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Broad based buying continues
Wed, 29 Oct 01:30 pm

The buoyancy in the Indian stock markets today continued during the post-noon trading session. Markets across segment are trading in the green today. Among the sectoral indices, barring stocks from power, banking and pharma, almost all are trading in the green today. Gainers are led by stocks from auto and consumer durables sectors.

The BSE-Sensex is trading up 150 points and the NSE-Nifty is trading up by 40 points. The BSE Mid Cap index is trading up 0.5% and the BSE Small Cap index is trading up 0.7% today. The rupee is trading at 61.31 to the US dollar.

Energy stocks are trading on a mixed note today. Cairn India and Reliance Industries are leading the pack of gainers, whereas Gujarat State Petronet is trading in the red today. As per a leading business daily, state-run energy major ONGC is leaving no stone unturned to increase its energy output. As such, for years the company has been laggard in reaching target output from its wells. But due to change in government at the centre, the company has been under pressure to turnaround to increase volumes. As such, during this month the company's oil production is already up by 10% and the volumes are at 5 year high levels. The company's chairman is of the view that they are confident to achieve annual volumes of 29 m tones by FY20, which is a rise of 23% from the current levels. In the beginning, the improvement in volumes will mainly come from couple of wells in Mumbai High the company's largest offshore field. ONGC is trading higher by 0.6% today.

Indian Pharma stocks are trading on a mixed note today. While Piramal Enterprises is trading higher, Biocon and Dr. Reddy's are trading on a weak note. As per a leading business daily, the management of Lupin wants to achieve sustainable overall revenues growth of over 20% during this fiscal. It expects it to achieve the same led by healthy performance in the key markets of the US and India. During the first half, the company's generic business grew by over 20%, however branded business reported marginal fall. The new products that were launched in September 2014 quarter like the generic version of oral contraceptive brand Yaz will contribute to company sales in the forthcoming quarters. The stock of Lupin is trading marginally lower today.

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