Gift Nifty Up 66 Points | Dr Reddy's Anti-Malarial Drug Partnership | Nifty Pharma Hits Record High | Top Buzzing Stocks Today

Thu, 22 Aug Pre-Open

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   10:30 am   

   Closing   

Indian benchmark indices remained the same as the session progressed but ended the day higher.

Sensex and Nifty traded on a flat note on Wednesday as investors paused after a four-session rally.

At the closing bell on Wednesday, the BSE Sensex stood higher by 102 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 84 point up (0.3%).

Cipla, Titan and HDFC Life were among the top gainers.

Tech Mahindra, Tata Steel and ONGC on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.9% higher and BSE SmallCap index ended 0.5% higher.

Sectoral indices were trading mixed with socks in metal sector and healthcare sector witnessed buying speer. Meanwhile, the stocks in realty sector and power sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 71,780 at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 66 points higher at 24,881 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, taking some profits off the table to prepare for a market correction is never a bad idea.

Rather, at Equitymaster, we always recommend readers to ensure they have funds to buy more stocks when valuations correct.

That is precisely why Research Analyst, Tanushree Banerjee have been recommending Equitymaster subscribers to sell partial exposures in stocks that have met target prices.

Tune into below video for what should you not sell.

Top buzzing stocks today

Orient Technologies share price will be in focus today.

Orient Technologies, an information technology (IT) solutions provider, opened its Rs 2.1 bn initial public offering (IPO) for subscription on 21 August. The issue was fully subscribed to within an hour of opening.

So far, the retail investors were at the forefront, subscribing to 5.14x of their reserved portion. The non-institutional investor's portion followed next after it was bought 1.81 times.

NHPC will also be a top buzzing stock.

NHPC shares fell over 1% to Rs 95.2 on August 21 after a major landslide in East Sikkim caused significant damage to the 510-MW hydroelectric project on the Teesta River.

The full extent of the damage to the power station is still being assessed, especially since the dam has been non-operational since October 2023 following flash floods.

Nifty Pharma Hits Record High

The pharma sector is glowing with optimism over strong growth prospects, attracting a flurry of investors to buy into stocks belonging to the space. It is the strong buying on account of the same optimism that has lifted the Nifty Pharma index to an all-time high of 22,587.9 on 21 August.

With this, the Nifty Pharma index has surged over 10% in the past month, strongly outperforming the Nifty 50's less than 1% up move.

Gains in the sector were led by large caps Divi's Laboratories and Dr Reddy's Laboratories along with others like Glenmark Pharma, Zydus Life, and Ipca Labs--all of which were up 1-4%.

In addition to the strong growth outlook for the sector, comfortable valuations offered by several pharma names, especially those in the midcap space are the biggest driver behind investors' bullishness.

Also, changing dynamics within the pharma space as companies upped their research and development game to foray into complex, low-competition drugs in the US and strong domestic growth are supporting sentiment for drugmakers.

Several renowned market experts are also expecting the pharma sector to come to the forefront now.

ICICI Securities Settles Violation Allegations

ICICI Securities has settled allegations of violation of Public Issue Regulations and Merchant Banker Regulations by paying nearly Rs 7 m.

The merchant banker has also informed the market regulator about issuing caution letters to the officers in default.

In a settlement order dated August 20, the market regulator informed that ICICI Securities, with merchant banker registration INM000011179, had been sent a show cause notice for violating certain provisions of Merchant Bankers Regulations.

The violations included questionable site visit reports; failure to undertake due diligence to ensure that the object of the issue was supported by documentary evidence; and contradictory statements in the DRHP and news article on the object of a public issue.

The showcase notice was dated October 31, 2023. The merchant banker submitted a settlement application dated November 13, 2023.

Thereafter, on 22 January 2024, ICICI Securities submitted an additional reply to the notice. Further, the banker requested for inspection of documents, which was concluded on February 2, 2024.

Meanwhile, the banker's representative met with the internal committee of Sebi on January 9 and 19 January 2024.

The committee recommended Rs 69,82,500 as an indicative amount for the settlement.

Dr Reddy's Anti-Malarial Drug Partnership

Dr Reddy's Laboratories announced a potential partnership for the joint development of an affordable anti-malarial drug with Kainomyx.

Dr Reddy's Laboratories and its Contract Research, Development and Manufacturing Organization (CRDMO) arm Aurigene Pharmaceutical Services announced that they have signed a non-binding Memorandum of Understanding (MoU) with Kainomyx, Inc., a US-based company with a proprietary platform that helps target cytoskeletal proteins of parasites.

Together, they will work on the development and commercialization of affordable anti-malarial drugs in the US, Europe, and in low and middle-income countries. The MoU remains subject to the signing of a definitive agreement.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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