Sensex closes week 1.5% higher

Fri, 7 Sep Closing

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The Indian stock markets started the day on a positive note on strong global cues post the European Central Bank (ECB) meeting yesterday. The ECB outlined a bond purchasing program that is expected to stave the euro debt crisis. US jobs data was also encouraging, signaling some recovery in the worlds' largest economy. Indices sustained the momentum for the entire trading session today. The uptrend continued till the final hour of trade and the indices closed well in the green. The market breadth was positive with 1.7 advances to every decline. The BSE-Sensex closed in the positive, higher by around 337 points (up 1.95%). Every stock in the 30- stock index closed in the green. The NSE-Nifty also closed higher by around 104 points (up 2%). The smaller indices also had a positive day on the bourses. The BSE Mid Cap index and the BSE Small Cap closed 1.1%and 0.8% higher respectively in trade today. capital goods and realty stocks saw a bulk of the gains today. All sectoral indices in fact closed positive.

As regards global markets, Asian indices had a positive outing today. European indices opened the day on a positive note. The rupee was trading at Rs 55.44to the dollar at the time of writing.

Bharti Enterprises a group company of Bharti Airtel today announced that a committee of directors is looking at the details of the listing of its telecom towers unit Bharti Infratel. However a timeline has not yet been given for the initial public offer (IPO) as yet. However, the draft prospectus could be filed this fiscal if the committee finalises the details. Bharti Infratel currently has more than 33,000 towers in operation. Other players in the tower business include the Anil Ambani promoted Reliance Infratel and Viom Networks - a joint venture between Tata Teleservices and Kolkata-based Quippo Infrastructure. As of now none of the tower companies are listed in India, although Reliance Infratel plans to do so soon.

Indian Drug firm Aurobindo Pharma announced that it has received final approvals from the US health regulator to manufacture and market Amlodipine Besylate and Benazepril Hydrochloride capsules, used for treating hypertension, in the American market. The company has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market both the drug capsules in various strengths. The capsules are generic bio equivalent to Novartis Pharmaceuticals Corp's Lotrel capsules. According to IMS health data, annual sales of the two drug capsules in various strengths stood at nearly US$ 500 m for during FY12. The company now has a total of 158 Abbreviated New Drug Application (ANDA) approvals with 133 final approvals and 25 tentative approvals from USFDA. The stock closed 3.2% higher in trade today in a largely positive market.