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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Indices trade flat; Suven Life tanks 15%
(12:29, 02 Dec 2019)

The Sensex and the Nifty continued trading near the flat line in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 14.44 points or 0.04% at 40,808.25. The Nifty 50 index was down 3.4 points or 0.03% at 12,052.65.

The broader market underperformed the benchmark index. The S&P BSE Mid-Cap index was down 0.69%. The S&P BSE Small-Cap index was down 0.3%.

The market breadth titled in the favour of sellers. On the BSE, 915 shares rose and 1302 shares fell. A total of 178 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Regulatory Action:

NSE on Monday suspended Karvy Stock Broking's license due to non compliance of regulatory provisions of the exchange. This included its trading in capital market, futures & options, currency trading, debt and commodity derivatives segments. Investors with accounts with brokerage will be able to migrate to other brokers.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.66% to 14.4075. The Nifty December 2019 futures were trading at 12,097, a premium of 39.55 points compared with the spot at 12,057.45.

On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 18.32 lakh contracts at the 12,500 strike price. Call writing was witnessed at 12,400 strike price, which added 84,750 contracts.

Maximum put OI of 29.88 lakh contracts was seen at 12,000 strike price. Put writing was seen at the 12,100 strike price, which added 1.38 lakh contracts.

The option chain indicates that Nifty will stay between 12,000 and 12,500 till December expiry, 26 December 2019.

Buzzing Index:

The Nifty Pharma index extended its losing streak for second session. The Pharmaceutical index was down 0.95% at 8,111.95. The index has lost 1.95% in two trading sessions from its previous closing high of 8273.65 on 28 November 2019.

Glenmark Pharmaceuticals (down 2.77%), Sun Pharmaceuticals (down 2.09%), Dr Reddy's Laboratories (down 1.57%), Piramal Enterprises (up 1.01%), IPCA Laboratories (down 0.92%), Cipla (down 0.8%), Lupin (down 0.56%), Wockhardt (down 0.48%), Alkem Laboratories (down 0.46%), GlaxoSmithKline Pharmaceuticals (down 0.39%), Cadila Healthcare (down 0.26%) and Divi's Laboratories (down 0.1%) were top losers in pharmaceuticals segment.

Suven Life Sciences tanked 15.06% to Rs 267.4 after its SUVN-502, a key molecule in treating Alzheimer missed its pre-specified primary endpoint in proof of concept. The company in an exchange filing said that SUVN-502 was safe and well tolerated with no significant adverse events but failed to meet the pre-specified primary endpoint.

Stocks in Spotlight:

Tata Motors was up 0.19% at Rs 161.75. The auto major said its total auto sales fell 25.33% at 41,124 units in November 2019 as against 55,074 units in November 2018.

Infosys was down 0.27%. The IT major announced an agreement with the Australian Federal Government's Services Australia to transform the entitlement calculation engine for the nation's welfare system. The project will enable Services Australia to more quickly implement policy changes for the benefit of Australians without disrupting services and deliver operational cost savings.

Yes Bank fell 2.64% to Rs 66.5. The bank said it will raise upto $2 billion through preferential allotment. Three institutional investors and five family offices expressed interest in acquiring fresh stake in the bank including Top Tier US Fund House, Discovery Capital and Ward Ferry (institutional investors) and Aditya Birla Family Office, Citax Holdings Ltd. & Citax Investment Group, GMR group & associates, Erwin Singh Braich/ SPGP Holdings and Rekha Jhunjhunwala.

The stock declined amid reservations about the quality of the investors.

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