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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets revive 
(Mon, 17 Jun 01:30 pm) 
 
Backed by strong buying in index-heavyweights, Indian share markets recovered strongly, trading higher in the post-noon trading session. Majority of the sectoral indices are trading in the green with stocks in the capital goods, and consumer durable sectors being the biggest gainers. Only metal stocks are trading in the red.

BSE-Sensex is up by 91 points and NSE-Nifty is trading up by 28 points. BSE Mid Cap is trading up by 0.2% while the BSE Mid Cap index is up marginally. The rupee is trading at 57.7 to the US dollar.

The Reserve Bank of India (RBI) kept key interest rates unchanged in the light of high food inflation, weakening rupee and uncertainty over foreign fund flows. As per RBI's mid-quarter policy review, the recent decision by US Fed to phase out monetary easing and uncertainty over policies of central banks can result in fund outflows from emerging economies. This can pose further risk for the Rupee that is already reeling under severe pressure. Rupee has come under pressure as the current account deficit to GDP ratio reached a huge 6.7% in the December 2012 quarter. Further in its guidance, the RBI has said that only the taming of inflation will allow monetary policy tools to tackle the economic slowdown.

In addition to this, the economic think tank, National Council of Applied Economic Research (NCAER) has said in its study that the Indian economy is in a crisis as the issue of high current account deficit is getting amplified in the wake of slowing economy, high fiscal deficit and persistent inflation. As per the study, long term factors that need to be addressed are infrastructure, labour reforms and governance reforms. Even the implementation of the Goods & Services Tax will boost the competitiveness of India's manufactured goods and thereby increase exports and reduce deficit on balance of trade.

Most of the MNC Pharma stocks are trading in the red with Abbott India and Fullford India among the leading losers. As per a leading financial daily, the Pharma Wholesale Association (PWA) of Mumbai and Pune has asked Novartis India to check practices relating to the drug distribution in India. The Novartis sales team is found to be bribing stockists in the country on account of following unhealthy practices in the distribution of the drug Galvus. Reportedly, the stockists have told that the sales force was offering around 20% discount to the selected dealers for the purchase of the said drug. Last week, Novartis had sacked around 18 people for illegally padding the invoices and showing inflated drug sales. The stock of Novartis was trading down by 0.4%

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