 "S&P BSE 500 index hits record high")
The S&P BSE 500 index hit a record high on Friday after strong rally in select private sector banks, pharmaceutical and automobile stocks.
At 10:28 am; the S&P BSE 500 index was up 0.48% or 57 points at 12,064 points. It touched new high of 12,127 points during intra-day trade, surpassing its previous high of 12,105 hit on February 9, 2017.
Since December 26, from its recent low, the S&P BSE 500 index has outperformed the market by surging 13.4% as compared to 10% rise in the benchmark S&P BSE Sensex.
HDFC Bank and IndusInd Bank from the private sector bank, Cadila Healthcare, Biocon and Alkem Laboratories from pharmaceutical and TVS Motor Company and Escorts from the automobile sector from the BSE500 index were trading at their record highs.
S&P BSE 500 index represents nearly 92% of the total market capitalization on BSE. S&P BSE 500 covers all 20 major industries of the economy.
Total 9 stocks include Bharat Financial Inclusion, Manappuram Finance, Jaiprakash Associates, Yamini Investments, Sun TV Network, Idea Cellular, Aegis Logistics, Rain Industries and India Cements from the index have rallied between 50% and 109% since December 26.
Among the individual stocks, HDFC Bank has rallied 9% to Rs 1,450, also its record high of the BSE in intra-day trade, after the Reserve Bank of India (RBI) removed restrictions placed on purchase of bank shares by foreign portfolio investors.
Cadila Healthcare soars 7% to Rs 460, extending Thursday’s 20% surge, after the pharma company said the US health regulator has inspected the firm's Moraiya plant and found it meeting the manufacturing norms.
"United States Food and Drug Administration (USFDA) inspected company's Moraiya facility from February 6, 2017 to February 15, 2017. At the end of the inspection no observation (483) is issued," Cadila Healthcare said in a filing to BSE.
Cadila Healthcare did not got any 483 issued in favour of its Moriaya plant. This marks an important relief for the company," said Sarabjit Kour Nangra VP Research - Pharma, Angel Broking.
“Moriaya plant is a significant contributor to the overall sales of the company and has around 74 pending approvals, of the > 200 ANDA’s pending approval (at the company level). Though after the approval the plant will take time to get approvals for its ANDA’s from this plant and hence will have a long term positive impact on the company,” said Nangra.
Biocon too hit a new high of Rs 1,123, up 2.5% on the BSE in intra-day trade, after the company said that the USFDA has accepted their application for the proposed biosimilar pegfilgrastim for review.
At 10:28 am; the S&P BSE 500 index was up 0.48% or 57 points at 12,064 points. It touched new high of 12,127 points during intra-day trade, surpassing its previous high of 12,105 hit on February 9, 2017.
Since December 26, from its recent low, the S&P BSE 500 index has outperformed the market by surging 13.4% as compared to 10% rise in the benchmark S&P BSE Sensex.
HDFC Bank and IndusInd Bank from the private sector bank, Cadila Healthcare, Biocon and Alkem Laboratories from pharmaceutical and TVS Motor Company and Escorts from the automobile sector from the BSE500 index were trading at their record highs.
S&P BSE 500 index represents nearly 92% of the total market capitalization on BSE. S&P BSE 500 covers all 20 major industries of the economy.
Total 9 stocks include Bharat Financial Inclusion, Manappuram Finance, Jaiprakash Associates, Yamini Investments, Sun TV Network, Idea Cellular, Aegis Logistics, Rain Industries and India Cements from the index have rallied between 50% and 109% since December 26.
Among the individual stocks, HDFC Bank has rallied 9% to Rs 1,450, also its record high of the BSE in intra-day trade, after the Reserve Bank of India (RBI) removed restrictions placed on purchase of bank shares by foreign portfolio investors.
Cadila Healthcare soars 7% to Rs 460, extending Thursday’s 20% surge, after the pharma company said the US health regulator has inspected the firm's Moraiya plant and found it meeting the manufacturing norms.
"United States Food and Drug Administration (USFDA) inspected company's Moraiya facility from February 6, 2017 to February 15, 2017. At the end of the inspection no observation (483) is issued," Cadila Healthcare said in a filing to BSE.
Cadila Healthcare did not got any 483 issued in favour of its Moriaya plant. This marks an important relief for the company," said Sarabjit Kour Nangra VP Research - Pharma, Angel Broking.
“Moriaya plant is a significant contributor to the overall sales of the company and has around 74 pending approvals, of the > 200 ANDA’s pending approval (at the company level). Though after the approval the plant will take time to get approvals for its ANDA’s from this plant and hence will have a long term positive impact on the company,” said Nangra.
Biocon too hit a new high of Rs 1,123, up 2.5% on the BSE in intra-day trade, after the company said that the USFDA has accepted their application for the proposed biosimilar pegfilgrastim for review.
| COMPANY | LATEST | ALL TIME HIGH | PREV HIGH | PREV DATE |
| ALKEM LAB | 1997.90 | 2028.00 | 2019.00 | 16-Feb-17 |
| BIOCON | 1112.95 | 1123.00 | 1115.00 | 07-Feb-17 |
| CADILA HEALTH. | 451.00 | 460.00 | 454.40 | 23-Oct-15 |
| CESC | 863.00 | 873.80 | 870.15 | 14-Feb-17 |
| ELGI EQUIPMENT | 213.10 | 216.95 | 210.95 | 13-Feb-17 |
| ESCORTS | 414.45 | 418.50 | 414.80 | 15-Feb-17 |
| HDFC BANK | 1415.00 | 1450.00 | 1333.20 | 16-Feb-17 |
| INDUSIND BANK | 1342.80 | 1364.30 | 1345.00 | 14-Feb-17 |
| L&T FIN.HOLDINGS | 115.60 | 116.35 | 115.00 | 16-Feb-17 |
| SJVN | 35.70 | 36.00 | 35.95 | 16-Feb-17 |
| TVS MOTOR CO. | 426.05 | 429.30 | 423.50 | 16-Feb-17 |
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