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Indian markets open in green
Tue, 6 Oct 09:30 am

The major Asian stock markets have opened the day in green. Stock markets in Indonesia, Singapore and Japan are trading up by 2.1%, 1% and 0.9% respectively. The major stock indices in Europe and US markets ended their previous session on an encouraging note. The rupee is trading at 65.26 per US dollar.

Indian stock markets have opened the day on a positive note. BSE-Sensex is trading higher by 92 points (up 0.3%) and NSE-Nifty is trading higher by 21 points (up 0.2%). Both S&P BSE Midcap and S&P BSE Smallcap, have too opened firm. Both BSE Mid-Cap and BSE Small-Cap are trading higher by 0.3% and 0.6% respectively. Among the sectoral indices, barring stocks from banking sector, major sectoral indices have opened the day in green. Stocks from pharmaceutical and telecommunication are in maximum demand.

As per an article in Livemint, Housing Development Finance Corporation (HDFC) has reduced its prime lending rate by 0.25%. The reduction in the lending rates will be effective from today. The reduction will bring down the effective home loan rates for new customers to 9.65% per annum. Moreover with the start of the festive season, company was induced to cut the lending rates in order to be more competitive. Other, banks such as Axis Bank and ICICI Bank have already reduced the lending rate by 0.35% following the RBI's policy. The cut in the lending rate is followed by the RBI's policy decision on 29th September to reduce the benchmark repo rate by 0.50%. So should your investments follow interest rate cycle? In one of our recent 5-minute wrap up edition, Madhu has discussed about this.

Few months back, the European Commission had banned the sale of 700 pharmaceutical products which were clinically tested by GVK Biosciences. Since then there has been delay in meeting to decide upon this decision. Recently, in a meeting India's Prime Minister Narendra Modi, had discussion with the German chancellor over the ban imposed on the pharma products. Reportedly he urged the German chancellor to ensure that the right decision was made by the regulator in this regard. According to the data provided by Pharmaceutical Promotion Export Council, India could lose about USD$ 1-1.2 bn worth of drug exports because of the decision taken by the European Commission to ban the drugs. Now such bans would also have some impact on the pharma companies' revenues and margins. Infact, we had written about this in of our edition of 5 minute premium

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