Live markets: Sensex gains 108 points on global cues, Nifty settles above 8,800; Moil, Bhushan Steel gain

CLOSING BELL

Sensex closed 108.63 points up at 28532.11, while Nifty settled 35 points up at 8809.65. Market sentiment remained firm with the chief economic advisor Arvind Subramanian stating that India has the potential to sustain 8 to 10 per cent GDP growth rate during the next two to three years, despite April-June GDP growth coming in below expectations at 7.1 per cent. Firm opening in European market too supported market.

3.18 pm: Brooks Laboaratories share locked in at upper circuit of 20 per cent at Rs 121 after the company informed bourses the new manufacturing facility at Vadodara, Gujarat has been granted with manufacturing licence from commissioner of Food & Drugs Control Administration, Gandhinagar for manufacture of pharmaceutical products. The manufacturing license is valid for the period of 5 years from August 16, 2016 to August 15, 2021.

3.11 pm: Mahindra & Mahindra on Thursday reported its auto sales numbers for the month of August 2016, which stood at 40,591 units as against 35,634 units during August 2015, representing a growth of 14 per cent. Shares of M&M were trading 1.25 per cent up at Rs 1470.10.

2.23 pm: Reliance Infrastructure was trading 2.75 per cent up at Rs 602.35. Shares of the company jumped after it informed bourses that the company has already won arbitration awards for two Road projects of Rs 170 crore. In addition, over Rs 14,000 crore are under advanced stages of arbitration for various projects.

2.10 pm: Essel Propack shares were trading 3.82 per cent down at Rs 215.50. The company on Thursday posted 6.63 per cent rise in its consolidated net profit for the June quarter at Rs 37.62 crore. It has reported a net profit of Rs 35.28 crore in the same quarter last year. Sensex was trading 110.72 points up at 28,534. Nifty was trading 24.30 points up at 8,798.

1.30 pm: Patel Engineering shares locked in upper circuit of 20 per cent at Rs 64.50 on the BSE. Read more: HCC, Patel Engineering and others extend rally on government boost to construction sector

12.53 pm: SML Isuzu posted 12.7 per cent increase in August sales. The company has sold 1,082 vehicles during August 2016 against 960 vehicles sold in August 2015. The cumulative sales for April-August 2016 stood at 7,343 vehicles, a rise of 26.2% as compared to 5,820 vehicles sold in April-August 2015. Shares of the company were trading 1.43 per cent up at Rs 1372.50.

12.11 pm: Gavis Pharmaceuticals LLC., USA, wholly owned subsidiary of Lupin, has received  tentative approval from the United States Food and Drug Administration (USFDA) for its Azithromycin for oral suspension USP, 300 mg (100 mg/5 mL) and 1200 mg (200 mg/5 mL) to market a generic version of Pfizer Inc.’s Zithromax for oral suspension, 100 mg/5ml and 200 mg/5ml. Lupin had earlier received final approval for its Azithromycin Tablets, 250 mg, 500 mg, 600 mg and Azithromycin for Oral Suspension USP, 100 mg/5 mL and 200 mg/5 mL from the USFDA which was filed from its Goa plant. Zithromax Oral Suspension had US sales of $110.6 million as per IMS MAT June 2016. Shares of Lupin were trading 1.21 per cent up at Rs 1501.60. Sensex was trading 50.20 points up at 28,473.68. Nifty was trading 8.45 points up at 8783.10.

10.59 am: Sensex was trading 55 points up at 28478. Nifty was up 8.20 points at 8,782. Bajaj Auto was trading 1.49 per cent down at Rs 2951.

10.05 am: Meanwhile, rupee opened the day at 66.82 level against dollar, 13 paise higher against the previous close on account of selling of dollar by banks and exporters. Sensex was trading 39.34 points up at 28462. Nifty was down 1.15 points at 8,773.

9.52 am: PVR was trading 8 per cent up at Rs 1277.85. Read more: PVR shares gain on reports of China’s Wanda Cinema seeking controlling stake

9.29 am: Bharti Airtel and Idea Cellular were trading down by 0.97 per cent and 3.05 per cent at Rs 307.70 and Rs 81.15. Reliance Communications were trading 2.34 per cent down at Rs 48. Sensex was up 60 points at 28484.38. Nifty was up 675 points at 8781.40.

9.21 am: Patel Engineering shares soared 20 per cent to Rs 64.50. The company on Thursday informed bourses that the Cabinet decision that requires government agencies to pay 75 per cent of the arbitral awards is expected to reduce the company’s debt by more than 50 per cent.

Read more: TVS Motor, NTPC, Coal India among 10 stocks in focus today 

9.17 am: In the 50-share index, Tata Motors, Hero MotoCorp, Bharti Infratel, Tata Motors DVR and Lupin were up between 1.05 per cent and 1.89 per cent. On the other hand, Idea Cellular, Coal India and ONGC were down between 0.29 per cent and 1.33 per cent.

9.15 am: The BSE Sensex opened 75.24 points up at 28498.72. Nifty opened 21.70 points up at 8796.35.

Benchmark BSE Sensex on Thursday erased their early gains to end lower by 29 points, halting 3-day winning run, following emergence of sell-off mainly in telecom stocks after new entrant Reliance Jio came out with free voice calls and cheaper data tariffs.