12:00
Moneycontrol BureauLive Market Commentary 12:30pm Interview
In a mega pharma deal, Sun Pharma will be acquiring Ranbaxy in a transaction worth USD 4 billion . Speaking to CNBC-TV18 regarding the acquisition, Uday Baldota of Sun Pharma says the deal will strengthen Sun Pharma's presence in several markets.
According to Baldota, a large part of pharma growth is expected to come from emerging markets going ahead. The countries where Ranbaxy has a fairly strong presence, Sun Pharma has relatively modest presence and so, the deal will help in utilising each other's strengths. "Sun Pharma is very excited about the overall spread of business that it will be getting in this combination," Baldota adds.
12:20pm NSE VIX at 4-month high
NSE's volatility index, or the domestic equivalent of the VIX fear gauge, advances 11.2 percent, to mark its highest in four months on rising fears of profit-booking after a recent rally as the world's largest democracy goes to polls, starting Monday till May 12, reports Reuters.
12:10pm FII View
Jyotivardhan Jaipuria, Bank of America Merrill Lynch says with elections the key focus for markets, earnings may not be a big market moving event.
"The good news is that headline profit growth at 13 percent will reflect the recovery seen in past two quarters. The bad news is that profit growth continues to be very concentrated," he adds.
Analysts are building a strong 16.7 percent earnings growth for FY15. He believes this will get downgraded to around 11 percent with Sensex EPS likely to be around Rs 1500 versus current estimate of Rs 1575.
12:00pm Equity benchmarks fell further on Monday weighed down by Infosys and ICICI Bank. Index heavyweights ITC, HDFC and Reliance Industries too pushed the market down.
The Sensex slipped 116.12 points to 22243.38 and the Nifty declined 32.80 points to 6661.55. About 884 shares have advanced, 996 shares declined, and 116 shares are unchanged.
BHEL kept its top position in the selling list, falling 3 percent. It disappointed the street with its provisional numbers for the financial year 2013-14. The state-run power equipment maker's net profit in the year fell 51.2 percent to Rs 3,228 crore on account of lower revenues and order inflow.
Shares of Infosys, ICICI Bank, HDFC, Dr Reddy's Labs, Maruti, Hindustan Unilever, Cipla and Hindalco Industries lost 1-2 percent.
Index heavyweights Reliance Industries and ITC declined 0.4 percent and 0.8 percent, respectively.
However, Sun Pharma came off its day's high on profit taking. The stock rose 1.4 percent after it decided to acquire Ranbaxy for USD 4 billion.
Shares of HDFC Bank, Wipro, M&M and Sesa Sterlite climbed 0.5-1.2 percent.
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