Market drifts higher in early trade

Local stocks nudged higher in early trade on buying demand in index pivotals. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 224.66 points or 0.58% at 38,818.18. The Nifty 50 index was up 68.20 points or 0.6% at 11,508.40.

Trading could be volatile as traders roll over positions in the F&O segment from the near month September 2019 series to October 2019 series. The September 2019 F&O contracts expire today, 26 September 2019.

The S&P BSE Mid-Cap index was up 0.44%. The S&P BSE Small-Cap index was up 0.34%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 803 shares rose and 323 shares fell. A total of 25 shares were unchanged.

Among stocks, Cipla rose 0.31%. Cipla and its subsidiary Cipla USA, Inc., (hereafter referred to as Cipla) announced the launch of Daptomycin for Injection, 500mg/vial, single-dose vial, AP-rated generic equivalent of Cubicin for Injection in the United States. According to IQVIA (IMS Health), Cubicin for Injection (daptomycin for injection) had U.S. sales of approximately $606 million for the 12-month period ending June 2019. The product is available for shipping immediately. The announcement was made after market hours yesterday, 25 September 2019.

Adani Enterprises rose 0.09%. Adani Enterprises has incorporated a company namely Adani Mangalore International Airport on 25 September 2019. Adani Mangalore International Airport will carry out the operations and maintenance related activities of Mangaluru International Airport located at Mangaluru, Karnataka and is yet to commence its business operations. The announcement was made after market hours yesterday, 25 September 2019.

GlaxoSmithKline Pharmaceuticals dropped 3.17%. GlaxoSmithKline Pharmaceuticals said that the company has been contacted by regulatory authorities regarding the detection of genotoxic nitrosamine NOMA in ranitidine products. Based on the information received and correspondence with regulatory authorities, GSK made the decision to suspend the release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations. The announcement was made after market hours yesterday, 25 September 2019.

AstraZeneca Pharma India rose 1.78%. The company has received Import and Market permission in Form 45 (Marketing Authorization) from the Drugs Controller General of India for FDC of Dapagliflozin 10mg + Saxagliptin 5mg film coated tablets.The receipt of this Import and Market permission paves way for the launch of FDC of Dapagliflozin 10mg + Saxagliptin 5mg film coated tablets (QTERN) in India, subject to the receipt of other related statutory approvals and licenses. FDC of Dapagliflozin 10mg + Saxagliptin 5mg is indicated as an adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes mellitus (T2DM). The announcement was made after market hours yesterday, 25 September 2019.

NLC India rose 1.04%. NLC India informed that the balance 351 MW of Solar Power Projects under implementation in the Districts of Tirunelveli, Tuticorin, Virudhunagar and Ramanathapuram, out of 709 MW Solar Power Projects, awarded by TANGEDCO, has been successfully completed. With this the entire 709 MW Solar Power Projects which were under implementation in Tamilnadu have been fully completed and the overall solar power generation capacity is increased to 1350 MW. The announcement was made after market hours yesterday, 25 September 2019.

Sterlite Technologies (STL) advanced 2.72%. Sterlite Global Venture (Mauritius), a wholly owned subsidiary of Sterlite Technologies (STL), has entered into definitive agreements to acquire a 100% stake in Impact Data Solutions Group. The Group, made up of Impact Data Solutions Limited, UK and its affiliate company, provides network infrastructure solutions to hyper-scale data centres and colocation providers. As part of the transaction, STL has acquired 80% of the shares of the group in the first tranche and the balance 20% will be acquired over the next few years on an earn out model. The announcement was made after market hours yesterday, 25 September 2019.

Overseas, Asian stocks are trading mixed on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets.

US stocks rose on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.

Trump reportedly said at the United Nations in New York on Wednesday that a deal between the U.S. and China could come sooner than you think. The two largest economies of the world have attempted to find a deal to end their protracted trade dispute which has lasted for more than a year and rattled financial markets globally.

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