Indian stock market continued to trade firm on account of sustained buying interest in heavyweights over the last two hours of trade. Barring capital goods, all the sectors are trading in the green. Stocks from Auto and Consumer durables space are witnessing maximum buying interest.
Steel stocks are mainly trading in the green with Tayo Rolls and Hindustan Zinc leading the pack of gainers. As per a leading financial daily, Steel Authority of India Ltd (SAIL) is seeking to acquire coking coal assets in Australia. As per the management, the company already sources 10 million tonnes from Australia and expects a boost in investment if it gets access to loans at competitive rates from the local banks in Australia. The Australian minister has suggested that there is a possibility to facilitate this by working out a way to offer loans to Indian ventures from Australia's large super annuation fund. However, this would need a thorough discussion between both the governments. It is important to note here that Australia accounts for around 80% of the coking coal used by steel industry. The stock was trading in the green
Pharma Stocks are trading mixed with Cipla and Divis Laboratories leading the pack of gainers and Biocon leading the losers. As per a leading financial daily, Ranbaxy Laboratories has received permission from US Food and Drug Administration (USFDA) to sell its generic drug acetaminophen in the US that happens to be world's largest drug market. Acetaminophen is used in case of headaches and other minor aches and pains. Recently, the company has been able to secure 2.5% market share in generic Lipitor segment in US the initial few days of launching the drug there. The stock was trading in the green.