Doomsday to Boomsday in Indian Market

Doomsday to Boomsday: Market rebounded from Doomsday to Boomsday today as Nifty reclaimed 7850 levels. After a massive fall of 2.07% yesterday, Indian markets opened today on a negative note with Nifty at 7737. But after that, it was on a continuous uptrend and closed 119 points higher(+0.58%).

The stocks which gained the most today are:

The stocks which lost the most today:

Among the sectors, the only losers today are CNX AUTO(-0.06%), CNX IT(-0.10%). The sectors which gained the most today are BANKNIFTY(1.32%), CNX PSU BANK(1.17%) and CNX FINANCE(0.83%).

Dishman pharma to make tuberculosis drug for J&J–The stock rallied more than 16% in today’s trade and the price hit 7 year high on getting license to produce tuberculosis drug from subsidiary of Johnson & Johnson (Janssen). ”We have been working on the drug since 2008 with Johnson & Johnson,” said Dishman’s Managing Director, Arpit Vyas.  Sirturo is a medicine used in treatment of multi-drug resistant tuberculosis (MDR-TB). The drug will be supplied to MDR-TB prone countries like Africa, India, China and Russia. In January 2015, Sirturo received approval from the Drugs Controller General of India for use in adults (more than 18 years old) as part of combination therapy of pulmonary tuberculosis. “We are giving a guidance of 10-12 percent of topline growth, but at the same time, the bottomline growth will be much higher which we are targeting about 10-15 percent,” Vyas said.  

Gold under pressure on dollar gains- Gold struggled on Wednesday to recover from its losses over the previous two sessions, as the dollar hit its highest in nearly three weeks on expectations the Federal Reserve would hike US interest rates this year. The metal’s slide follows a rally last week that took it to a near three-week high after the Fed’s move to stand pat on interest rates. However, the US central bank has also said it would move to increase rates later this year for the first time in nearly a decade. The Fed will likely hike interest rates in December, according to economists polled by Reuters who assigned a 60 percent probability of it happening. This has buoyed the dollar, which on Wednesday hit 96.484 against a basket of currencies, its strongest level since Sept. 4.