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Buying intensifies in second half
Wed, 23 Sep Closing

Buying activity intensified as the day progressed, leading the markets to end the day on a firm note. The BSE-Sensex closed higher by about 171 points, while the NSE-Nifty ended higher by about 34 points. Stocks across the board were trading strong with consumer durables and banking stocks leading the pack of gainers. Mid and smallcap stocks ended the day on a positive note as well, with the BSE Mid Cap and BSE Small Cap indices closing higher by about 0.5% and 0.7% respectively

Asian markets finished sharply lower today with shares in Hong Kong being the worst performer. The Hang Seng was down 2.28% while China's Shanghai Composite was off by 2.19%. Japan's Nikkei 225 ended lower by 1.96%. European markets are sharply higher today with shares in London leading the region. The FTSE 100 is up 1.32% while Germany's DAX is up 1.06% and France's CAC 40 is up 1.01%. The rupee was trading weak at 65.98 against the US$ in the afternoon session.

Power stocks ended the trading day with moderate gains with Jaiprakash Power and Torrent Power leading the gains. Shares of state owned NTPC surged after it was reported that the company is all set to start production from nine coal mines allocated in a phased manner over the next two to three years. Of the nine mines, Pakri-Barwadih is in an advanced stage and the company has target to begin production from this mine this year. NTPC was amongst the companies which had a few coal mines de-allocated after the Supreme Court's ruling last September. However, in March, the company was reallocated five of its cancelled coal mines under the new regime as well as got four more mines. NTPC is the largest power generating company in the country.

As per a leading financial daily, Pfizer has entered into a business transfer agreement for transfer of its business at Thane plant as a going concern to Vidhi Research and Development LLP. The consideration for this plant sell-off was decided at Rs 1.78 bn. Further, the company is starting 20 clinical trials this year and more soon after on treatments to conquer cancer in order to gain leadership in one of the most lucrative areas of medicine. Presently, Pfizer has eight approved cancer medicines, four of them launched in the last four years.

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