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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets trade flat
Tue, 7 Jul 11:30 am

After opening the day on a flat note, the indices have not shown any major movement. Buying interest is highest in the Banking sector.

The BSE-Sensex is trading up by 35 points (0.12%) and the NSE-Nifty is trading up by 4 points (0.04%). The BSE Mid Cap index is trading up by 59 points (0.53%), while the BSE Small Cap index is trading up by 94 points (0.82%). The rupee is trading at 63.39 to the US dollar. Gold and Silver are trading at Rs 26,242 per 10 grams & Rs 35,988 per kilogram respectively.

Stocks in the pharmaceutical sector are trading on a mixed note with Wockhardt trading up by 4.08% and Dishman Pharma trading down by 1.28%. The government has taken several measures, including setting up of an inter-departmental committee to look into export-related issues and conducting awareness programmes in emerging markets such as Africa, in an effort to boost pharmaceutical exports. The pharmaceutical sector has a potential in terms of increasing exports and the Commerce Ministry is therefore taking many measures to boost overseas shipments. An inter-ministerial committee to resolve export-related issues has been set up. Due to the above steps the shares of the pharmaceutical companies were in demand and certain stocks such as Marksans Pharma, Elder Pharmaceutical surged upwards by 20%.

Stocks in Banking sector are trading on a positive note with Lakshmi Vilas Bank and Bank Of Maharashtra leading the winners. Deputy Governor R Gandhi has said that public sector banks need more capital than budgeted to strengthen their balance sheets and deal with non-performing assets (NPAs). The Deputy Governor further elaborated that banks need capital infusion for three things to meet Basel III, better provisioning and improving banks business. RBI Governor Raghuram Rajan too had stressed that banks should have enough capital so that they can clean up their balance sheet. For the current fiscal 2016, the government had allocated Rs 79.4 bn for state-owned banks. Public sector banks will need an additional capital of Rs 2,400 bn by 2018 to meet the Basel III capital adequacy norms. Earlier, Union cabinet in December 2014, keeping the huge capital requirements in mind, had allowed public sector banks to raise up to Rs 1,600 bn from markets by diluting government holding to 52% in phases.

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