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Indian stock markets surge upwards
Fri, 19 Jun 11:30 am

After opening the day on a positive note the Indian stock market indices have surged upwards. Buying interest is seen in Banking and Automobile sector.

The BSE-Sensex is trading up by 198 points (0.71%) and the NSE-Nifty is trading up by 50 points (0.6%). The BSE Mid Cap index is trading up by 74 points (0.71%), while the BSE Small Cap index is trading up by 68 points (0.63%). The rupee is trading at 63.75 to the US dollar. Gold and Silver are trading at Rs 27,135 per 10 grams & Rs 36,890 per kilogram respectively.

Stocks in Banking sector are trading on a positive note with Yes Bank trading up by 0.30% and State Bank of India (SBI) trading up by 0.89%. Private Sector lender Yes Bank has cut its base rate by 25 basis points to 10.50%. The new rate is effective from 22nd June 2015. Apart from YES Bank, other lenders such as SBI, HDFC Bank, Allahabad Bank, Federal Bank, Central Bank of India, IDBI Bank and Punjab & Sind Bank, among others, have reduced the base rate this month.

Stocks in Pharmaceutical sector are trading on a weak note with Ranbaxy Laboratories and Natco Pharma trading with significant gains. However, Orchid Chemicals and Glenmark Pharma are trading in the red. Proposals for increasing foreign direct investment has been made by four pharmaceutical and medical firms, including Torrent Pharmaceuticals and Biocon's research services arm Syngene, and the same were approved by the government. Ahmedabad-based Torrent Pharmaceuticals' Rs 30 bn proposal for increasing FII investment limit to 35% from 13.09% was the biggest in terms of value approved by the government based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 28, 2015.

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