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Indian markets surge
Wed, 9 Sep 01:30 pm

After opening the day in the green, Indian Indices surged upwards in the post noon trading session. Sectoral indices are trading positively with stocks from the mining, steel and aluminum sectors leading the gainers.

The BSE-Sensex is trading up 496 points (up 2%) and the NSE-Nifty is trading up 149 points (up 2%). The BSE Mid Cap index is trading up 2.5% and the BSE Small Cap index is trading up 2.2%. In commodity markets, Gold prices, per 10 grams, are trading at Rs 26,381 levels. Silver price, per kilogram, is trading at Rs 35,560 levels. Crude oil is trading at Rs 3,049 per barrel. The rupee is trading at 66.33 to the US dollar.

Stocks in the pharmaceutical space are trading on a firm note with Pfizer and Abbot India leading the gains. As per a leading financial daily, Glaxo SmithKline Pharmaceuticals (GSK Pharma) has started work on setting up a Rs 10 bn pharmaceutical manufacturing unit in Karnataka. The unit is expected to be fully operational in 2017 and will make more than 8 billion tablets and 1 billion capsules for the domestic Market. Further, the facility is said to be built on a 50-acre site in Vemgal. Presently the stock of GSK Pharma is trading up by 0.3% on the BSE.

Power stocks are trading on an encouraging note with JSW Energy and NTPC witnessing maximum buying interest. As reported in a financial daily, India's largest integrated power company Tata Power has begun building its Rs 4.5 bn defence production unit in the state of Karnataka. The investment is in line with the company's commitment towards 'Make in India' initiative. For this, the Chief Minister laid down the foundation stone for the 50-acre Vemagal facility to create a state-of-art integrated digital design-to-manufacturing facility for large systems engineering and integration. Stock of Tata Power is currently trading up by nearly 0.3%.

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