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Pharma Helps Market Sustain Gains
Mon, 13 Apr 03:30 pm

Indian markets eroded mid-session gains on account of profit booking but later gained momentum. While BSE Sensex is trading with gains of 150 points, NSE-Nifty is trading with gains of 50 points. Almost all the sectoral indices are trading in the green, however, metal stocks and automobile stocks continue to trade in the red. Both capital goods and consumer durables have managed to sustain gains of over 1%. BSE Mid Cap and BSE Small Cap stocks are trading in the green with midcap stocks gaining about 0.3%, while smallcap stocks have gained about 1%.

Precious metals extended their losses in second half of the trading session as gold prices fell 0.3% or Rs 82, while silver prices fell 0.4% or Rs 145. Gold prices, per 10 grams, are trading at Rs 26,700 levels, while silver prices, per kilogram, traded at Rs 36,570 levels. Crude oil prices gained 2.3% or Rs 74 and are available at Rs 3,294 per barrel.

The oil & gas sector has managed to stay on the right side of the gains as Reliance Industries gained over 1%. The oil & gas major announced commissioning Purified Terephthalic (PTA) and Polyethylene Terephthalate (PET) plants at Dahej, Gujarat. The installation of PTA plants with a capacity of 1,150 kilo tones per annum (KTA) will result in increase of RIL's aggregate capacity to 3.2 million metric tonnes per annum. The PET resin plant of RIL has two lines with a combined manufacturing capacity of 650 KTA. This is the largest installation by any company at a single location. Another major, ONGC also gained over 0.5% in today's trading session.

The pharma sector attracted a lot of investors in the second half of the trading session. The sector gained over 1% in today's trading session. Shares of Suven Life Sciences gained over 3% after the company revealed that it has completed the trial run of SUVN - G3031 on healthy human volunteers. The studies is named single ascending dose (SAD). Furthermore, the company said that it has started the next trial run which is called multiple ascending dose (MAD) studies as part of Phase 1. Additionally, shares of Sun Pharma gained over 2% during the second half of the trading session.

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