Sensex rebounds, Nifty reclaims 8200; 

Auto stocks shine, RIL up Benchmark indices recouped losses in afternoon trade with the Nifty reclaiming 8200, driven by auto and pharma stocks. Drug launch: Natco Pharma has launched a generic Hepatitis C treatment drug in Nepal under the brand name 'Velpanat.' The product is the first generic version of Sofosbuvir 400mg/Velpatasvir 100mg fixed dose combination sold by Gilead Sciences Inc under brand name Epclusa. The Hyderabad-based firm has signed a non-exclusive licensing agreement with Gilead Sciences Inc, to manufacture and sell generic versions of its chronic hepatitis C medicines in 101 developing countries. 

 Rate cut: A day after SBI slashed its rate offering steeply, country's fourth biggest private sector lender Kotak Mahindra Bank today announced a cut of up to 0.45 percent in its lending rates. The bank has cut marginal cost of funds based lending rate by 0.20 to 0.45 percent across tenors, it said in a statement. The one year MCLR, which is used as the benchmark for a bulk of long-term consumer loans, has been reduced by 0.20 percent while the maximum cut of 0.45 percent has been effected in the one month and three month MCLRs. After revision, the one-year MCLR comes down to 9 percent, while the one month and three month MCLRs will be 8.25 percent and 8.40 percent, respectively. 

SBI, PNB fall but analysts say base lending rate to boost growth Market Check Benchmark indices recouped losses in afternoon trade with the Nifty reclaiming 8200, driven by auto and pharma stocks. The 30-share BSE Sensex was up 28.71 points at 26655.17 and the 50-share NSE Nifty gained 13.45 points at 8199.25. About 1800 shares advanced against 778 declining shares on the BSE. Nifty Auto index gained nearly 2 percent as analysts do not expect major impact of demonetisation on earnings, especially after considering December auto sales. Tata Motors, Mahindra & Mahindra and Maruti Suzuki gained 2-3.5 percent. Tata Steel climbed nearly 4 percent followed by Adani Ports while HDFC and SBI retained top position in the selling list, down 3.5 percent and 2 percent, respectively.

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