Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian markets continue to surge
Mon, 26 May 01:30 pm

Indian markets continued to zoom ahead on account of persistent buying among the index heavyweights during the previous two hours of trading session. Stocks from capital goods and power sectors are leading the gainers, while consumer durables stocks are trading weak.

The BSE Sensex is trading up by 414 points and the NSE-Nifty is trading up by 112 points. The BSE Mid Cap is trading up 0.7% and the BSE Small Cap index is trading up 0.8% today. The rupee is trading at 58.58 to the US dollar.

Energy stocks are trading mixed. Cairn India and ONGC are leading the stock of gainers, while Chennai Petroleum is trading weak. As per a leading business daily, Cairn India is seeking extension of its prolific, Rajasthan oil fields from government and state own firm ONGC as current term of the block will end in 2020. In the absence of extension the fields may be returned to ONGC once cost is recovered, as per the Rajasthan production sharing contract (PSC). It may be noted that ONGC is licensee for the assets and pays royalty not just for its 30% stake but also for Cairn's 70% interest. The assets include three oil fields and a heated pipeline that carries crude from oil fields to refineries in Gujarat. Cairn earlier resorted to extension till 2040, the economic life of the assets, but later sought for 10 years till 2030. However, the Rajasthan PSC provides 5 years extension after 2020. As per the sources, ONGC might not agree to extension as it would than own 100% of the assets.

Indian Pharma stocks are trading mixed today. While Dishman Pharma is leading stock of gainers, Divi's Laboratories and Strides Arcolab are trading weak. As per a leading business daily, Sun Pharma received some relief after Andhra Pradesh high court has removed stay on its acquisition of Ranbaxy. The court had put stay on the deal as it was reviewing allegation of insider trading by a group of investors seeking probe. At US$ 4 bn, the merger is considered to be largest in the Indian pharma and will create Sun Pharma as the world's 4th largest drug maker. However, both firms are facing import bans on their plants by drug regulator, US FDA for marketing their drug in the US. Both, Sun Pharma and Ranbaxy are trading higher by 1.5% each.

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

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian markets continue to surge". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.