In what could be termed as a strong turnaround, indices in the Indian equity market sprung to life during the closing stages, enabling the markets to close sufficiently higher for the day. Thus, while BSE Sensex edged higher by around 135 points (up 0.7%), gains on the NSE-Nifty came in at about 42 points. BSE Mid Cap and BSE Small Cap indices performed even better, logging in gains of around 1% each. Nearly three stocks gained for every one that closed the day in the red on the Sensex
While Asian stocks closed mixed today, Europe is trading mostly in the green currently. The rupee was placed at Rs 54.3 to the dollar at the time of writing.
Just as it was being felt that today would be another lacklustre day, the indices surprised everyone with strong buying towards the closing hour. It was buoyancy in heavyweights like Oil and Natural Gas Corporation (ONGC), Infosys and ICICI Bank that really aided the proceedings. That said, the buying was actually broad based with very few Sensex stocks closing in the red.
Software giant Infosys continued with its good recent run on the bourses today as it edged higher by 1%. As per reports, the company has become the first Indian company that will be admitted to trading on NYSE Euronext's London and Paris markets from tomorrow, Feb 20, 2013. This listing will help UK, French and other European investors to have direct access to Infosys ADS and allows investors from these countries to benefit from the Indian IT story.
GSK Pharma has declared Dec 2012, results. The topline grew by 15% YoY during the quarter, this was largely helped by growth in its core business which grew by 16% for the said period. The operating margins declined by 2.1% due to increase in operating expenses and decline in operating income. The bottom line increased by 1.4% YoY during 3QCY13, due to exceptional loss, rationalizing initiatives at manufacturing sites and actuarial loss on employee benefits. Company is incurring these losses since last few months. Adjusting for these exceptional losses, PAT grew by around 10% for the quarter. The stock closed marginally higher on the bourses today.