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Weak global markets take toll on India
Thu, 20 Aug Closing

Indian equity markets began the day's proceedings on a cautious note today and remained range-bound in the morning session. However, in the subsequent hours they plunged into the red as selling activity intensified owing to weak global cues. While the BSE-Sensex closed lower by 324 points, the NSE-Nifty closed lower by 123 points. Both the S&P BSE Midcap and the S&P BSE Smallcap closed on a negative note with losses of about 2% each. Losses were largely seen in realty, banking and metal stocks today.

Asian markets finished broadly lower today with shares in China leading the losses. The Shanghai Composite ended lower by 3.42% while Hong Kong's Hang Seng was down by 1.77%. Japan's Nikkei 225 came in lower by 0.94%. Europe shares extended their losing streak on Thursday. The rupee was trading at 65.19 against the US$.

Shares of drug Major Lupin surged more than 5% in intraday trading today after the company reported that it has opened a research and development (R&D) centre for inhalation products at Coral Springs in Florida, US. The facility will focus on the R&D of inhalation products for the treatment of asthma, allergic rhinitis, chronic obstructive pulmonary diseases and other lung diseases. With the talent and resources Florida provides, the company's Coral Springs expansion will further strengthen its ability to bring quality, affordable pharmaceuticals to patients in the United States and other key markets globally.

Stocks in power sector languished in red with PTC India Ltd and Jaiprakash Power bearing majority of the brunt. According to a leading financial daily, Tata Power, India's largest integrated power company has increased its consumer base to two million consumers in FY15, achieving 618,000 consumers in Mumbai and over 1.4 million in Delhi. The company has steadily been adding consumers across categories due to its diligent customer service and the most competitive tariff offering to consumers with a monthly consumption of up to 300 units. The increased Mumbai consumer base was aided by the addition of 19,000 direct and 105,711 changeover consumers during FY15. In Delhi, the company's consumer base spans across an area of 510 square kilometer in Northern and North Western Delhi.

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