Thursday December 6, 11:30 AM
Holding on... |
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By Equitymaster.com
Although still strongly into the positive, the indices displayed contrasting trends during the previous hour of trade on the bourses. While Sensex edged marginally lower, the Nifty eked out a small gain. Barring select auto and energy heavyweights, buying interest has persisted among all other sectors. On the overall NSE, more than three stocks are trading in the positive for every decline.
The BSE Sensex is trading at 19,934 (up 196 points) while the NSE Nifty is trading at 6,010 (up 70 points). The rupee is trading at 39.48 to the dollar.
Auto stocks are trading strong currently with biggies like Maruti and M&M trading higher by 1% and 2% respectively. However, Punjab Tractors with a gain of 7% is the highest grosser currently. The stock has risen by nearly 30% over the past few days, largely a consequence of some bargain hunting. The fundamentals too, after the acquisition of a controlling stake by M&M seem to be on the rise. Ever since the new management has taken charge, a sizeable correction at the dealer level has taken place and plans of utilizing the company's excess foundry capacity is also on the cards. These measures, coupled with the strong respect for the brand, especially in the North augurs well for the long-term prospects of the company.
As per a leading business daily, the generic business of Sun Pharma (SUN.BO, news) , one of India's leading pharma companies, has received a big boost post the withdrawal of a patent infringement suit against the company by Novartis (NOIN.BO, news) . The suit was related to the latter's Alzheimer's and dementia drug Exelon. This news has come a little more than a month after Sun Pharma received approval from US FDA to sell Exelon's Rivastigmine Tartrate, the generic version of Exelon and with a combined sales of US$ 200 m of its four different potencies and strengths. The stock is however trading marginally lower on the bourses currently while Nicholas Piramal is trading higher by 3%.
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