Pharma, Banks recover from day's low; Sun Pharma up 3%

Jubilant Lifesciences, Marksans Pharma, Lincoln Pharma and Coral Lab were bounce back more than 20% each from their respective intra-day lows.

Shares of pharmaceutical and banks have recovered by up to 24% from their intra-day’s low on the bourses. Jubilant Lifesciences, Marksans Pharma, Lincoln Pharma and Coral Laboratories were up more than 20% each from their respective intra-day lows.

State Bank of India’s (SBI) two associate banks of State Bank of Travancore and State Bank of Mysore have recovered more than 14% each from their respective early morning lows.

Sun Pharmaceutical Industries, Wockhardt, Alkem Laboratories, Aurobindo Pharma and Cadila Healthcare from pharma and Indian Overseas Bank, RBL Bank and Bank of Maharashtra from banking have bounced back between more than 10% each from their intra-day lows.

At 01:15 pm, Nifty Pharma index was up 0.55% at 10,724, recovering 10% from its intra-day low of 9,777, while Nifty Bank was down 1.8% against 2.6% decline in the Nifty50 index.

Nifty Pharma (down 8.3%) and Nifty Bank (down 7%) more than 6% each, as compared 6% decline in Nifty50 index in intra-day trade on NSE after the Union government's surprise move to withdraw currency notes with a denomination of Rs 1,000 and Rs 500, effective from Tuesday, 8 November 2016, midnight, in an attempt to crack down on black money.

Meanwhile, global financial markets sold off as the results of the US election were being called, with Asian stocks and US futures tumbling after Donald Trump was elected as the US President.

Shares of pharma companies with significant exports to the US weakened over the past few sessions after Hillary Clinton has promised to shorten the exclusivity period of biologics and allow federal authorities to penalise drug makers for price hikes found to be objectionable.

According to HDFC Securities, current account saving account (CASA) accretion will shoot up in banks, especially public sector undertaking (PSU) banks. This is owing to the rush to deposit cash in the banned denominations (500/1,000 Rupees).

However, this can be short lived. This is because a large part is likely to be utilised by depositors to pay for business/personal requirements, a relatively smaller part may be parked into higher yielding deposits while some may be simply withdrawn in the form of cash.

Interest rates will continue their slow grind downwards as money supply in the formal economy increases. This will continue to help wholesale borrowers like non-banking financial companies (NBFCs) and housing finance companies (HFCs), it added.

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
JUBILANT LIFE	515.00	643.95	638.35	23.95
MARKSANS PHARMA	37.50	45.40	45.40	21.07
LINCOLN PHARMA.	176.25	214.45	212.60	20.62
CORAL LABS.	483.00	601.00	580.00	20.08
DISHMAN PHARMA.	196.20	235.20	235.20	19.88
ANUH PHARMA	178.00	220.00	213.00	19.66
SUVEN LIFE SCIE.	151.10	180.75	178.80	18.33
RPG LIFESCIENCE.	362.00	452.30	427.95	18.22
S B T	451.50	571.30	532.00	17.83
GRANULES INDIA	91.45	107.55	107.55	17.61
SMS PHARMA.	81.00	95.00	95.00	17.28
HIKAL	188.50	220.00	219.60	16.50
I O B	21.10	25.00	24.50	16.11
VIKRAM THERMO	95.00	114.00	109.85	15.63
CELESTIAL BIOLAB	20.40	24.70	23.50	15.20
MANGALAM DRUGS	123.00	151.80	141.50	15.04
RBL BANK	335.00	385.00	384.10	14.66
ST BK OF MYSORE	465.00	540.70	532.80	14.58
CLARIS LIFESCIEN	234.95	269.90	269.00	14.49
WOCKHARDT	685.00	783.00	782.95	14.30
CAPLIN POINT LAB	310.00	367.00	353.40	14.00
SUN PHARMA.INDS.	572.40	656.85	652.20	13.94
KOPRAN	45.20	51.50	51.50	13.94
ALKEM LAB	1400.00	1595.00	1585.15	13.23
MOREPEN LABS.	18.55	21.75	20.90	12.67
KERALA AYURVEDA	57.25	64.90	64.35	12.40
ORTIN LABS.	19.60	23.10	22.00	12.24
SEQUENT SCIEN.	103.00	118.40	115.55	12.18
SMRUTHI ORGANIC	108.00	121.00	121.00	12.04
AUROBINDO PHARMA	681.10	763.90	763.00	12.02
AMRUTANJAN HEALT	500.00	567.00	560.00	12.00
PIRAML.PHYTO.	78.60	90.05	88.00	11.96
ALBERT DAVID	302.10	343.95	338.00	11.88
BANK OF MAHA	25.00	28.50	27.90	11.60
AAREY DRUGS	41.00	49.50	45.75	11.59
LYKA LABS	52.00	58.50	57.95	11.44
CADILA HEALTH.	338.00	376.50	375.85	11.20
AARTI DRUGS	529.10	602.20	588.25	11.18
AARTI DRUGS	529.10	602.20	588.25	11.10
SYNGENE INTL.	495.05	550.00	550.00	11.10
SHILPA MEDICARE	525.00	583.00	583.00	11.05
LUPIN	1383.50	1535.45	1535.00	10.95
JENBURKT PHARMA	450.10	499.00	498.60	10.78
BIOCON	803.50	889.00	889.00	10.64
INDIAN BANK	190.30	213.00	210.50	10.61
GODAVARI DRUGS	38.00	44.30	42.00	10.53
VIJAYA BANK	38.10	43.45	42.10	10.50
NATCO PHARMA	495.00	555.10	545.90	10.28
CHEMO PHARMA LAB	25.30	27.90	27.90	10.28
J B CHEM & PHARM	308.00	345.00	339.00	10.06