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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets hold on to their gains 
(Wed, 22 Dec 11:30 am) 
 
After starting today’s session on a positive note, Indian indices have managed to hold on to their gains. However, other key Asian markets are trading mixed. Currently, heavyweights in the Sensex are trading flat with stocks from the realty and metals space leading the gains. However, stocks from the IT and consumer goods space are trading flat.

Currently, the BSE-Sensex is trading up by around 52 points, while the NSE-Nifty is up by about 10 points. There has been some buying interest amongst the mid and small cap stocks as well with the BSE-Midcap and BSE-Smallcap indices trading higher by 0.6% and 0.8% respectively.

Pharma stocks are trading mixed with Ranbaxy and Wockhardt leading the gains. However, Dr Reddy’s and Indoco Remedies are trading weak. Dr Reddy’s has entered into a licensing, technology transfer and marketing agreement with R-Pharm of Russia. Apart from manufacturing finished & bulk drugs, R-Pharm also undertakes R&D of innovative pharmaceutical productsand technologies. The collaboration between the two firms is in the area of high technology and will work on a profit sharing model. The agreement will allow joint development of products and knowledge sharing between the two companies. Collaboration with R-Pharm will not only strengthen Dr Reddy’s presence in Russia but will also allow it to import and market R-Pharm products in India thereby enlarging its overall product portfolio.

Oil & Gas stocks are trading firm led by BPCL and Essar Oil. However, Petronet LNG and Gujarat State Petronet are trading weak. RIL and Russia’s leading petrochemical company SIBUR have announced a JV for production of butyl rubber in India. The production will be undertaken at RIL’s integrated petrochemical site in Jamnagar with an initial capacity of 100,000 tones. Initial investment in the project is estimated to be US$ 450 m and the plant is expected to be commissioned by 2013 with RIL having a majority stake in the JV. SIBUR is expected to bring its proprietary technology on to the table for rubber polymerization while RIL will supply monomers and provide infrastructure facilities for manufacturing of butyl rubber. RIL’s venture to set up a rubber plant in India is expected to meet the long standing demand of the Indian tyre and rubber industry.

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