Sensex rallies over 200 pts

Fri, 9 Oct 11:30 am

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   09:30 am   

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After opening firm, the Indian Markets continued to trade positively. Sectoral indices are trading firm with stocks from the banking, capital goods and auto sector leading the gains.

The BSE-Sensex is trading up 250 points (up 0.9%) and the NSE-Nifty is trading up 64 points (up 0.8%). The BSE Mid Cap index and the BSE Small Cap index are trading in the green, up 0.3% and 0.5% respectively. The rupee is trading at 64.79 to the US dollar.

As we told you, Asad Dosani, the editor of Alpha Trader, has already started disclosing the key details of his latest trading strategy to make "Income at Will" in a Master Series. The strategy will use options on the Nifty index which are used by banks and professionals to make regular income. As is always the case, the strategy has been thoroughly back tested by Asad. And the back testing showed some unbelievable results! The strategy yielded profits in 202 out of 254 weeks; 58 out of 59 months and is profitable since 5 years in a row. Asad has developed this product after years of learning and hard-work. Moreover, Nifty Index, being the largest options market in the world provides tons of opportunity to make money. This master series will be available for viewing all of today and tomorrow.

As per a leading financial daily, Glenmark Pharmaceuticals is evaluating possible legal options over diabetes drug setback. The hindrance came after the Delhi High Court restrained it from manufacturing and selling generic version of MSD's (Merk Sharp and Dohme) anti-diabetes medicines- Januvia and Janumet. MSD in its plea had sought injunction against the company alleging that Glenmark Pharma had violated its intellectual property rights (IPR) over its anti-diabetes medicine, Januvia and Janumet, by coming out with its own drugs containing the same salts ( Sitagliptin Phosphate Monohydrate and other salts of Sitagliptin)

As per the High Court's order yesterday, the company has been restrained by a decree of permanent injunction from making, using, selling, distributing, advertising, exporting, offering for sale or dealing in these salts.

Presently, most of the pharma stocks are trading firm with Glenmark Pharma and Aurobindo Pharma leading the gains.

Steel stocks are also witnessing a positive trend with gains led by Jindal Saw Ltd and Tata Steel. As per an article in The Economic Times, India's steel consumption has declined by more than 5% in September to 6.2 million tonnes (MT) compared with the earlier month. Furthermore, the production of the metal too went south by 1.3% month on month to 7.34 MT. The development suggests weakness in the business sentiments.

However, during the first half of the fiscal (April-September 2014-15), the consumption of total finished steel witnessed a growth of 4.1% on a year on year (YoY) basis.

Just recently, we wrote a detailed noted (subscription required) on how overcapacity and other factors in the metals business has taken a toll on metals stocks over the last 5 years or so.