Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
The Australian immunologist, who cautioned that the number of COVID-19 cases will rise in the coming days, said the earliest time frame for an effective vaccine 'going into large numbers of people' is nine to 12 months.
Lead researcher Donald Maurice, a professor of Pharmacology and Toxicology, says that the fresh insights his team has gained into how the erectile dysfunction drug-also used to treat pulmonary hypertension-inhibits an enzyme called PDE5 lead them to this conclusion.
In India, thousands of lives are lost every year because of unavailability of organs
Experts say that in these cases, not only are the antibiotics not necessary, but they actual contribute to the evolution and spread of superbugs. Instead, doctors have been told to prescribe drugs that alleviate symptoms rather than those which attempt to eradicate the bugs altogether. This more conventional treatment allows the body to do its natural duty and fight off the bug on its own.
Easing restrictions, all private hospitals were on Tuesday allowed to give the vaccines if they adhere to the laid down norms, while the 9 am to 5 pm timing was also done away with.
The Indian biotech sector continues to face an acute shortage of specialists. But now there is a ray of hope, interestingly from a dark story being narrated in the pharma and biotech sectors in the United States and Europe. The sector is seeing downsizing there. This has made scientists of Indian origin explore opportunities in India. "The shortage and the noticeable gap is in terms of discovery-led drug development," said Kiran Mazumdar Shaw, CMD, Biocon
AstraZeneca Plc and the University of Oxford are facing questions about their Covid-19 vaccine and whether regulators would quickly authorise its emergency use after the pharma company acknowledged an error in the vaccine dosage received by some participants and other irregularities and omissions, according to the New York Times.
A new study has the answer to your embarrassing alcohol moment.
On December 4 last year, the stock of the world's largest drugmaker, Pfizer, fell 10.6 per cent, wiping out more than $21 billion in market value in a single day.
The chronic inflammatory disease is affecting people globally.
'Don't panic. Believe in yourself.' 'This is a preventable illness. Only you can prevent it.'
Indian scientists as well as biotech firms have awakened to the fact that there is a genetic jackpot in the country's endogamous gene pool.
The method for detecting the new designer steroid is being sent to IOC-accredited laboratories throughout the world.\n\n
Dr Mahmood Alam, an Indian scientist, is among a group of top international scientists who has identified a key protein that if targeted stops malaria, paving the way for new treatments.
If people can lobby me for making changes in policies that goes against the country's interest, I won't keep myself in this position, says the vice chairman of NITI Aayog.
The trio used the same principles of evolution -- genetic change and selection -- to develop proteins used in a range of fields.
It isn't one disease. It can attack different organs and there are very significant differences in the treatment modes for each.
'They don't always agree with our governments, their teachers or their parents, but it is the conviction of their ideas, and their determination to share them with the world that, I believe, is one of the greatest sources of hope for our planet.' 'The colonisation of space, understanding the very building blocks of matter and the universe, utilising our understanding of the human genome to conquer disease -- these are the tasks waiting for a fellowship of minds to realise new triumphs in our collective destiny.'
'The suspicion of doping will hang over numerous men and women players including the elite stars,' says Desh Gaurav Chopra Sekhri.
Satyamev Jayate's newest episode -- Accepting Alternative Sexualities -- was a commendable effort to bring the discourse on Section 377 of the Indian Constitution on a mainstream platform, says Nishi Tiwari.
This year Olympic Games could feature an athletics programme without two of the sport's most powerful nations -- Russia and Kenya -- while a third, Ethiopia, is under immense pressure to show it has adequate anti-doping measures.
'As people have moved from cities to small towns and villages, they have carried the infection into new territories.' 'Poor healthcare infrastructure in these places should be a big worry in the days to come.'
None of the Big Tech companies or tycoons appears to be playing a meaningful role in the testing, spread, cure, or eradication of the virus or even in contact tracing so far, says Prosenjit Datta.
'But India, increasingly, is not that far behind, which is a story I never expected to tell.'
Bhargava is a pioneer in the field of biotechnology in the country.
'When you come through the hassles and struggles of business life, your mind is wired differently.' 'You are more connected to reality,' Akali Dal MP Naresh Gujral tells Rahul Jacob and Archis Mohan
Obama said these young scientists and engineers teach something beyond the specific topics that they're exploring.
ISRO Chairman A S Kiran Kumar on Saturday said its ancient texts which could yield vital knowledge, if verified, studied and researched properly, should not be disregarded.
We present our alphabet of 2020, pulling in everything you'll remember about this year we'd rather forget.
Instant noodle from Nestle is not the first food brand in India to have faced a tough time though
The Ig Nobel prizes honour achievements that first make people laugh, and then makes them think.
'There is a communication between Rahul Mukerjea and Sheena Bora.' 'First on the 26th. And then on the 27th and then on the 28th.' 'See the messages wherein Rahul Mukerjea tells Sheena Bora "Baba I am in the car park. Come".' 'And Sheena Bora replies to Rahul Mukerjea: "Five min bas".' 'This explains why none of the bodies matched Sheena Bora...'
Jammu and Kashmir MLA Ramesh Arora wants momos banned, but are they really unhygienic and harmful?
More than a year after he was nominated by President Barack Obama, the US Senate, defying the powerful pro-gun lobby National Rifle Association, voted to confirm Dr Vivek Hellegere Murthy as the first Indian American US Surgeon General and the youngest ever at age 37, in a cliff-hanger of a 51-43 vote.
Silicon Valley can be replicated, but this will only be achieved so long as fresh talent is welcomed by both our countries - a move that will surely spark a billion ideas and discoveries.
'Sanjay Dutt was a very stylish person. He created his own style; he did not follow trends.' 'He wasn't a tapori, he was grand.' 'Also, whatever he wore, reflected what was going on in his life.'
And no, the list doesn't start and stop with Boman Irani!
