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India's Third Giant Leap

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A flat end to the day
Mon, 10 Nov Closing

Indian share markets had a volatile outing today. After opening firm, the key indices slipped in the red for most part of the day but recovered in the closing hours to end the day marginally positive. BSE-Sensex closed higher by 6 points and NSE-Nifty closed higher by 7 points. BSE Mid Cap ended 0.1% up and BSE Small Cap index closed higher by 0.2%. FMCG and consumer durable stocks were the major gainers today.

On the global front, the Asian markets largely ended the day on a positive note. The rupee is trading at 61.48 to the US dollar.

Majority of the energy stocks ended the day in the green. MRPL and Indraprastha Gas were the major gainers today. According to a leading financial daily, the Oil Ministry has sought cash subsidy of Rs 81.8 bn from the government to compensate 33% of the losses suffered by retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) for selling diesel and cooking gas at subsidized rates for the September 2014 quarter. The three companies reported a revenue loss of Rs 245.6 bn in the quarter. Upstream oil and gas producers such as ONGC, Oil India and GAIL will contribute the balance Rs 163.8 bn towards the losses suffered by retailers.

Most of the foreign pharma companies ended the day on a mixed note. Sanofi and Fulford India were the biggest gainers. As per a leading financial daily, Sanofi's vaccine division Sanofi Pasteur has launched a paediatric pentavalent vaccine Shan5 in India. The vaccine has been developed and manufactured by Sanofi's affiliate Shantha. The vaccine provides protection to children against five diseases namely diphtheria, tetanus, pertussis, Hib and hepatitis B. The World Health Organization has given prequalification status to the launch of Shan5 vaccine. This criterion will help the company secure the market for such vaccines in 50 emerging and low-income countries.

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