Nifty closed below 8,600 level on Thursday reversing its early gains with 89 stocks hitting their 52-week-high on the exchange. Among stocks that hit their new 52-week-high were PNC Infratech, Natco Pharma, Engineers India, Indiabulls Housing Finance, Jubilant Life Sciences, Orient Paper & Industries, Man Infraconstruction, Power Grid Corporation of India, S. P. Apparels, Trent and Voltas. Stock markets that opened on a firm note gave up their early gains to close lower on Thursday on profit-booking as investors remained cautious of US Federal Reserve chair Jain Yellen’s speech, which is widely speculated would provide a cue on interest rates. Investors were also cautious on Thursday on account of August F&O expiry. Sensex dropped 224.03 points to end at 27,835.91, while Nifty slipped 58.10 points to settle at 8,592.20.
Among these companies Natco Pharma hogged limelight in Thursday’s trade after US Patent and Trademark Office ruled in favour of its marketing partner Mylan by invalidating two of Israel-based Teva Pharmaceuticals’ patents related to multiple sclerosis drug Copaxone 40 mg/mL. The company also received a successful Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted, from February 8 to February 12, 2016, at its Chemical Division in Chennai (named Natco Organics, prior to amalgamation into the company). It closed 3.83 per cent up at Rs 679.70 on NSE.
Jayant Manglik, president, retail distribution, Religare Securities Ltd said, ” Nifty edged lower on the F&O expiry day and slipped below 8600 again. Despite cautiousness, markets were somehow trading in positive territory in first half but weak opening of European markets damped the sentiments and triggered profit taking. Barring FMCG, mostly sectoral indices felt the pressure and ended lower, in line with index. It seems that market is no hurry for next directional move and it may spend few days more around current level. Needless to say, lower band of prevailing consolidation range i.e. 8500 would act as cushion in Nifty ahead.”
Ashapura Intimates Fashion, Divi’s Laboratories, Dewan Housing Finance Corporation, Gujarat Ambuja Exports, Kirloskar Electric Company, Motilal Oswal Financial Services, Ramco Industries, Tamil Nadu Newsprint & Papers, Sanghi Industries and West Coast Paper Mills also made it to the list of 89 companies that hit their fresh 52-week high on Thursday.
However, Welspun India, Wipro, GlaxoSmithKline Pharmaceuticals, NIIT Technologies, STI India, Ortel Communications and Raj Rayon Industries were among 15 companies that hit their fresh 52-week low on NSE on Thursday.