New York: 05:41 || London: 10:41 || Mumbai: 14:11 || Singapore: 16:41

Reports India

Indian stock market and companies daily report (June 20, 2014, Friday)

June 20, 2014, Friday, 06:05 GMT | 01:05 EST | 09:35 IST | 12:05 SGT
Contributed by Angel Broking

Indian markets are expected to open with a positive bias tracking positive opening in SGX Nifty and most of the Asian markets.

After trending higher in the past few sessions, US stocks fluctuated over the course of the trading day on Thursday. The major averages eventually ended the day mixed, although they were all nearly flat. The choppy trading on Wall Street came as traders expressed some uncertainty about the outlook for the markets following the recent upward trend. Meanwhile, the European stocks rallied on Thursday, pushing into positive territory for the week, as dovish comments from the U.S. Federal Reserve eased speculation about an imminent rate hike. The Fed tapered its asset buying program by $10 billion per month yesterday, but Fed Chair Janet Yellen said it would be considerable time between when the bond taper ends and when rate hikes begin.

Back home, Indian shares fell for a second consecutive session on Thursday as rising crude prices amid ongoing geopolitical tensions in Iraq kept investors nervous.

Markets Today

The trend deciding level for the day is 25,323 / 7,550 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,395 - 25,589 / 7,597 - 7,654 levels. However, if NIFTY trades below 25,323 / 7,550 levels for the first half-an-hour of trade then it may correct 25,039 - 24,876 / 7,493 - 7,446 levels.

Cipla collaborates with Hetero drugs

Cipla announced a collaboration with Hetero Drugs to launch a medication under the Actorise brand for treatment of anaemia caused due to chronic kidney disease.The collaboration stands as a multi-partner co- marketing deal which offers Cipla a license to make the drug accessible to a wide number of patients in India.

Actorise is a biosimilar of 'Darbepoetin alfa', which is marketed by US-based Amgen under the brand Aranesp. We maintain our accumulate with price target of '480.

Economic and Political News

- Do away with duty on iron ore to help domestic industry: FIMI

- High fiscal deficit exposing India to shocks: Moody's

- Sebi unveils slew of reforms; PSUs to have 25% public holding

Corporate News

- JLR invests 200mn pounds in Halewood unit

- Cipla joins hands with Hetero to launch second biosimilar drug

- Dr Reddy's recalls over 13,000 bottles of hypertension drug in US

- Suzlon gets nod to start manufacturing for Rajasthan project

- GMR wins arbitration proceedings against Maldives govt