Markets close the week 2% higher

Fri, 13 Jan Closing

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   09:30 am   

   11:30 am   

   01:30 pm   

After a brief session of profit booking, the indices in Indian stock markets managed to end today's session firmly in the positive territory. While the indices could not hold onto their intra-day high, they still staged a strong finish towards the end of trade for the week. Markets closed the week a strong 2% higher. The year to date returns for the index also are positive, currently at 4%. The BSE-Sensex closed the day higher by 117 points (0.7%) while the NSE-Nifty traded 35 points higher. The BSE Mid cap and BSE Small cap indices however saw a relatively better performance and gained 1.1% and 1.4% respectively.

The metal index closed higher on account of a rise in steel prices led by gains from JSW Ispat and Tata Steel. The capital goods index also closed higher while consumer durables and oil and gas stocks failed to impress.

Most Asian indices closed in the mixed today with Europe trading higher currently. The rupee was trading at Rs 52.72 to the dollar at the time of writing.

Sintex Industries, recently announced its results for the third quarter of the financial year FY12 (3QFY12). The plastic products manufacturer reported a 27.3% fall in consolidated net profit in 3QFY12. Even its consolidated net sales dipped over 2% in the December quarter. However the rupee depreciation caused the company to post a forex gain of Rs 135 m as against loss of Rs 600 m previously. The overall growth moderation in the economy has led to a slowdown in the company's monolithic business and custom molding which has resulted in lower margins. On a set of disappointing numbers the company was trading 0.6% lower.

Glenmark Pharma announced that it received an interim order from a US based arbitration panel against Napo Pharmaceuticals Inc's termination of a collaboration pact for an HIV-associated diarrhea drug. Glenmark had earlier developed Crofelemer with two American firms Napo and Salix Pharma. Napo was the initial developer of the molecule and licensed it out to Glenmark and Salix. According to the initial agreement, Salix would sell the drug in regulated markets such as North America, Japan and Europe. The agreement which was signed in July 2005, conferred exclusive rights to Glenmark to develop, commercialize and distribute the drug, Crofelemer, in 140 countries. The latest move provides interim relief to Glenmark, as the pharma major recently started trials of the drug to treat cases of adult acute diarrhea, including cholera. On account of this positive development the stock was trading 2.8% higher.