Smallcap stocks in favour today
The Indian markets continued to trade well above the dotted line during the post noon trading session. Barring stocks from the FMCG space, buying activity is being witnessed across the board with those from the capital goods, consumer durables and oil & gas spaces being the top performers.
The Sensex today is trading higher by about 155 points (up 0.8%), while NSE-Nifty is trading higher by about 50 points (up 0.8%). Stocks from the midcap and small spaces are trading firm with the BSE-Midcap and the BSE-Smallcap indices up by 0.7% and 1% respectively. The rupee is trading at 54.34 to the US dollar.
Stocks of pharmaceutical companies are trading firm led by Aurobindo Pharma, Cipla and Dr. Reddy's. The stock of Glenmark Pharma is trading firm after reports of the company clearing the approval of the US Food and Drug Administration for Salix Pharmaceuticals' drug to treat diarrhea in HIV/AIDS patients. The drug can be used as part of the antiretroviral therapy, which is a combination of medicines used to treat HIV infection. Glenmark will be supplying the active pharmaceutical ingredients (APIs) for the drug to Salix in for global markets (ex-China). In another development, the company has also received approval from USFDA for Rizatriptan Benzonate Tablets, which are the generic versions of Merck's Maxalt Tablets. These medicines are used to treat migraine. As per the company, Rizatriptan Benzonate tablets had US sales of US$ 333 m in a year (ended September 2012).
Stocks of auto companies are trading firm led by Bajaj Auto, Maruti Suzuki and Ashok Leyland. The stock of two wheeler major Bajaj auto hit its 52-week high levels today on the back of the company reporting good sales volumes for the month of December 2012. The company's two wheeler sales volumes were up by 13% YoY as compared to the same month last year, while its commercial vehicles sales volumes were up by 9% YoY. As per the company, the consolidated sales figure and export figures are up by 13% and 5% respectively. Bajaj Auto's sales volumes growth figures are better than those of its counterpart Hero Honda, which reported flattish volume growth for the same month.
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Soaring temperatures and heat waves have gripped North India, as locals try to beat it by drinking fluids and covering themselves as they drive their vehicles. The effect of the rising temperatures was visible in Allahabad, where scores of people turned up to take bath in the Ganges river to beat the heat.
Date 19-05-13, Duration 1:31, Views 711