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Pharma stocks close on firm footing
Wed, 20 Aug Closing

After trading below the dotted line during post noon trading session, the Indian equity markets ended the day in the red. While the BSE-Sensex today closed lower by 106 points, the NSE-Nifty closed lower by 22 points. However, Midcaps and Smallcaps bucked broader market trend and closed with marginal gains. Both the BSE Mid Cap index and the BSE Small Cap index recorded gains of 0.06% and 0.9% respectively. Healthcare stocks were the biggest gainers today.

As regards global markets, Asian indices closed with healthy gains today. The rupee was trading at Rs 60.7 to the dollar at the time of writing and has been gaining ground off late.

Indian pharma stocks ended the day on a strong note. Indoco Remedies and Elder Pharma were the biggest gainers. The stock of Glenmark Pharma rallied and touched intra-day high as the company announced its foray into oncology. The company plans initiation and discovery of innovative bispecific antibody, GBR 1302 molecule. The molecule is based on the BEAT technology and the company expects to obtain permission for initiation of clinical studies by the end of this fiscal. The molecule will focus on treatment of breast cancer.

Power stocks have closed the day on a strong note. Indiabulls Power and JSW Energy were the biggest gainers today. As per a leading business daily, the government plans to conduct a restructuring exercise that will, among other things, transfer all the thermal power projects of state run hydropower companies to NTPC. This will be the result of a move to consolidate all government hydropower companies into one large entity. This would mean a transfer of 4,600 MW of thermal plants controlled by hydro firms to NTPC. The latter would in turn transfer 1,400 MW of its own hydropower plants to the new hydropower behemoth.

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