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Sensex starts over 100 points higher, Nifty above 10,200

Strong Asian markets propel things up

Mumbai.

It’s a higher start for the market on Tuesday morning. The Nifty is above 10,200-mark.

The Sensex is up 136.70 points or 0.40% at 34027.83, while the Nifty is higher by 40.50 points or 0.40% at 10238.90. The market breadth is positive as 566 shares advanced, against a decline of 281 shares, while 2,795 shares were unchanged.

Shares of Cummins India are up around 12 percent on the back of robust Q2 numbers. Bank of Baroda is higher by 3 percent ahead of its September quarter results announcement.

Yes Bank, HDFC, and Indiabulls Housing are the top gainers, while Coal India, Tata Steel, and Dr Reddy’s are the top losers. Crude Update: Oil prices climbed for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the US-China trade war kept pressure on the market, reported Reuters.

Shares of Cummins India are up around 12 percent on the back of robust Q2 numbers. Bank of Baroda is higher by 3 percent ahead of its September quarter results announcement.

Dr Reddy’s falls 6% Shares of Dr Reddy’s Laboratories fell over 6 percent on Tuesday morning as investors reacted to the company receiving observations for its Duvvada unit.

The drug maker said it got Form 483 with 8 observations from US FDA for its injectable plant in Duvvada.

“This is to inform you that the audit of our formulations manufacturing facility at Duvvada, Visakhapatnam, by the US FDA, has been completed today,” the company said in a statement to stock exchanges.

“We have been issued a Form 483 with 8 (eight) observations, which we are addressing,” the company added.

The company didn’t disclose the nature of these observations.

The US drug regulator conveys its concerns on manufacturing practices through Form 483. Companies that receive observations must respond in writing with a corrective and preventive action plan in 15 days.

The company’s Duvvada unit, known as FTO-VII, manufactures cytotoxic and hormonal injectables is under warning since November 2015, blocking any new approvals.

The inspection has begun on October 22.

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