Nifty Close below 5600

Indian equity benchmarks continued their uptrend for second consecutive session on Wednesday. The 50-share NSE Nifty closed tad below the 5600 mark - it tried to cross that level during the day but could not make it.
The index settled at 5,592, up 31.85 points and the 30-share BSE Sensex gained 105.53 points, to end at 18,608.81. Indices were highly volatile in an intraday trade, with a positive bias. Market breadth too was in favour of advances - two shares gained as against every one share declined.

In US Sun Pharma scouts for sizeable target

The inorganic growth strategy of Sun Pharma is driven by a rising health spend in US and other emerging markets. According to the US-based IMS Institute, global health spend is expected to touch $ 1.1 trillion mark by 2015, growing at 3-6% per annum.

“Globally, market share for branded medicines, which fell from 70% in 2005 to 64% in 2010, is expected to decline further through 2015, to 53%,” the IMS analysis said. This means 47% of the total drugs sold in 2015 would be generics or off-patent versions of the original drug.

No wonder then, Sun Pharmaceutical, a generics player, is excited about the opportunity in the US. The ageing population in the developed markets is expected to drive incremental spending on drugs, both branded and generics.

Nifty choppy

Equity benchmarks gained further amid a choppy trade - the Nifty was inching towards the 5600 level - supported majorly by power, capital goods, metal, technology, cement and telecom companies' shares. Anil Dhirubhai Ambani Group (ADAG) stocks too were on buyers' radar at 10:35 hours.

The 30-share BSE Sensex was trading at 18,602, up 98 points and the 50-share NSE Nifty rose 27 points to 5,587. The broader indices were outperforming benchmarks - the BSE Midcap Index was up 0.8% and Smallcap up 1%.

GMR Infra and Punj Lloyd Q4 results

GMR Infrastructure has announced its fourth quarter consolidated results. Its Q4 consolidated net loss at Rs 1,007 crore versus profit of Rs 73 crore.

Punj Lloyd has announced its fourth quarter consolidated results. Its Q4 consolidated net sales were up 29% at Rs 2,192 crore versus Rs 1,700 crore

Nifty holds 5500

Equity were positive in the opening trade, supported majorly by positive Asian markets. Financial, technology, capital goods and healthcare stocks were witnessing buying interest. The Nifty was hovering around the 5500 level.

Among largecaps, SBI, Axis Bank, PNB, Sun Pharma, Cipla, HDFC Bank, Hero Honda, HDFC, L&T, Jaiprakash Associates and Reliance Industries were leading the markets higher.