Stock update: Shares of Sun Pharma Advanced Research Company (SPARC) rose nearly 3 percent to Rs 173.5 after it reported positive first-line results from its phase 3 trial for its investigational drug, SDN-037, for the treatment. of inflammation and pain associated with eye surgery. The test met its pre-specified primary and secondary objectives, proving that SDN-037 is superior to its vehicle, the trade-in filing said.
Markets have more advantages than disadvantages: Fink, CEO of BlackRock
Strong support from accommodative central banks around the world and possibly another big round of fiscal stimulus in both the United States and Europe mean financial markets have more advantages than disadvantages, BlackRock Inc CEO said Oct. 13, Larry Fink. reversed, Fink said in an interview.
“With central bank behaviors being very accommodative, I think with another very large round of fiscal stimulus in the US and Europe … these are the big fundamental reasons why markets have more advantages than disadvantages,” said Fink. . (Source: Moneycontrol)
Opening bell: Indian indices were flat on October 14 with Nifty hovering above 11,900. At 09:16 a.m., the Sensex was down 41.48 points or 0.10 percent to 40,584.03, and the Nifty was down 21.10 points or 0.18 percent to 11,913.40. The Nifty Bank index opened lower before the hearing of the loan default case in the Supreme Court. Shares in Wipro fell nearly 5 percent after second-quarter earnings. Approximately 429 stocks have advanced, 477 stocks fell and 52 stocks have not changed.
The broader markets, Nifty Smallcap100 and Nifty Midcap100 also traded slightly lower.
Among the industry indices, Nifty IT, Nifty Private Bank and Nifty Financial Services fell the most, while purchases were seen in Nifty Metal, Nifty Pharma and Nifty Realty.
RBI Posts One-Time Loan Restructuring Scheme FAQs For COVID-19-Related Stress
Reserve Bank of India has published a series of frequently asked questions about the one-time loan restructuring plan announced on August 6 and subsequent recommendations from the committee led by KV Kamath on the subject. The scheme allows banks to restructure loans from borrowers that were regular in their payments and were not more than 30 days past due as of March 1, 2020, without lowering their asset classification to a non-performing asset. keep reading
Stock Market Exclusion: History Shows Investors Not Easily Diverged From Stocks
The opening months of Fiscal Year 2021 (FY21) saw a large number of delisting offers announced by India Inc. Vedanta and Adani Power announced their delisting proposals in May, while Hexaware and Allcargo made the announcements in June and August, respectively. While the delisting proposals from Adani Power and Allcagro are still awaiting shareholder approval, here’s a look at the other two: Hexaware and Vedanta.
Baring PE could successfully remove Hexaware, but Anil Agarwal was out of luck to remove Vedanta from Indian exchanges. Click here to read
Major Update: Bharat Biotech Cuts Covaxin Phase 2 Trial Size in Half
In an unprecedented move, vaccine maker Bharat Biotech has halved the size of the phase 2 clinical trial of its COVID-19 vaccine, Covaxin. Instead of testing the candidate vaccine on 750 healthy volunteers, under the previously approved protocol, the company will now only dose 380 volunteers, sources told CNBC-TV18. Consequently, the number of sites conducting trials has also been reduced.
Confirming the development, two lead trial investigators told CNBC-TV18 that the decision was based on good seroconversion or immunogenicity seen in volunteers in Phase 1. Click here to read more
Asian stocks tumble as vaccine trials stall
Asian stocks tumbled on Wednesday as COVID-19 vaccine trials stalled and a stalemate in talks over the U.S. fiscal aid package soured risk appetite, while the dollar held on to gains while the demand for safe harbor assets was strengthening.
Johnson & Johnson said Tuesday it was pausing a trial of the COVID-19 vaccine due to an unexplained illness in a study participant.
Eli Lilly and company later said that it had also stopped the clinical trial of its COVID-19 antibody treatment due to a safety issue, prompting the US stock market to deepen losses.
Shares of J&J lost 2.3 percent, while Eli Lilly closed down almost 3 percent.
MSCI’s broader Asia-Pacific stock index outside of Japan fell 0.2 percent. Japan’s Nikkei fell 0.2 percent, while Australia’s benchmark deviated and South Korea fell 0.7 percent.
Also weighing on sentiment, hopes for the approval of a new coronavirus aid package were dashed when the Speaker of the U.S. House of Representatives, Nancy Pelosi, rejected a 1-year White House aid proposal. 8 trillion dollars.
“The US stimulus talks are still going nowhere clouding the prospect of a new round of support on this side of the election,” said Sydney-based NAB strategist Rodrigo Catril.
E-mini futures for the S&P 500 were slightly higher in early Asia trading. (Source: Reuters)
To read the main actions to keep an eye on the day, Click here!
Welcome to our market blog!
Hi, I’m Mousumi Paul from the CNBC-TV18 desktop team. I’ll take you through all the updates on the state of the economy, the stock market, and the corporate world. For starters, let’s see how the market fared yesterday. Indian indices trimmed earnings to end on a flat note Tuesday, as losses in the banking, finance and pharmaceutical sectors were limited by gains in TI stocks and Reliance Industries. HDFC Bank, ICICI Bank, HDFC, ITC and Axis Bank were the main contributors to the benchmark index losses. The Sensex closed 32 points higher at 40,625 while the Nifty rose 3.5 points to 11,934.50. read more
