After opening the day on a positive note, the indices maintained their upward momentum through the day, closing well in the green. While the BSE Sensex today closed higher by 165 points, the NSE Nifty closed higher by 60 points. Smallcaps and midcaps too witnessed gains today. The BSE Mid Cap and the BSE Small Cap closed the day higher by 0.8% and 1% respectively. Sectoral indices closed the day on a mixed note, with consumer durables and power stocks being the top gainers today.
As regards global markets, Asian indices closed on a positive note today. The rupee was trading at Rs 62.24 to the dollar at the time of writing.
Auto stocks have closed the day on a mixed note, with Eicher Motors and Ashok Leyland leading the gainers. As per a leading business daily, two wheeler major Hero MotoCorp's controlling shareholders are planning to sell US$ 300 m worth of shares in the company. Promoter Brij Mohan Lal Om Prakash may sell nearly 7 m shares in the company in open market transactions. As per reports, this block deal sale of shares, if successful, would take the promoters' stake to 36.92% from 39.92% before the sale. The stock of Hero MotoCorp was down by almost 5% today, and led the list of losers amongst auto stocks today.
Pharma stocks ended the day on a mixed note, with the gainers being led by Strides Arcolab and JB Chemicals. As per a leading business daily, the Indian government will soon come out with strategies to improve bulk drug manufacturing capacity in the country. This with the intention of reducing dependence on China for import of bulk drugs. It may be noted that currently India imports upto 80% bulk drugs from China. Further, the committee set up by the government for this purpose has now submitted its recommendations. The Department of Pharmaceuticals is now examining it and is slated to come out with its strategies shortly. These strategies are likely to be included in the country's proposed bulk drug pharma policy.