Markets Trade on a Choppy Note

Tue, 17 Nov 01:30 pm

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   Pre-Open   

   09:30 am   

   11:30 am   

   Closing   

After opening firm, the Indian Indices failed to keep their momentum and slipped into the red. However, they subsequently covered the losses during the post noon trading session and are presently trading in the green. Sectoral indices are trading on a mixed note with stocks from the FMCG and metal sector leading the gainers while IT stocks are leading the losers.

The BSE-Sensex is trading up by 53 points (0.2%) and the NSE-Nifty is trading up by 12 points (0.2%). The S&P BSE Midcap index is trading up by 0.1% while the S&P BSE Smallcap index is trading up by 0.4%. Gold prices, per 10 grams, are trading at Rs 25,222 levels. Silver price, per kilogram, is trading at Rs 33,670 levels. Crude oil is trading at Rs 2,750 per barrel. The rupee is trading at 66.02 to the US$.

Pharma stocks are trading on a mixed note with Piramal Enterprises and Strides Acrolab leading the gains. As per an article in Economic Times, the Indian pharmaceutical market grew 15% in October. This was seen as a continuation of an average mid-teen growth seen during the year so far, according to a report from IMS Health.

Among the chart of top sellers were drugs used to treat infections, cardiovascular diseases and gastrointestinal issues. They contributed to as much as 36% of the total market, which is nearing Rs 1 trillion.

Furthermore, Indian companies grew at 21.2% during the month of October on the Moving Annual Turnover (MAT) basis. For the three year period between October 2012 and 2015, the average industry growth stood at 12%.

The September quarter was quite challenging for various pharma companies. The domestic sales of many companies got impacted, along with rationalization initiatives taken by some of the companies.

Stocks in the mining space are trading firm with MMTC Ltd and Vedanta Ltd witnessing maximum buying interest. World's largest coal miner Coal India Ltd (CIL) has reported its results for the quarter ended September 30, 2015.

The company has reported 16% increase in its net profit at Rs 25 billion on a YoY basis. Consolidated net sales of the company registered an increase of 8% YoY at Rs 169 billion. The increase in earnings was mainly aided by higher production and better offtake during the period.

Coal production during the quarter stood at 108.20 million tonne (MT) as against 102.42 MT reported during the same period last year.

On a separate note, eight investment banks have submitted bids to manage the 10% stake divestment in the company. The stake sale is a part of the government's aim to raise Rs 695 billion by March by selling minority stakes in government-owned companies. The stake is valued at about US$ 3.2 billion at the current Coal India stock price.

Presently the stock of Coal India is trading up by 0.3% on the BSE.

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