Indian indices recouped some of their early losses during the previous two hours of trade. Stocks from the FMCG and healthcare sectors are trading flat while the rest of the indices shed value. Stocks from the oil & gas and PSU space are trading weak.
The BSE-Sensex is trading down by 7 points while NSE-Nifty is trading 4 points below the dotted line. BSE-Midcap is trading negative (down 0.4%) while BSE-Smallcap index is flat. The rupee is trading at 44.94 to the US dollar.
Capital goods stocks are trading weak with ABB, Bharat Earth Movers leading the losses. L&T's metallurgical, material handling & water operating company which is a part of its construction division has secured multiple orders worth Rs 7 bn from various customers. In the water sector, the company has bagged two orders. The largest one is worth Rs 3.8 bn from Jabalpur Municipal Corporation, Madhya Pradesh. The project is funded under JNNURM scheme and has to be executed within 30 months. The second order is worth Rs 1.7 bn from Haryana State Industrial and Infrastructure Development Corporation. The order has to be executed in 21 months and is for developing infrastructure facilities in the industrial estates located in Panipat and Rai. In the material handling sector, the company has bagged orders worth Rs 1.6 bn from Bhushan Steel, to be executed in 16 months. This project is for material handling works in the company's steel plant in Orissa.
Pharma stocks are trading mixed with Orchid Chemicals and Wockhardt leading the gains. IPCA Labs and Dr Reddy's are trading weak. Lupin announced that it acquired a majority stake in Australia's Generic Health for an undisclosed amount. Generic Health supplies generic medicines to pharmacists and hospitals all over Australia at a low costs. It has various partnerships with international drug manufacturers. The acquisition has been completed by its Netherlands based subsidiary called Lupin Holdings BV through a subscription of rights issue. Last fiscal, Lupin increased its stake in Generic Health to 49.9% from 36% held previously. Now, with a controlling stake in Generic Health, the company is looking to strengthen its presence in the Australian market.
Australia is a strategic market for Lupin valued at US$ 9 bn market. Out of this the generics share is over US$ 1 bn, a major opportunity for the company. Lupin has built up a sizable amount of product pipeline in therapeutic areas of heart ailments, diabetes and over the counter products, specially intended for the Australian market. The company has filed approvals for many of these products from the Australian authorities. It will be able to use Generic Health's network to help market its products.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
What else is happening in the markets today? Dig in...
BSE Sensex is trading up by 214 points, while the NSE Nifty is trading up by 76 points.
Indian share markets open higher. The BSE Sensex opened up by 363 points, while the Nifty is trading higher by 112 points.
ONGC share price has hit a 52-week high. It is presently trading at Rs 121. BSE 500 Index is up by 0.7% at 20,123. Within the BSE 500, ONGC (up 5.2%) and BEML (up 13.1%) are among the top gainers, while top losers are DHFL and CORPORATION BANK.
GRINDWELL NORTON share price has hit a 52-week high. It is presently trading at Rs 975. BSE 500 Index is up by 0.8% at 20,123. Within the BSE 500, GRINDWELL NORTON (up 5.5%) and BEML (up 11.8%) are among the top gainers, while top losers are DHFL and CORPORATION BANK.
ASTRAL POLY TECHNICK share price has hit an all time high at Rs 2,332 (up 3.6%). The BSE CAPITAL GOODS Index is up by 1.4%. Among the top gainers in the BSE CAPITAL GOODS Index today are ASTRAL POLY TECHNICK (up 3.6%) and HONEYWELL AUTOMATION (up 2.5%). The top losers include KALPATARU POWER (down 0.8%).
BEML share price is trading up by 12% and its current market price is Rs 1,311. The BSE CAPITAL GOODS is up by 1.4%. The top gainers in the BSE CAPITAL GOODS Index is BEML (up 11.7%). The top losers is KALPATARU POWER (down 0.8%).
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll show you how to get started on the path to daily trading profits.
An Indian company founded three decades ago in a garage caught my attention...
In this episode of the Investor Hour, India's #1 trader, Vijay Bhambwani, talks to us about the stock market, his new targets for gold and silver, the best long-term investment opportunity, and a lot more.
More
Equitymaster requests your view! Post a comment on "FMCG, pharma stocks elicit interest". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!