Indian share market gained further momentum
in the afternoon session as IT stocks were boosted by a weaker rupee.
Sentiments also remained positive on account of firm Asian markets.
At the closing bell, the BSE Sensex
stood higher by 456 points, while the NSE Nifty
finished up by 149 points. Meanwhile, the S&P BSE Mid
Cap & the S&P BSE Small
Cap finished up by 1.3% and 2% respectively.
IT sector and Pharma stocks witnessed a surge.
(Find a list of BSE
gainers today.)
According to a leading
financial daily, India recorded overall power deficit of 0.7% in first seven
months of the current fiscal.
According to an article in The Livemint, health of the power
sector directly impacts that of the finance
sector as 70-80% of the funds invested in any new power project are from
financial institutions.
Moving on to FMCG stocks.
According to a leading
financial daily, Britannia Industries is looking to expand its sales and
distribution network in the Northern and Western states, besides increasing its
sales in rural areas. In
order to attract more customers in rural markets, the company is planning to
come up with more low-price offerings in these areas.
In addition, Britannia
Industries recently opened a modern research and development facility in Bidadi,
on the outskirts of Bengaluru.
The move is part of
Britannia’s larger attempt to shake off its reputation of being a laggard in
innovation, become more cost-efficient and move more manufacturing in-house. It
comes at a time when the company faces tough competition from the likes of
Parle, ITC Ltd and Mondelez International Inc.
(Get ITC
share price)
Britannia
share price finished the trading day up by 1% on the BSE.
Indian Rupee was trading at
68.46 against the US Dollar. Oil prices were trading at US$ 47.64 when share market news was written.
Read the complete stock market update. For terms of
use, go here.
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