LIVE: Sensex up over 150 points, Nifty above 7,550; Pfizer plunges 5%


Benchmark BSE Sensex surged over 200 points in early trade on Monday today on widespread gains as investors widened their bets amid a firming trend in other Asian markets.
10.49 am: YES Bank shares were trading 0.94 per cent up at Rs 807. In order to boost bilateral trade, YES Bank, the country’s fifth largest private sector bank, has signed a memorandum of understanding (MoU) with the India-Brazil Chamber of Commerce (IBCC) on March 11, 2016. This partnership will cover areas such as project consultancy, B2B opportunities, and skill and technology initiatives. The core sectors covered in the MoU will be sports, media and entertainment with special focus on IT, infrastructure, broadcast driven business opportunities. Sensex was up 184 points at 24,902.
10.28 am: Reserve Bank of India (RBI) has increased foreign institutional investors’ (FIIs) investment limit in SeQuent Scientific to 49 per cent of its paid-up capital on March 11, 2016. RBI has notified that FIIs/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of SeQuent Scientific under the Portfolio Investment Scheme (PIS). The company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. Shares of SeQuent Scientific were trading 1.03 per cent up at Rs 176.50. Sensex was up 159 points at 24,877.
10.18 am: Share price of Pfizer and Abbott India were trading 5 per cent and 0.85 per cent down at Rs 1831.50 and Rs 4,810, respectively. Pharma companies are planning to push hard for the withdrawal of an order by the health ministry last week to ban 329 drugs marketed as fixed dose combinations, with some even looking at legal options. Fixed dose combinations are two separate drugs combined into a single dose. The concept is widely accepted in global markets due to the advantages of lower cost and patient convenience. Overall, trade estimates suggest the move may shave off at least Rs 3,800 crore from the Indian market and the jolt may be felt by most companies down to the smallest drug units. Abbott may take a hit of Rs 485 crore on account of the move while Pfizer may suffer a loss of Rs 368 crore. Others like Sun Pharma, Lupin, Wockhardt and Alkem are also among those that will be hit.
10.16 am: Sensex was up 165 points at 24,883. Brokers said a flurry of buying by investors in blue-chips supported by sustained foreign fund inflows and a firming trend at other Asian markets, tracking weekend gains at the US markets, mainly influenced the sentiment.
9.45 am: Cupid climbed 9 per cent in the early trade on Monday after it informed bourses that a non-exclusive long term agreement has been awarded to the company for manufacture and supply of Cupid Female Condoms to UNFPA for a period of 3 years.
9.31 am: Rupee strengthened by 15 paise to 66.90 against the dollar in early trade at Interbank Foreign
Exchange, extending its upward march for a fourth straight day on sustained selling of the US currency by exporters and banks amid higher opening in the domestic equity market. Sensex was trading 223 points up at 24,941.
9.22 am: Sensex was up 200.98 points, or 0.81 per cent, at 24,918.97. Nifty was trading 56.55 points up at 7,566.75. Cupid shares were trading 8.14 per cent up at Rs 340.10.
9.17 am: Sensex was trading 196.89 points up at 24914.88. Nifty was up 56.85 points at 7,567. In the 30-share index, Tata Motors, ICICI Bank, Adani Ports and Tata Steel were up between 1.60 per cent and 3.35 per cent. On the other hand, Coal India was down 7.29 per cent in the early trade.
9.15 am: The Sensex opened 83.71 points up at 24801.70, while Nifty 50 opened 32.40 points up at 7542.60.
8.51 am: The BSE Sensex and NSE Nifty are likely to open in green on Monday tracking Nifty futures on the Singapore Stock Exchanges (SGX Nifty) and firm global markets.
At 8.40 am (IST), SGX Nifty was up 59.50 points, or 0.79 per cent, at 7,573.50.
Asian shares also started the week higher on Monday, buoyed by gains on Wall Street, firmer crude prices and glimmers of strength in weekend data from China.
Wall Street rallied on Friday as steadying oil drove energy shares. Dow Jones Industrial Average index closed 1.28 per cent up at 17,213.31.
The 30-share Sensex on Friday closed higher by 94.65 points or 0.38 per cent at 24,717.99. The broader NSE Nifty recaptured the 7,500-mark and ended at 7,510.20, up 24.05 points or 0.32 per cent.
Shares of NMDC and Reliance Industries (RIL) will remain in focus on Monday. India’s largest iron ore miner NMDC has raised the lump price by a little over 8 per cent to Rs 1,950 per tonne effective March 11, its first hike for the higher grade of the ore in over one-and-a-half years.
Reliance Industries’ wholly-owned arm Model Economic Township Ltd will develop an electronics
manufacturing hub and footwear park at Jhajjar, Haryana with an investment of Rs 1,300 crore.