Many companies including the likes of Ajanta Pharma and Zydus Cadila Pharma have received US FDA approvals to sell this drug. Hence, the competition seems to be tough in this segment.

Lupin is an India-based transnational pharmaceutical company. It is engaged in manufacturing and marketing of branded and generic formulations, and active pharmaceutical ingredients (APIs). The Mumbai-based firm has launched 9 products in the US market and received approvals for 20 products from the USFDA so far this fiscal. On an overall basis, over 160 product filings are pending for approval with the USFDA between Lupin and Gavis together. Lupin has a portfolio of 124 products in the US market.

Stock of Lupin closed the day up by around 1.3%.

Moving on to the news form the banking space. Axis Bank has raised US$ 500 million at the London stock exchange through the issue of green bonds. Green bonds are a relatively new asset class carrying a lower coupon rate and are a cheap source of finance.

The proceeds from the bonds will be invested in renewable energy, transportation and infrastructure projects. The notes have been issued at a price of 99.479 at a yield of 2.9%.

Talking about renew ables, government has an ambitious target of 100 gigawatt (GW) solar energy by 2022. The funds raised could help to achieve this mammoth goal.

USDINR trade today trading up 18 paise at 66.78 per US dollar.

Out of 1,807 stocks traded on the NSE, 616 declined and 916 advanced today.

Top 5 Nifty Gainers: Bharti Airtel (2.48%), BHEL (1.59%), ONGC (1.41%), ICICI Bank (1.24%) and HDFC (0.98%).

Top 5 Nifty Losers: Asian Paints (-1.21%), Infosys Ltd (-1.00%), Coal India (-0.68%), HDFC Bank (-0.62%) and TCS (-0.55%)

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After opening on flat note, indices were stuck in a narrow trading range throughout the day. Investors maintained cautious approach ahead of Reserve Bank of India’s (RBI) monetary policy review due on Tuesday. Nifty closed with loss of 20 points at 8,201, while BSE Sensex ended with a loss of 66 points at 26,777.

On the global front, Asian stock market closed on a mixed note with Japan shares losing ground. The Shanghai Composite closed down 0.15%. Hong Kong’s Hang Seng index gained 0.39% and Japan’s Nikkei 225 ended lower by 0.38%.

European stocks rose on Monday. The FTSE 100 was trading higher by 1%. DAX and the CAC 40 are trading marginally higher.

Sugar stocks closed higher on BSE. ICRA expects the supply correction during sugar year 2015-16 to benefit the domestic sugar manufacturers. Dwarikesh Sugar Industries rallied 5.6% to Rs.233. The company has appointed ‘Strategic Growth Advisors’ for strengthening the investor relationship function of the company with stakeholders to boost the strategic growth of the company with their specialized knowledge, according to reports.

Sun Pharma dropped 1.7% to Rs.726. The company announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Frontida BioPharma.

Biocon jumped 3.3% to Rs.726 on BSE. Mylan and Biocon announced the presentation of data from the HERITAGE study at the 2016 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, June 3-7. The study confirmed the efficacy, safety and immunogenicity of MYL-1401O, the proposed biosimilar trastuzumab co-developed by Biocon and Mylan, in comparison to branded trastuzumab.

Jubilant Life Sciences rallied 4% to Rs.367. The company received ANDA final approval for Levetiracetam Injection USP, 500 mg/5 mL (100 mg/mL), the generic version of Keppra Injection 500mg/5mL (100mg/mL) of UCB, which is used for the treatment of epilepsy.

Bharat Forge dropped 1.4% to Rs.741. The company said its North America Class 8 truck orders in May fell 30% to 14,100 units from a year ago. The order inflows have now declined continuously for 15 consecutive months and slipped 32% on yoy basis over the April 2015-May 2016 period.

Steel Strips Wheels jumped 6.7% to Rs.441. The company’s promoter – Chandigarh Developers – has increased its stake in the company via open market purchase. The promoter, on June 3, 2016, purchased 24,949 equity shares representing 0.17% stake of the company through open market, according to reports.

Cadila Health care gained 1% to Rs.323 after receiving final approval from the US FDA to market Amantadine hydrochloride capsules.

USDINR trade today trading up 28 paise at 66.96 per US dollar.

Out of 1,442 stocks traded on the NSE, 775 declined and 644 advanced today.

Top 5 Nifty Gainers: SBI (2.54%), ICICI Bank (2.16%), Hind. Unilever (1.37%), Hero Motocorp (1.15%) and M&M (1.11%).

Top 5 Nifty Losers: Adani Ports & Sez (-0.59%), HDFC (-0.53%), Dr. Reddys Lab (-0.48%), Axis Bank (-0.47%) and Lupin Ltd (-0.32%)

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