■■ The #BSE #SENSEX OPEN @ 25959.99 (-19.61)
■■ The #NSE #NIFTY OPEN @ 7972.50 (-6.60)
■■ #BANKNIFTY OPEN @ 17849.25 (-42.20)
Bank of America Merrill Lynch has lowered its target price on the stock to Rs 750 & lower assigned P/E multiple of 20x against 21x following cut in earnings estimates. It has reduced its forecasts by 6-5 percent for FY18-19 in-line with estimates indicated earlier as it feels complete response letter to its subsidiary SPARC (Sun Pharma Advanced Research) from USFDA for Xelpros indicates likely delay in resolution for Halol plant that has been under import alert.
Equity benchmarks started off Friday's trade on a negative note amid consolidation and low volumes, weighed by weak global cues ahead of Christmas holiday. The 30-share BSE Sensex fell 30.86 points to 25948.74 and the 50-share NSE Nifty declined 8.35 points to 7970.75. ITC, HDFC, Tata Motors, M&M, Adani Ports, L&T and Maruti Suzuki were under pressure while Asian Paints, Reliance Industries, Infosys, Sun Pharma and ICICI Bank gained. The Indian rupee gained in the early trade today. It has opened higher by 6 paise at 67.93 per dollar versus 67.99 Thursday. Bhaskar Panda of HDFC Bank says festive fervour is the theme right now across the world. The dollar Index has given up some of the recent gains and is trading below 103 levels. EM currencies are still under the cloud. He expects the USD-INR to trade within the 67.80-68.10/dollar range.
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