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After opening the day on a positive note, the Indian equity markets shed their gains to close the day on a flat note. Stocks from sectors such as consumer durables, telecom, and realty were leading the losses, while banking stocks witnessed maximum buying interest.
On the global front, most of the Asian indices closed their day on a positive note. The Hong Kong's Hang Seng ended higher by 0.42%, while Japan's Nikkei 225 ended higher by 0.48%. The European indices also witnessed buying interest. The FTSE 100 was up 0.98%, France's CAC 40 was up 0.46% and Germany's DAX was up 0.53%. The rupee was trading at Rs 67.34 to the dollar at the time of writing.
Gold witnessed losses today. The yellow metal touched its three-month low today after tracking weak trend overseas and sluggish demand from jewelers in domestic markets. During this week, the metal bore most of the brunt on prospects of a US interest rate hike from the US Fed this month.
Asad Dossani, editor, Profit Hunter, recently stated that gold is going to crash and wrote a piece on how to make money trading gold. Also, one of the articles from Vivek Kaul's Diary titled 'Has Gold Entered a New Bull Market?' shares some interesting insights on the movements in gold prices.
To keep a regular tab on the movements in gold prices, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.
In another news update, Firstpost has reported that the World Bank has dropped the use of developing nation tag for India in its specialized reports. This comes as the World Bank recently changed the status of the country from 'developing' to 'lower-middle income' based on poor performance on parameters such as electricity generation, sanitation facilities and labour force participation rate.
This can be a clear wake-up call for India despite it being the fastest growing economy. Our recent edition of The 5 Minute WrapUp talks about what India needs to focus on if it has to sustain the growth momentum in future.
Stocks in the pharma space ended the day on a mixed note with Panacea Biotech and Natco Pharma leading the gains. As per a leading financial daily, Natco Pharma's marketing partner, Mylan Inc., has received a tentative approval from the US Food and Drug Administration (US FDA) for Sorafenib Tablets. This product is the generic version of NEXAVAR, which is indicated for the treatment of certain types of cancers.
Natco Pharma and Mylan have filed an ANDA containing a Paragraph IV certification for this product. According to the sales data for the 12 month period ending December 31, 2015, NEXAVAR had US sales of approximately US$ 300 million.
Natco Pharma is a contract manufacturer for reputed companies like Ranbaxy and Parke Davis. The company's products cover three main markets; international formulations, domestic formulations and APIs (active pharmaceutical ingredients). Within these areas, the company is the leader in generics oncology and is taking steps to expand its therapeutic segments with a continued focus on niche products. The company's stock ended higher by 8.5%.
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