Indian stock markets indices are trading strong over the last two hours of trade. IT and Auto stocks witnessed maximum buying interest while Pharma stocks witnessed maximum selling pressure.
The BSE-Sensex is up by 156 points, while the NSE-Nifty is up 48 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.62% and 0.67% respectively. The rupee is trading at 51.46 to the US dollar.
Aluminium stocks are trading strong led by Hindalco and National Aluminium Corporation Limited (Nalco). According to a leading financial daily, Hindalco Industries is planning to make an additional investment of USD $5 bn to more than double its aluminium production capacity by 2016. However, the pace of the expansion would largely depend on early clearances for captive coal blocks, as smelter projects are not viable without captive power. The company's new 360,000 tonne project would start production in the next three to five weeks. The company is still awaiting forest clearances for the captive coal block intended to meet this project's requirement and will be buying coal till such time as the captive coal becomes available.
Pharma stocks are trading weak. Aurobindo Pharma and Dr Reddys Lab are the biggest gainers while Glenmark Pharma and Lupin are the biggest losers. According to a leading financial daily, Ranbaxy Laboratories has launched a generic version of Caduet, used for treating cardio vascular diseases, in the US market, as part of an agreement with Pfizer Inc. Caduet is used by patients suffering from both high blood pressure and high levels of cholesterol. Caduet currently being marketed by Pfizer is a fixed-dose combination of Atorvastatin-Amlodipine besylate which also contains a crystalline form of Atorvastatin. Ranbaxy is making available the full range of the generic version of Caduet. However the company did not disclose the terms of agreement with Pfizer.
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INDIABULLS REAL EST share price is trading up by 5% and its current market price is Rs 122. The BSE REALTY is up by 0.1%. The top gainers in the BSE REALTY Index is INDIABULLS REAL EST (up 5.5%). The top losers are PHOENIX MILL (down 0.4%) and MAHINDRA LIFESPACE (down 0.7%).
MRPL share price is trading up by 6% and its current market price is Rs 45. The BSE OIL & GAS is up by 1.5%. The top gainers in the BSE OIL & GAS Index is MRPL (up 5.7%). The top losers are CASTROL INDIA (down 0.3%) and PETRONET LNG (down 0.8%).
Trends on SGX Nifty indicate a negative opening for Indian stock markets.
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