Indian Indices Begin Week Strong, Pharma Stocks Show Uptick

Tue, 30 Oct Pre-Open

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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.

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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