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Reports India

Indian stock market and companies daily report (July 04, 2014, Friday)

July 4, 2014, Friday, 03:01 GMT | 22:01 EST | 06:31 IST | 09:01 SGT
Contributed by Angel Broking

Indian markets are expected to open on a flat to positive note tracking marginal positive opening in SGX Nifty and mixed opening in the Asian markets.

The US market moved upward on the Thursday with Dow closing above 17,000 for the first time. The markets benefited from the positive reaction to better than expected employment data from the Labor Department which showed that the U.S. employment rose by much more than anticipated in the month of June, non-farm payroll employment jumped by 288,000 jobs in June against the estimate for an increase of ~ 210,000 jobs, helping the unemployment rate to slow down to 6.1% in June (lowest since September, 2008) from 6.3% in May. Meanwhile, the Commerce Department released a report showing that the U.S. trade deficit narrowed to US$44.4bn in May against the estimate US$45.1 bn. These data generated considerable buying interest; however, investors remained concerned about the possibility of higher interest rates. Meanwhile, European stocks surged higher on Thursday after ECB's President's statement that euro area interest rates will remain low for an extended period of time in view of the current outlook for inflation.

Back home, Indian shares fell modestly on Thursday on account of profit booking after the sharp gains over the previous four sessions.

Markets Today

The trend deciding level for the day is 25,872 / 7,725 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,951 - 26,078 / 7,744 - 7,773 levels. However, if NIFTY trades below 25,872 / 7,725 levels for the first half-an-hour of trade then it may correct 25,745 - 25,667 / 7,696 - 7,678 levels.

Sun Pharma recalls 200 vials of cancer drug gemcitabine in US

Sun Pharmaceutical Industries is recalling 200 vials of the chemotherapy drug gemcitabine in the United States due to a lack of assurance of sterility, the USFDA. The drug being recalled was manufactured by Sun Pharma's unit Caraco Pharmaceutical Laboratories.The voluntary recall was initiated in AprilRs.2014 and was classified by the FDA as Class II, meaning that use of or exposure to the recalled drug may cause temporary or medically reversible adverse health consequences. This marks Sun Pharma's second drug recall this year. In JanuaryRs.2014, the company started a voluntary recall of about 2,528 bottles of its generic version of diabetes drug Glumetza, after it received a customer complaint that one of the bottles contained tablets of an epilepsy drug. They said, recall wonRs.t have much greater impact on the company's financials, since its just 200 vials. We remain neutral on the stock.

Economic and Political News

- RBI restores overseas investment limit

- Textile Ministry to ready draft of new policy in 15-20 days: Gangwar

- India's services PMI hits 17-month high in June to 54.4 points

Corporate News

- RCom to raise Rs.5,000cr by selling real estate

- Alstom T&D bags Rs.27.7cr order to supply GIS in HP

- Sun Pharma recalls 200 vials of cancer drug: USFDA

- RINL aims to achieve 12mn tonnes capacity by 2020-end: Official

- Glenmark PharmaceuticalsRs. new molecule enters human trials

- Infosys ties up with SMART Enterprise

- L&T construction unit wins orders worth Rs.1,459cr

- FIIs can buy up to 74% of Bharti Airtel's paid up capital

- Apollo Tyres to invest Rs.2,050cr to upgrade Chennai plant facilities