Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Volatility plagues Indian bourses
Fri, 30 Sep Closing

Indian stock market had a rather volatile outing today. While the indices opened on a cautious note, buying activity propelled them into the positive. However, this foray proved short lived as profit booking began to take its toll. Thus, the afternoon session saw the indices languishing deep in the red with no respite in the final trading hour as well. While the BSE-Sensex closed lower by around 244 points (down 1.5%), the NSE-Nifty closed lower by around 72 points (down 1.4%). The BSE Mid Cap and the BSE Small Cap were not spared either as they closed lower by 1% each. Losses were largely seen in metals, auto and banking stocks.

As regards global markets, Asian indices closed mixed today while European indices have opened in the red. The rupee was trading at Rs 49.11 to the dollar at the time of writing.

Aluminium stocks closed mixed. While Hindalco closed into the red, National Alluminium Company (Nalco) found favour. As per a leading business daily, Nalco has envisaged becoming a strong player in the metal and energy sector by 2020. With this aim in mind, the company is targeting a turnover of Rs 250 bn by that time. However, to do so the company is keen to diversify and not just focus on aluminium. Nalco's diversification and expansion plans would involve an investment of Rs 400 bn. Nalco would be exploring business opportunities in other mineral sectors such as copper, gold, uranium and titanium. In this regard, the company has already signed Memorandum of Understanding (MoUs) with Hindustan Copper Limited (HCL) and Indian Rare Earths Limited (IREL) for different diversification projects. It must be noted that currently, Nalco is India's largest producer of alumina and one of the leading producers of aluminium.

As per a leading business daily, Glenmark has received tentative US FDA approval for its generic version of IMR's drug 'Zomig' used for treating migraine. The tentative approval granted by the US regulator is for the 2.5 mg and 5 mg tablets and constitutes one of two tentative approvals granted for a generic version of the drug. It must be noted that Glenmark will be able to launch this drug only on receiving final approval from the US FDA. Further, the company believes that there are no first filers for this drug, which means that the company can launch this drug on Day 1 of patent expiry (in May 2013). According to IMS Health, 'Zomig' had generated revenues to the tune of US$ 141 m for the 12 month period ending June 2011. This is a positive Glenmark and will enable the company to enhance its sales from the highly competitive US generics market where continuous product launches are the order of the day. Glenmark's current portfolio consists of 73 generic products authorized for distribution in the US market. The stock closed higher today.

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

Equitymaster requests your view! Post a comment on "Volatility plagues Indian bourses". Click here!

1 Responses to "Volatility plagues Indian bourses"


Oct 1, 2011

With the announcement of 1:1 bonus declaration my Monsanto India in August, a major opportunity is available for the investors... that too so cheaply. Currently the share is in the range of 1720-1760, which seemingly does not look cheap but considering the BV, market leader and bright prospects in this sector - Agro-chemicals, is is indeed cheap. It is expected that post-bonus (Oct. 8) the share will quote between 850 - 1000 till the market is range bound between 4800-5200. The share should quote around 1200-1400 by June 2012, that is, when the wholistic picture of the market is expected to improve. Best...

Equitymaster requests your view! Post a comment on "Volatility plagues Indian bourses". Click here!

Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 19, 2018 11:53 AM