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Money Mar 5, 2013

Sensex up 100 points as FM promises more reforms, Natco up on licence win

By Firstbiz Staff

The Indian markets opened positive as finance minister P Chidambaram is on overdrive mode promising more announcements and steps to revive growth and investment.Decisions will be announced when the FM replies to the debate in Parliament by end of March.

While Sensex was up 132 points 19010, the Nifty was at 5692.

RIL, Infosys, Wipro, TCS, SBI, ICICI Bank, Tata Steel, BHEL, HDFC, Gail India, NTPC, Tata Power, ONGC, BHEL, Hero MotoCorp are among gainers in Sensex and Nifty.

Sun Pharma, HDFC Bank, Bharti Airtel, Dr Reddys Lab, Coal India, Bajaj Auto, M&M are among losers in Sensex and Nifty.
Power, HC, PSU, IT, Teck, Consumer Durables, Oil and gas indices,Bankex, Capital Goods, Metal, Realty indices are the losers.
Healthcare indices is only the loser.

Reuters

Reuters

SEBI is expected to convene a meeting of FIIs to clarify on issues raised by Budget proposals. The FM will also do roadshows in US, Canada and Japan in April-May to lure investors. Meanwhile, Moody's has said the Budget pursues a realistic fiscal consolidation path and is 'credit positive.

Globally, US indices ended higher. Asian stocks are also gaining. Expectations are that central bankers will continue stimulus measures. China has maintained its economic-growth target for 2013. Japan's Nikkei is up over a percent while Hong Kong's Hang Seng and South Korea's Kospi index are marginally higher. China's Shanghai index is up 0.20%.

US Federal Reserve Vice Chairman Janet Yellen said the U.S. central bank should press on with $85 billion in monthly bond buying. Kikuo Iwata, a nominee for Bank of Japan deputy governor said The Bank of Japan should expand the country's monetary base.

Stocks in news

Reliance Industries is up 1.08 %, after the Defence Ministry has agreed to relax the "No-Go" zones imposed on its producing KG-D6 gas block and discovery block of NEC-25 in Bay of Bengal and permitted oil and gas activities with certain conditions.

Natco Pharma is up 4.81 %, after the Intellectual Property Appellate Board has upheld the compulsory licence issued to Hyderabad-based for selling generic copies of Bayer's cancer drug Nexavar, citing "affordability" and "product access" as the reasons for the decision.

by Firstbiz Staff

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