Indian Markets Remain Flat

Wed, 6 Jan 01:30 pm

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   09:30 am   

   11:30 am   

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The Indian Indices remained rangebound in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the FMCG and metal sectors leading the losses.

The BSE Sensex is trading marginally higher by 4 points (up 0.01%) and the NSE Nifty is trading higher by 8 points (up 0.1%). The BSE Mid Cap and the BSE Small Cap indices are trading higher by 0.5% and 0.6% respectively. Gold prices, per 10 grams, are trading at Rs 25,709 levels. Silver price, per kilogram, is trading at Rs 35,130 levels. Crude oil is trading at Rs 2,971 per barrel. The rupee is trading at 66.37 to the US$.

Pharma stocks are trading on a mixed note with Natco Pharma and Cadila Healthcare leading the gains. As per an article in Economic Times, the government is planning to set up a Rs 5 billion pharma technology upgradation fund for facilitating cheaper loans to entities looking to upgrade their manufacturing facilities. Apart from this, the Department of Pharmaceuticals is also working on a proposal to establish a venture capital fund with the same corpus for providing cheaper loans to small and marginal players planning to set up new units.

The aforesaid proposals have been initiated to revive the domestic pharmaceutical sector and make medicines more affordable. Moreover, along with these proposals, the government is working on to set up parks for pharma products and medical devices. It is also planning to increase the Jan Aushadi stores all over the country to 3,000 outlets.

All these developments are likely to boost the domestic pharma industry. In one of our articles from The 5 Minute WrapUp, we have discussed why the Indian pharma industry could witness some challenges to its growth. You can read the same here (subscription required).

Stocks in the energy space are trading mixed with Chennai Petroleum and MRPL leading the gains. As per a leading financial daily, Petronet LNG is planning to start consultancy services and training in human resource capability in the oil and gas industry. The company has announced that its board has approved amendment to its object cause in the memorandum for the same.

Further, on a separate note, the company is opting for renegotiation of the rates for purchasing gas under its contract with Exxon's Gorgon project in Australia. To note, the Australian contract was signed in 2009, when liquefied natural gas (LNG) sources were limited.

Petronet LNG imports and supplies LNG to local consumers. It has one terminal at Dahej in Gujarat, and another terminal at Kochi in Kerala. Presently, its stock is trading up by 3.2%.

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