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Strong start to the week
Mon, 15 Jun Closing

Indian markets continued to trade in the green during the last hours of trade. The Sensex ended higher by 161 points or 0.6%, while the NSE-Nifty closed higher by 31 points or 0.4%. Sectoral indices closed the day on a mixed note with Pharma and Auto stocks leading the gains. The BSE Mid Cap index is trading marginally down, while the BSE Small Cap index is trading up by 0.4%.

At the time of writing, the INR was trading at 64.08 to the US dollar. Stocks in Europe were trading in the red at the time of writing.

Automobile stocks closed their session on a mixed note with Eicher Motors and Bajaj Auto leading the gains. As per a leading financial daily, Ashok Leyland, the Hinduja group flagship company in India, is seeking shareholders approval to raise money through Qualified Institutional buyers (QIBs) and other routes. This proposed fund raising is for supporting the company's capex, working capital and investment in joint ventures and other purposes. Meanwhile, the management of the company has reportedly stated that it has lined up capex and investment to the tune of around Rs 2.5 to 3 bn during the current fiscal. Stock of Ashok Leyland is trading down nearly 0.8%.

Stocks in the pharma sector have closed on a mixed note with Elder Pharma and Sun Pharma witnessing buying interest. Shares of Glenmark Pharmaceuticals surged almost 2% today after the company announced that it has been granted final approval by the United States Food & Drug Administration (USFDA) for oral contraceptive tablets. This approval is for the AB-rated generic version of Seasonale by Teva Women's Health. This approval marks Glenmark's 12th oral contraceptive and 2nd extended-cycle oral contraceptive authorized for distribution by the USFDA. This is a positive for the company especially considering the fact that its sales from the US were impacted in FY15 on account of delays in drug approvals.

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