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FMCG, pharma lead the gains today
Wed, 17 Jun Closing

Indian markets opened on a strong note today and stayed well above the dotted line on the back of sustained buying activity across index heavyweights. While the BSE-Sensex closed higher by around 148 points, the NSE-Nifty gained around 45 points. Midcap and smallcap stocks also did well as the S&P BSE Midcap and S&P BSE Smallcap indices notched higher with gains of 1.4% each. Gains were largely seen in FMCG and healthcare stocks, while banking and power stocks ended marginally in red.

With regards to international cues, Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 1.65% and the Hang Seng rose 0.78%. The Nikkei 225 lost 0.19%. European shares are trading low for the fourth straight day amid Greek crisis. The rupee was trading strong by 14 paise at 64.12 against the US$.

Stocks in the energy sector ended the trading day on a firm note. According to a leading financial daily, the Government plans to sell 3% stake in Bharat Petroleum Corp Ltd (BPCL) this fiscal to raise around Rs 18 bn. Reportedly, the Finance Ministry has moved a Cabinet note for inter-ministerial consultations for selling 21.6 m shares in BPCL through a public offer. Divesting 3% interest will help the Government keep its shareholding well above 51%. BPCL would be the third oil company after Oil and Natural Gas Corporation (ONGC) and Indian Oil (IOC) in which the government plans to offload minority stake for raising resources.

According to a leading financial daily, IDFC has entered into partnership with FSS (Financial Software & Systems) to provide end-to-end payments technology support for its upcoming banking operations this year. This partnership will allow FSS to establish complete payments technology infrastructure for the upcoming IDFC Bank with services ranging from payments processing, card management, reconciliation to payment gateway for e-commerce, and Aadhaar Enabled Payments for financial inclusion. The company is likely to start its banking operations by October 2015.

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