Nifty, Sensex rise on buying in auto & metals | Aurobindo Pharma share up nearly 2% on USFDA approval for nasal spray

Nifty, Sensex rise on buying in auto & metals; investors await US Fed meet outcome

Global cues were positive as Wall Street's three major indices ended in the green with S&P 500 closing at a fresh record high. Asia markets were also trading higher.

Benchmark indices Nifty and Sensex rose on March 20 thanks to buying in auto and metals stocks. According to analysts, the market is likely to see high volatility as investors may remain cautious ahead of the US Fed meeting outcome.

Global cues were positive as Wall Street's three major indices ended in the green with the S&P 500 closing at a fresh record high. Asia markets were also trading higher as investors digested the Bank of Japan’s shift in monetary policy while awaiting the US Fed’s interest rate decision.

At 09:18 am, the Sensex was up 200.36 points or 0.28 percent at 72,212.41, and the Nifty was up 66.50 points or 0.30 percent at 21,884.00. About 1,661 shares advanced, 564 declined, and 126 were unchanged.

While the central bank is likely to maintain its stance and keep the rate unchanged, its commentary will hold importance as it would provide insights into the Central bank’s future rate action.

"Nifty has slipped below the crucial support zone, and we are now eyeing 21,500. Traders should continue with the “sell on rise” approach but avoid aggressive trades citing the upcoming outcome of the US Fed meet," said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Aurobindo Pharma share up nearly 2% on USFDA approval for nasal spray

The share touched a 52-week high of Rs 1,177 on January 30, 2024 and a 52-week low of Rs 466 on March 21, 2023.

Aurobindo Pharma share price rose nearly 2 percent in the early trade on March 20 after the company received US Food & Drug Administration (USFDA) approval for nasal spray.

At 9.18am, Aurobindo Pharma was quoting at Rs 1,003.90, up Rs 14.50, or 1.47 percent, on the BSE.

The company has the received final approval from the USFDA to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC, it said in a release.

Mometasone Furoate Monohydrate Nasal Spray is indicated for the treatment of the nasal symptoms of seasonal allergic and perennial allergic rhinitis in adults and children.

The product will be launched in the first quarter of FY25.

Earlier this month, Aurobindo Pharma's subsidiary CuraTeQ Biologics Private Limited announced that its Omalizumab biosimilar candidate BP11 met the Phase 1 trial end points vis-à-vis the EU and US sourced reference product Xolair.

The US agency had earlier raised procedural and cleanliness issues in company's subsidiary Eugia Pharma SEZ unit in Telangana, reported CNBC-TV 18.

Eugia Pharma Specialities Ltd, a wholly-owned subsidiary, has started distribution of aseptic products manufactured at Unit III, which was temporarily suspended.

The share touched a 52-week high of Rs 1,177 on January 30, 2024 and a 52-week low of Rs 466 on March 21, 2023. The stock is trading 14.71 percent below its 52-week high and 115.43 percent above its 52-week low.

Source: Money Control