Indian Indices Trade in Green, Declining Forex Reserves, and Top Stocks in Action

Tue, 28 May Pre-Open

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   09:30 am   

   12:30 pm   

   Closing   

Indian share markets continued their momentum and ended their day on a strong note today.

Gains were largely seen in the power sector, metal sector, and capital goods sector.

At the closing bell, the BSE Sensex stood higher by 248 points (up 0.6%) and the NSE Nifty closed higher by 80 points (up 0.7%).

The BSE Mid Cap index ended up by 1.1%, while the BSE Small Cap index ended the day up by 1.8%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood down by 0.2% and the Nikkei was trading up by 0.3%, while the Shanghai Composite was trading up by 1.3%.

European markets were trading on a positive note. The FTSE 100 was up by 0.6%. The DAX was trading up by 0.3%, while the CAC 40 was up by 0.1%.

The rupee was trading at 69.58 to the US$ at the time of writing.

Top Stocks in Action Today

GAIL share price is likely to be in focus today the company declared results for the quarter ended March 2019. Notably, GAIL reported a 9.9% year-on-year (YoY) rise in profit at Rs 11.2 billion for March quarter.

Revenue rose 21.6% YoY to Rs 187.6 billion compared with Rs 154.3 billion in the corresponding quarter last year.

On a quarter-on-quarter (QoQ) basis, the company reported a 33.2% decline in its net profit.

The company also announced bonus issue in the ratio of 1:1. This implies the issuance of one share for every one share held.

Glenmark Pharma share price will be in focus today as the company said it has received final approval from the US health regulator for antiplatelet agents Aspirin and extended-release Dipyridamole capsules.

The approved product is a generic version of Aggrenox capsules of Boehringer Ingelheim Pharmaceuticals Inc.

As per the data, the company said the Aggrenox capsules, 25 mg/200 mg market achieved annual sales of approximately US$ 165.6 million in the 12-month period ended March 2019.

India's Foreign Exchange Reserves are Declining

After rising for the past few weeks, the country's foreign exchange reserves declined US$2.1 billion to US$418 billion in the week to May 17 on account of a fall in foreign currency assets.

In the previous week, the reserves had risen by US$1.4 billion to reach US$420.1 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, decreased by US$2 billion to US$390.2 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at US$23.021 billion, according to the reports.

The special drawing rights with the International Monetary Fund fell by US$9.8 million to US$1.4 billion.

The country's reserve position with the Fund also declined by US$16.9 million to US$3.3 billion.

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