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Indian Indices Begin Week Strong, Pharma Stocks Show Uptick
Tue, 30 Oct Pre-Open | Monish Vora, TM Team

On Monday, share markets in India opened on a positive note and ended the day in green after an optimistic day of trading.

The BSE Sensex closed higher by 718 points to end the day at 34,064. While the broader NSE Nifty ended the day up by 220 points to end at 10,251.

Among BSE sectoral indices, pharma stocks rose the most by 4.2%, followed by realty stocks at 3.8%. ICICI Bank and State Bank of India were among the top gainers.

Top Stocks in Action Today

ICICI Bank share price is likely to be in focus today after the bank declared its quarterly results.

The bank reported a bigger-than-expected 56% fall in Q2 net profit, but its asset quality improved. It had posted September quarter net profit of Rs 9.1 billion (US$123.8 million) compared with a loss in the June quarter.

Cipla share price will be in focus today after the company received final approval for its Abbreviated New Drug Application (ANDA) for Metoprolol ER Tablets from the United States Food and Drug Administration (USFDA).

The drug is generic therapeutic equivalent version of Aralez Pharmaceuticals, Inc's, Toprol XL, which had US sales of around US$464 millon for the 12-month period ending August 2018.

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RBI to Undertake Open Market Operations

Reserve Bank of India (RBI) will inject Rs 400 billion in the banking system next month.

The central bank said that based on an assessment of the durable liquidity needs going forward, the RBI has decided to conduct purchase of government securities under open market operations (OMO) for an aggregate amount of Rs 400 billion in the month of November 2018.

Note that the banking system has been running in deficit in the past three weeks. As per the data from India Ratings, the daily liquidity deficit has been hovering between Rs 875 billion to Rs 1 trillion. It widened as much as Rs 1.4 trillion last Monday.

So, the OMO by the RBI will help in easing the cash shortage in the system and stabilise debt market rates.

What effect the above measure has on the banking system remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

By the way, in our latest edition of the stock market podcast, Richa Agarwal, the editor of small-cap service Hidden Treasure, talked about buying small cap stocks in this massive correction. Listen in to find about the best small cap stocks that are in sale. Just visit SoundCloud, iTunes or Stitcher.

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Stock Market Updates

Bloodbath on Dalal Street: 6 Reasons Why Sensex Nosedived 1,939 Points Today (Today's Market)

Feb 26, 2021 Closing

Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

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