Daily Market Reports From CapitalHeight

Daily Market Reports From CapitalHeight
Market commentary
  Sharp recovery seen in Indian Indices after consecutively five days bearish mode. Bulls control Nifty Fin services, along with pharmaceuticals, automobiles, metals, and IT.
 NIFTY shut the door at 11067.45 100 points higher, while the Sensex ended 36,652.06 over 350 points higher. Nifty maintain to close above 11,000-mark.
Energy and Infrastructure sectors among the top losers,while all other indices closed in the green. In the broader markets, the Nifty Midcap ended quarter of a percent higher as well.

                                                              Nifty 50 Index
Nifty 50 Index by CapitalHeight

Market Highligh
Voltas, a part of the Tata conglomerate, has formed a 50:50 joint venture with ‘Arcelik’, a Turkey-based European home appliances major, to introduce an all-new range of appliances in the Indian markets. The newly formed company - Voltbek Home Appliances (Voltbek) has launched refrigerators, washing machines, microwaves and dishwashers under the ‘Voltas Beko’ brand. The products, manufactured at Sanand in Gujarat, will be made available from the second half of Q3 FY19 or in early Q4.

The YES Bank stock rose in early trade ahead of the private sector lender's board meeting later in the day to decide future course of action after the Reserve Bank of India last week curtailed CEO and MD Rana Kapoor's term until Jan 31, 2019.The stock has gained after three days of consecutive fall reversing losses of over 29% after the RBI on Friday cut the tenure of its founder and CEO Rana Kapoor till January 31, 2019. YES Bank in a statement said, "The Bank would like to inform its stakeholders that the Bank and its MD & CEO will be fully guided by its Board of Directors (meeting scheduled on September 25, 2018), the Reserve Bank of India and other relevant stakeholders. The Bank's management remains committed to protect the interests of all of its stakeholders."

Shares of Suven Life Sciences added 5.2 percent intraday Tuesday after company granted 1 product patent each in Sri Lanka and Canada. The company received one product patent from Canada and one from Sri Lanka corresponding to the new chemical entity for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034 and 2026 respectively. The granted claims of the patents include the class of selective H3 and 5-HT6 compounds respectively and are being developed as therapeutic agents for neurodegenerative disorders such as Alzheimer’s disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinson and Schizophrenia and sleep disorders like Narcolepsy etc.

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