Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian stock markets extend gains
Fri, 13 May 01:30 pm

The benchmark indices in the Indian stock market extended their gains in the last two hours of trade and are currently trading firm. All sectoral indices are trading in the green with FMCG, Banking and Metal leading the pack of gainers.

The BSE-Sensex is up 362 points while NSE-Nifty is trading 111 points above the dotted line. Both BSE Midcap and BSE Small cap indices are up 1.1% and 0.8% each. The rupee is trading at 44.86 to the US dollar.

Pharma stocks are trading mixed with Lupin Ltd, Dr Reddy's Laboratories and Strides Arcolab leading the pack of gainers. However, Indoco Remedies and Dishman Pharma are trading weak. Lupin Ltd. has announced its results for 4QFY11. The company has reported 17.0% YoY sales growth during the quarter. The growth was mainly driven by the emerging markets including India. However, the operating margins contracted by 2% (as a percentage of sales) to 20.0% due to the increase in raw material prices and employee costs. The growth in net profits came at a mere 3% YoY led by decrease in the operating margins and fall in other income. The Board has recommended a 150% dividend of Rs 3 per share for the year.

Banking stocks are trading firm with Axis bank, IDBI Bank and UCO Bank leading the pack of gainers. However, Canara Bank is trading weak. As per a leading financial daily, Axis Bank has bought 4% stake in Max New York Life Insurance for Rs 0.7 bn. This implies a valuation of the life insurance company at Rs 18 bn. Axis bank and Max New York Life have a 10 year bancassurance agreement. Under the agreement, the bank will help to sell the insurer's products through domestic distribution channels. The deal will consolidate the distribution network for insurance company and increase fee income for the bank. Last year also, the bank had acquired investment banking and securities unit of Enam Securities Pvt Ltd in an all stock deal for Rs.20.7 bn in order to expand its broking and investment banking business.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian stock markets extend gains". Click here!

1 Responses to "Indian stock markets extend gains"


May 13, 2011

send me email

Equitymaster requests your view! Post a comment on "Indian stock markets extend gains". Click here!

Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Mar 16, 2018 (Close)