Nifty Reclaims the Lost Ground

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NSE benchmark Nifty50 crosses 10,000 mark first time in the history. Express photo by Pradip Das Mumbai-25 July 2017.

The Indian markets were in topsy-turvy mode from the past few days. On Monday too, they had a choppy session and finally ended flat with a positive bias. The Q2 results will start coming now and the investors are waiting on the sidelines for these results to give a definite direction to the markets.

Today, Nifty reclaimed its 10,000-mark in early trade. Sensex is also going strong with some 125 points gain.

Nifty Midcap was up by 0.4 percent today morning and the credit goes to stocks like TVS Electronics, Biocon, NCC, Graphite India, NBCC, HEG, and Bombay Dyeing, which rallied up by almost 15%. All these shares rallied on some news or the other.

Biocon, which added 3.4% in morning trade, rallied because of USFDA’s (US Food and Drug Administration) CRL (Complete Response Letter). This response was for the license application of a product called MYL-1401H, a proposed biosimilar pegfilgrastim given by Mylan’s BLA (Biologics License Application). The product will be jointly developed by Mylan and Biocon.

Another important development for the markets today was the announcement of date by Infosys, the country’s second largest software services firm for its buyback programme. November 1, 2017 is fixed as the record date for share buyback worth Rs 13,000 crore. This proposal was already passed by the Infy board on August 19, but the shareholders approved it earlier today. Since the inception of the company, this is the first time that it is buying back its shares at Rs 1,150 per share.

So far, the other Asian markets are giving mixed cues and the European markets are about to open in some time.