Indian share markets continued their momentum during closing hours and ended the day on a strong note. Gains were largely seen in the metal sector and oil & gas sector.
At the closing bell, the BSE Sensex stood higher by 404 points (up 1.1%) and the NSE Nifty closed higher by 131 points (up 1.2%). The BSE Mid Cap index closed up by 0.9%, while the BSE Small Cap index ended the day up by 0.8%.
Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 1% and the Nikkei was trading up by 0.6%.
European markets were trading on a positive note. The FTSE 100 was up by 0.1%. The DAX was trading up by 0.2%, while the CAC 40 was up by 0.1%.
The rupee was trading at 71.11 to the US$ at the time of writing.
In the news from the energy space, as per a leading financial daily, Saudi Aramco, the world's largest oil exporter, said it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in India.
The Saudi national oil company, along with its partner UAE's Adnoc, has taken a 50% stake in a planned USD 44-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies and has bullish outlook on India's energy demand and, as per the news, is keen on investing here.
How this deal pans out remains to be seen. Stay tuned to get all the updates from this space.
Speaking of foreign players investing in India, many private equity funds have joined hands to increase their controlling stakes in Indian investments lately.
Here are some examples...
Here's what Tanushree Banerjee, co-head of Research at Equitymaster, wrote about this in one of the recent editions of The 5 Minute WrapUp...
Indian Oil Corporation share price was also in focus today as the company's chairman said the company has signed its first annual deal to buy US oil by paying about US$ 1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources.
IOC is the first Indian state refiner to buy US oil under an annual contract. This deal will also help boost trade between New Delhi and Washington.
The company has previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of US oil between November and January.
IOC chairman Sanjiv Singh said the annual contract will begin from April.
Moving on to the news from the pharma sector, Alembic Pharmaceuticals share price was in focus today on news that the company has received approval from the US health regulator for Acetazolamide extended-release capsules.
The capsules are used for treatment of various kinds of glaucoma.
The approved product is therapeutically equivalent to the reference listed drug Diamox Sequels, 500 mg, of Teva Branded Pharmaceutical Products R&D Inc.
Last week, the company received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Moxifloxacin Ophthalmic Solution USP, 0.5%.
Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.
And since then it has been a painful ride downwards.
As we wrote in one of our editions of The 5 Minute WrapUp...
We believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.
To know more on what moved the Indian stock markets today, you can check out the most recent share market updates here.
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