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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Markets snap 3-day losing streak
Tue, 13 Dec Closing

Thanks to a strong spurt during the dying stages, indices in the Indian stock markets not only recouped all of their losses but also ended the session on a strong note. Thus, while Bse-Sensex edged higher by more than 130 points, gains on the NSE-Nifty came in the region of 40 points. BSE Mid Cap and BSE Small Cap indices however could not go the way of their large cap counterparts and thus closed the day lower by around 0.6% each. Only about 4 of the Sensex stocks could not end their journey in the positive territory.

India remained the sole gainer amongst major Asian indices today while Europe is trading strong currently. The rupee was poised at Rs 53.2 to the dollar at the time of writing.

With the IIP numbers done and dusted, investors looked forward to an expectation of halt in interest rate hikes by the Reserve Bank Of India (RBI) in order to support growth. And this may be the big reason why the indices snapped their 3 day losing streak and closed higher on the bourses today. However, the gains did not build up further as outlook on rupee still remains bearish and debt concerns continue to weigh down Europe. All in all, the rally today had rather weak legs and thus any hopes of a bigger jump in share prices from the current levels remain rather muted.

Non ferrous metals major Hindalco emerged as the highest grosser on the Sensex and edged higher by close to 5%. The strength in the counter seemed nothing more than a relief rally after the 40% battering that the stock has received since April 2011. Furthermore, the fact that the stock is a safe bet in the metals space given its raw material security seemed to have also rubbed off positively. What is also positive from a long term perspective is the company's growing focus on value added products such as aluminium based windows, door systems and building facades. The company will be unveiling its Eternia brand of windows and doors systems in the Indian market in January 2012. It is also gearing up to introduce an all-aluminium facade for large buildings through its subsidiary Novelis during the same time. It should be noted that India provides great opportunities for aluminium with a per capita consumption of just 1.5 kg as opposed to 12 kg in China and 30 kg in Japan.

Closing at the other end of the spectrum was Glenmark Pharma, with the share price dropping more than 4%. The fall was apparently on the back of US based Napo Pharma terminating a collaboration agreement with Glenmark for developing and marketing an HIV-associated diarrhea drug. The development comes as a latest setback in the company's attempts to exclusively market the drug in 140 countries. The drug, Crofelemer, has the reputation of being the first ever drug developed by an Indian firm. It should be noted that Napo pharma was the initial developer of the molecule who licensed it out to Glenmark and another company called Salix. Apparently, Glenmark has sought an arbitration in the US.

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Oct 19, 2017 (Close)

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