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Realty stocks lead the gains
Thu, 18 Sep Closing

After trading in the positive territory during post noon trading session, the Indian equity markets gained further ground and closed the day in the green. While the BSE Sensex today closed higher by 481 points, the NSE-Nifty closed higher by 139 points. Midcaps and Smallcaps too closed on a strong note today. While the BSE Mid Cap index closed higher by 1.8%, the BSE Small Cap index was up by 2.7%. Realty and consumer durable stocks were the biggest gainers today.

As regards global markets, Asian indices also closed strong today with the exception of Korea and Hong Kong. The rupee was trading at Rs 60.95 to the dollar at the time of writing.

Mining stocks ended the day on a strong note today. Hindustan Zinc and MMTC Ltd were the biggest gainers. In order to ensure interrupted fuel supply to power plants, the government has directed Coal India to cut the quantity of coal it sells via auctions. It may be noted that Coal India sells coal in the open market as well as via auctions. The auction route is beneficial since it fetches higher realizations. However, this raises the cost of power and reduces the quantity of sales that happen in open market. As a result, the government has asked Coal India to cut the quantity of coal sold through the auction route. It is believed that loss of revenues due to lower quantum of sales via the auction route may prompt the company to raise the prices. If prices indeed increase it may attract investor interest into the stock.

Pharma stocks have closed the day on a positive note. The gains were led by the stocks of Dr. Reddy's, Divis Laboratories and Dishman Pharma, each of whom ended the day with gains upwards of 3%. As per a leading business daily, the export of pharmaceutical products from India is set to cross the Rs 1 trillion mark in value terms during FY15. This is up from Rs 900 bn during FY14. If this level of exports is achieved this year, it will in effect mean that pharmaceutical exports will have recorded a growth of 15% this year in FY15. The majority of the export revenues are being expected to come from formulations this financial year.

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Feb 23, 2018 03:35 PM