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Sensex inches higher
Wed, 16 Sep 01:30 pm

After trading on a firm note during the morning session of the day, the Indian equity markets have inched higher in the post noon trading session. Gains were led by stocks from pharma, banking and auto segments.

The BSE-Sensex is trading up 254 points (1%) and the NSE-Nifty is trading up by 71 points (0.9%). The S&P BSE Midcap index is trading up by 0.2% and the S&P BSE Smallcap index is trading flat. Gold prices, per 10 grams, are trading at Rs 26,044 levels. Silver price, per kilogram, is trading at Rs 34,867 levels. Crude oil is trading at Rs 3,001 per barrel. At the time of writing, the rupee stood at 66.38 to the US dollar.

Stocks in the pharmaceutical space are trading on a mixed note with Cadila Healthcare and Orchid Chemicals leading gains. As per a leading financial daily, Natco Pharma has announced that it has raised Rs 3.4 bn by issuing shares to qualified institutional buyers. The company has issued 16 lakh shares at a price of Rs 2,130.55 apiece. It was reported that, the issue price was at a 5% discount to the floor price of Rs 2,242.68 per share. Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets. Scrip of the company is presently trading up by 1.7% on the BSE.

Energy stocks are also trading mixed note with Oil India Ltd and Gujarat Gas witnessing maximum selling pressure. As per an article in Economic Times, Oil and Natural Gas Corporation (ONGC) is planning to bid for some of the smaller fields which it earlier surrendered following the unveiling of a new government policy to develop marginal oil and gas blocks. Moreover, the company is also spending on developing its other fields by earmarking around Rs 350 bn in capital expenditure for the current fiscal year. Stock of ONGC is currently trading up by 0.7%.

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