The benchmark BSE-Sensex reclaimed the 28,000-mark and the NSE-Nifty was trading above 8,500 level as the Indian stock markets finished in positive terrain after fall in Chinese Yuan slowed down and inflation plunged to historic low of -4.05% in July, from -2.40% in June. The BSE-Sensex closed higher by about 518 points, while the NSE-Nifty ended higher by about 163 points. Mid and smallcap stocks closed the day on a firm note as well with the S&P BSE Midcap and S&P BSE Smallcap indices ending higher by 2.3% and 1.8% respectively. Gains were largely seen in realty, banking and auto stocks.
Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.27%, while the Nikkei 225 led the Hang Seng lower. They fell 0.37% and 0.12% respectively. European stocks gained in early trade. The rupee was trading weak by 12 paise at 65.12 in the post-noon session.
Shares of Crompton Greaves surged more than 2% after it was reported that the company bagged Rs 3 bn worth of orders from Power Grid, the largest transmission utility in India, for supply, erection, testing and commissioning of power transfers at various substations across India. The orders include 765 kV transformers for the Chittorgarh and Ajmer Substations, both part of the Green Energy Corridor. This is an initiative by the Government of India to facilitate evacuation of renewable energy into the national grid. The company has also bagged orders for the supply of 400kV transfomers and reactors to Power Grid. The transformers and reactor will be commissioned at power grid substations in Kunta, Madhigiri, Narendra, Silchar, Mondola, Manesar, Panchhkula and Damoh.
Stocks from healthcare sector surged 2% in today's trade with IPCA Labs and Glenmark Pharma being the top gainers. However, Divi's Laboratories and Dr Reddy's Lab traded below the dotted line. According to a leading financial daily, Natco Pharma has received approval from Foreign Investment Promotion Board (FIPB) for increase of Foreign Investment Limit from 24% to 31.5% of the paid up equity share capital of the company. FIPB has also approved issue and allotment of eligible securities to Qualified Institutional Buyers (QIBs) up to Rs 4.5 bn. The scrip of Natco Pharma ended the trading day up by 1.3% on the BSE.