Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Markets Finish on a Strong Note
Thu, 10 Dec Closing

Buying interest in oil and gas, metal and realty stocks in the afternoon session helped the key indices in Indian stock markets close in the positive today despite weak global cues. While the BSE-Sensex today closed higher by 217 points, the NSE-Nifty closed higher by 71 points. Midcaps and Small caps too finished on a strong note. While the S&P BSE Midcap index closed higher by 0.9%, the S&P BSE Smallcap index closed the day higher by 1.2%.

Asian stock markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 was down 1.32%, while China's Shanghai Composite was off 0.49% and Hong Kong's Hang Seng was lower by 0.45%. European markets are trading mixed to lower. Shares in France are down as the CAC 40 has dropped 0.36%. The FTSE 100 is down 0.23%, while the DAX in Germany is trading flat. The rupee was trading at 66.79 against the US$ in the afternoon session.

Shares of Asian Paints finished the trading day on an encouraging note (up 2.3%) after it was reported that the company's overseas subsidiary Asian Paints (International) (APIL), Mauritius, has transferred its entire holding in Asian Paints (Vanuatu) to Singapore-based Berger International. The transfer of stake to Berger International is part of the company's plans to consolidate its investment in the overseas subsidiaries.

In October, Asian Paints Internationals Mauritius subsidiary transferred its majority stake in two entities to Singapore-based Berger International. APIL had transferred its entire holding of 80% held in the subsidiary company Samoa Paints, Samoa and 75% holding in the subsidiary company Asian Paints (SI), Solomon Islands, to Berger International.

Asian Paints is India's largest paint company and Asia's third largest paint company. The company along with its subsidiaries has operations in 20 countries across the world and 28 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings and Taubmans.

The Indian paint industry has been growing at an encouraging pace since some time; however, the last few quarters seem to be quite poor ones. Three paint companies - Asian Paints, Kansai Nerolac, and Berger Paints - dominate three-fourths of the Indian paint market. The stocks of Berger Paints and Asian Paints have moved in tandem during the past year. Asian Paints has the highest market share and is the leading player in the decorative segment, and the latter two have strong presence in the industrial segment. In our recent edition of '5 Minute WrapUp Premium', we have analyzed the operating performance of paint companies (Subscription Required) and whether they deserve such lofty valuations.

According to leading financial daily, Sun Pharmaceutical Industries has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS). The purpose of the venture is to develop breakthrough products for the treatment of neurological diseases like brain stroke; as well as glioblastoma, a lethal brain cancer.

Reportedly, the scientists at Weizmann Institute have developed a recombinant enzyme currently undergoing animal studies for indications of brain stroke and glioblastoma. Moreover, this enzyme may potentially be indicated for uses beyond these two brain diseases. As per the signed tripartite agreement, Sun Pharma will have the first right to develop these additional indications.

Sun Pharma's recent performance has been impacted by supply constraints at Halol, loss of market share in some of its key products in US, muted growth in the domestic business and currency volatility in emerging markets. The domestic market grew by just 1% YoY for the quarter (Subscription Required). This was largely on the back of inventory rationalization, weak acute segment and withdrawal of bonus schemes.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Markets Finish on a Strong Note". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms