A Firm Start to the Week

Mon, 28 Dec Closing

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   09:30 am   

   11:30 am   

   01:30 pm   

Indian equity markets ended the day on a positive note. While the BSE Sensex closed higher by 195 points, the NSE Nifty closed higher by 64 points. Mid and small caps too fared well with the S&P BSE Mid Cap index and the S&P BSE Small Cap index closing higher by 0.1% and 0.5% respectively. Gains were largely seen in healthcare and auto stocks.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.56%, while the Shanghai Composite led the Hang Seng lower. They fell 2.59% and 0.99% respectively. European markets are lower today as French and German markets trading weak. The French CAC 40 is off 0.36% while the German DAX is down 0.03%. The FTSE 100 in London is not trading. The rupee was trading at 66.17 against the US$ in the afternoon session.

Stocks in the banking space ended mixed with ICICI Bank and Karnataka Bank leading the gainers. As per an article in Economic Times, the Reserve Bank of India (RBI), in an informal assurance, has said that it will not place restrictions against commercial banks if their stressed loans increase sharply on account of cleaning up their books as the RBI has directed. The move comes as a relief for banks that were concerned about the RBIs order to downgrade a chunk of loans given to defaulting borrowers. Banks felt that the order would impact their earnings and result in prompt corrective action. Readers would do well to recollect that the RBI had earlier this month identified a list of 150 borrowers and directed banks to downgrade these companies by the end of this fiscal year.

Also, the measure is said to encourage banks to clean up their books. It will aid the deadline set by RBI governor Raghuram Rajan for banks to clean up their balance sheets by March 2017.

One of our articles from the 5 Minute WrapUp shared views on measures initiated by the RBI for the revival of banking sector. You can read it here.

Pharma stocks ended the day on a positive note with Sun Pharma and Dr Reddy's Laboratories leading the gains. As per a leading financial daily, Glenmark Pharmaceuticals is seeking shareholders' approval in order to raise up to US$500 million by issue of securities in domestic as well as foreign markets. This is being done to fund its expansion plans that include setting up of new manufacturing facilities.

The company's expansion plans include enhancing its marketing network both in domestic and overseas markets, set up manufacturing infrastructure, focus on R&D (research and development) and introduce new products across various markets.

Furthermore, the company is also seeking shareholders consent for creation of charge/mortgage on assets of the company.

Glenmark Pharmaceuticals is a global integrated pharmaceutical company. The company has a significant presence in branded generics markets across emerging markets including India. The stock ended the day lower by 0.2%.

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