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Healthcare stocks drag
Thu, 9 Apr 01:30 pm

Indian markets held on to their early gains in the post noon session. The is currently trading with gains of 118 points while NSE-Nifty is up by 42 points. Healthcare sector tanked over 1.5% today, however, other sectoral indices are trading with moderate gains. Banks are highest gainers in today's session. On the other hand, BSE Mid Cap and BSE Small Cap are trading with gains of 0.5% and 0.7%, respectively.

Commodities have extended their losses. Both the gold and silver prices have declined by 0.7%. Gold prices, per 10 grams, have lost about Rs 191 while silver prices, per kilogram, have lost about Rs 300. While the gold prices are trading at Rs 26,600 levels, silver prices are trading at Rs 36,670 levels. Crude oil prices are trading on a flattish tone after falling over 4% owing to US report on crude oil inventory. The Dollar value against the Indian Rupee is flat at the moment.

Power is trading on a flattish note. The highest gainers in the sector are Adani Power and KSK energy. These companies have gained 2.7% and 1.3%, respectively. Shares of Powergrid are trading with moderate profits of about 0.5%. Powergrid Corporation of India has taken the call of allowing the Sri Lankan counterpart - Ceylon Electricity Board to take a call on executing an Rs 30 bn, 500 MW power project. The project involves building an undersea power transmission link between India and Sri Lanka.

The Healthcare sector witnessed a sell off after gaining consecutively for 3 trading days. The sectoral index fell as much as 2% during today's trading session. According to a leading financial daily, the Government of India has given a green signal to proposals for raising capital in the healthcare sector whose total value is Rs 41.87 bn. These proposals are predominantly from Glenmark and Aurobindo Pharma. Both the companies have sought approval to raise capital via foreign players since the regulatory board has given approval for increase in the foreign stake. Glenmark has sought FIIs limit to increase upt o 49% while Aurobindo Pharma has sought to infuse fresh capital of up to 7% of its equity.

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