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Indian equity markets close on a high note
Tue, 5 Mar Closing

Indices in the Indian equity market continued their journey in the positive zone and closed the day on a high note. The Sensex today closed higher by around 265 points (up 1.4%) while the NSE-Nifty saw an increase of around 86 points. BSE Mid Cap and BSE Small Cap indices fared well too gaining 1.7% and 1.1% respectively. Nearly five stocks gained for every one that closed in the red on the Sensex today.

Barring Indonesia, the other major Asian indices also closed in the green today. Europe is trading in the positive zone as well. The rupee was placed at Rs 54.82 to the dollar at the time of writing.

PSU banking stocks closed the day on a high note with Union Bank, UCO Bank and Dena Bank leading the pack of gainers. The country's largest bank State Bank of India (SBI) has given a recruitment target of 1,200 people this year. The bank plans to hire more people in order to improve its services. The bank has been on a recruitment drive for quite some time. As per Economic times, it hired nearly 40,000 people in the last five years. The recruitment activity has been stepped up as nearly 40% of the bank's existing staff is set to leave over the next 3 to 4 years. This is due to super annuation. At present, the bank's total head count stands at 220,000. It has a customer base of around 230 m currently. As per the bank's Managing Director, SBI aims to expand its customer base to 250 m by the end of this year. The stock closed higher by about 1.5% today.

Pharma stocks have closed the day in the green with Wockhardt Ltd, Natco Pharma and Aurobindo Pharma leading the gains. However, the stocks of Glenmark Pharma and Panacea Biotech witnessed selling pressure. Dr. Reddy's Laboratories (DRL) has launched a generic version Zoledronic Acid injection. This is following the ANDA approval received from the US FDA. The injection would be launched in the American markets. The injection is a generic version of Novartis Oncology's Zometa injection in the same strength. The drug is used to prevent skeletal fractures in patients with cancers such as multiple myeloma and prostate cancer. It is also used for treating osteoporosis. DRL has stated that the injection would be available in a single use vial of concentrate. The stock closed the day higher by 1.5%.

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