The benchmark indices have remained firm due to the strength in index heavyweights such as Axis Bank, HDFC and Reliance Industries (RIL).
The BSE-Sensex is trading up by 153 points (0.54%) and the NSE-Nifty is trading up by 51 points (0.59%). The S&P BSE Midcap index is trading up by 110 points (1%), while the S&P BSE Smallcap index is trading up by 77 points (0.66%). The rupee is trading at 63.49 to the US dollar. Gold and Silver are trading at Rs 25,778 per 10 grams & Rs 34,607 per kilogram respectively.
Stocks in Pharmaceutical sector are trading on a positive note with Panacea Biotech and Elder Pharma leading the winners. Biocon has set the price band for an initial public offering (IPO) of its clinical research service arm, Syngene International at Rs 240-250 a share. SEBI has approved its Red Herring Prospectus on July 15. It is expecting to raise around Rs 5,500 m to fund new research and development. The IPO will be open for subscription on July 27 and close on July 29. Silver Leaf Oak which owns 10% stake in the company would exit. Biocon is trading down by 0.54%.
Stocks in Banking sector are trading on a positive note with IDBI Bank and AXIS Bank leading the winners. foreign institutional investors (FIIs) have cut their exposure in public sector banks. They have reduced their exposure owing to concerns prevailing over worsening of the asset quality. The banks which have witnessed a reduction in FII stakes are Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), Bank of Baroda (BOB), Bank of India (BOI) and Canara Bank. The foreign investors cut their stake up to 3 percentage points in the June quarter. A total of 28 banks both from the public and private sector have so far disclosed their June quarter shareholding, out of these FII's stake has declined in 21 banks. The asset quality challenges continue and with the attractiveness of restructuring waning, the stress might manifest in Non -Performing Assets (NPA).