Asian stock markets gained over 1% shrugging off investors' concerns over the Fed raising the interest rates and ahead of the conclusion of the Fed's 2 day meet. Yesterday, the U.S markets closed mixed as investors' focussed towards the outcome of the Fed meeting. European markets closed on a mixed note with stock markets in Germany being the biggest loser (down 1.5%). Chinese, Hong Kong, Taiwanese and Korean markets are trading with solid gains of 1%, 1.1%, 1.02% and 0.2% respectively while the Japanese markets are trading with minimal losses of 0.1%.
Commodity price took a hit yesterday as Gold prices, per 10 grams, fell nearly 0.5% or Rs 164 and is trading at Rs 25,600 levels. While Silver prices, per kilogram, fell about 0.6% or Rs 208 and is currently available at Rs 35,350 levels. Crude oil prices jumped over 1% yesterday or Rs 31. Per barrel, the crude oil prices is trading at Rs 2770 levels. The exchange rate of Indian Rupee and U.S Dollar gained marginally by 0.03% or 0.02. The rupee is trading at Rs 62.72 per dollar.
Healthcare sector has witnessed gains in the early trading session. Share of Cadila healthcare gained nearly 1.5% after the company launched a new drug to treat Hepatitis C. The drug is used as Oral therapy and is named SoviHep. The drug would be marketed by Zydus Heptiza. Zydus and Gilead Sciences have partnered each other to market and sell this drug in over 91 countries that also include India. The drug would be useful in India as it is a home 10 mn Hepatitis C patients.
Metals have gained over 0.6% in the early trade. Shares of Bhushan steel gained more than 4% after the company said that they have taken initiative steps to restructure Rs 230 bn worth of long-term loans. Main lenders of the long-term loan include State Bank of India and Punjab National Bank. According to a leading financial source, these banks are also considering to extend the loan tenure to 25 years from 8 years.