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Oil & gas up on firm crude
Thu, 16 Apr Closing

The Indian equity markets, that had been sliding for most part of the day, made a partial recovery in the final hours of the trade. While the BSE-Sensex today closed lower by 134 points, the NSE-Nifty closed lower by 44 points. Midcaps and Smallcaps too closed in the red. The S&P BSE Midcap index and the S&P BSE Smallcap index closed the day lower by 0.3% and 0.5%, respectively. Barring oil and gas that has seen buying interest on firming crude prices, all the sectoral indices ended negative with realty and capital goods indices being the biggest losers for the day.

As regards global markets, majority of the Asian indices closed on a positive note with China and Taiwan being the biggest gainers for the day. The rupee was trading at Rs 62.26 to the dollar at the time of writing.

Most of the automobile stocks have closed in the red with Hero MotoCorp and TVS Motors being the biggest losers whereas Escorts and Mahindra & Mahindra are the major gainers. As per a leading business daily, Eicher Motors has been given a go-ahead by Reserve Bank of India for allowing foreign investors to invest upto 49% of the paid up share capital of the company. As per BSE data, foreign institutional investors (FIIs) hold 19.5% stake in the company as of quarter ended December 2014. The stock of Eicher Motors ended 0.7% lower.

Indian pharma stocks closed on a weak note with Elder Pharma and Glenmark Pharma being the major losers. Sun Pharmaceuticals Ltd has entered into a collaboration with Technion - Israel Institute of Technology for an exclusive worldwide research and license agreement for some pre-clinical molecules. This agreement aims at the development of novel anti-cancer drugs. The collaboration is part of the various initiatives that Sun Pharma is taking to enhance its specialty pipeline.

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