Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell.
Overseas, Asian stocks were mixed. US stocks registered modest gains on Friday, 6 January 2017 as gains in the technology, industrials and healthcare sectors led shares higher.
US nonfarm payrolls rose by 156,000 jobs last month, the Labor Department said on Friday, 6 January 2017. The number of jobs created fell from an upwardly revised 204,000 in November. The jobless rate edged up last month to 4.7% from 4.6%.
Chicago Federal Reserve President Charles Evans on Friday, 6 January 2017 reportedly said that US economic conditions are likely to call for two interest-rate hikes in 2017, but a forecast of three hikes is not implausible. Evans said he was sticking with expectation of two rate hikes that he made in September even though things are now a little bit stronger than they were then.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 255.21 crore on Friday, 6 January 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 165.29 crore on Friday, 6 January 2017, as per provisional data.
Among corporate news, Aurobindo Pharma announced on Saturday, 7 January 2017 that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Levetiracetam in Sodium Chloride Injection, 500 mg/100 mL (5 mg/mL), 1000 mg/100 mL (10 mg/mL), and 1500 mg/100 mL (15mg/mL) (single-use bags). Aurobindo's Levetiracetam in Sodium Chloride Injection is a generic equivalent of HQ Specialty Pharma Corp's Levetiracetam in Sodium Chloride Injection. The product will be launched in January 2017.
Levetiracetam in Sodium Chloride Injection is a CNS drug and indicated for partial onset seizures in adults (16 years and older) with epilepsy; myoclonic seizures in adults with juvenile myoclonic epilepsy;primary generalized tonic-clonic seizures in adults with idiopathic generalized epilepsy. The approved product has an estimated market size of $32 million for the twelve months ending November 2016, according to IMS.
Separately, Aurobindo Pharma announced on Saturday, 7 January 2017 that its wholly owned step-down subsidiary Agile Pharma B.V., Netherlands has entered into a binding agreement to acquire 100% shareholding in Generis Farmaceutica S.A for 135 million euro from Magnum Capital Partners. The acquisition includes the manufacturing facility in Amadora, Portugal, which has the capacity to manufacture 1.2 billion tablets/capsules/sachets annually. Generis is engaged in manufacture and sale of pharmaceutical products in Portugal.
The indicative time period for completion of the acquisition is February 2017. Closing of the transaction is conditional on obtaining necessary approvals from Portuguese authorities.
On the macro front, as per the first advances estimates of real gross domestic product (GDP) released by the Central Statistics Office (CSO), the GDP growth is estimated at 7.1% for FY 2017, showing moderation from 7.6% in FY 2016. Real gross value added (GVA) is anticipated to increase 7% in FY 2017 against 7.2% growth in FY 2016. The data was announced after market hours on Friday, 6 January 2017.
Key benchmark indices gyrated between positive and negative terrain before ending the session lower on last hour of accelerated selling on Friday, 6 January 2017. The Sensex fell 119.01 points or 0.44% to settle at 26,759.23, its lowest closing level since 4 January 2017.
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