Major Indices across the globe ended strong with Asian counter parts like Hang Seng which rallied to end up by 620 points and Nikkei by 415 points. Indian Indices were hit after the strong start due to political nervousness. Session started strong looking at its global peers with some buying in the heavyweights. Ranged session in green till the middle but saw a complete trend reversal as the political uncertainty on Indo US nuke deal jitters across the market. Investors were nervous and didn't knew whether to enter or exit the market. Sensex lost near to 400 points from the days high. Except for some Cement, FMCG and IT stocks all the sectors ended in red. Banking, Oil & Gas, PSU were the worst hit. News of Switzerland's Holcim open offer to acquire 20% more stakes in Ambuja Cement at Rs 154 per share saw some value buying in the cement sector. Mid and Small caps too succumbed to selling pressure.
Sensex closed down by 85 points at 14163.98. Weighing on the Sensex were losses in Cipla (167.8,-4 percent), ONGC (783.95,-3 percent), SBI (1415.05,-3 percent), Rel Energy (705.75,-3 percent) and ICICI Bk (825.8,-2 percent). Losses were restricted by gains in ACC (972.4,+2 percent), Guj Ambuja (132.75,+2 percent), ITC (160.7,+1 percent), Maruti (777.1,+1 percent) and Satyam (422.7,+1 percent).
Videsh Sanchar Nigam (VSNL) is one of the leading provider of international telecommunication services in the country. The company lost the Income-Tax Appellate Tribunal case and now has to pay a possible tax of Rs 1,000 cr to the Government as the order was passed by ITAT. The bench of ITAT informed that the company is liable to pay tax on an income of Rs 2,090 cr earned between 1995 and 2006. The tax effect of this order could be above Rs 1,000 cr. Though the order is only for the assessment year 1996-97, the bench?s conclusion will be binding for the subsequent years also, unless the Bombay High Court reverses the order. Therefore, the tax effect for the period between 1996-97 to 2005-06 including interest payable is estimated to be Rs 1,000 cr or higher. Due this the stock traded weak for the day and ended marginally down.
India's pharmaceutical industry seems to be in a race against time. According to McKinsey & Company's latest report, the country's pharma market is all set to provide the third largest growth opportunity globally. It is expected to triple in size and touch $20 bn by 2015, becoming one of the world's top 10 markets and is expected to grow at 12% annually. Several factors such as large private sector investments in health infrastructure, increase in the number of hospital beds, rise in the number of physicians, greater penetration of health insurance, rising prevalence of chronic diseases and aggressive market penetration by smaller companies will play a key role in the growth of the Indian pharmaceutical market. However, the pharmaceutical industry's concerns on drug pricing policies and product patent regulations could be the dampeners to ensure the 12% growth in the domestic growth. Mc Kinsey?s suggests that while the present generics industry will continue to dominate the pharmaceutical market, patented products will constitute close to 10% of the market in the next ten years. The pharma stocks ended in mixed for the day.
Technically Sepaking: Indices swung in between 400 Points. Declines outnumbered Advances in the ratio 1.8:1. Turnover of Rs 4779 Crs was good. Sensex has a Key Support at 14000-14050 and 13850-13870. Resistance seen at 14425-14440 and 14530-14570.
Sensex closed down by 85 points at 14163.98. Weighing on the Sensex were losses in Cipla (167.8,-4 percent), ONGC (783.95,-3 percent), SBI (1415.05,-3 percent), Rel Energy (705.75,-3 percent) and ICICI Bk (825.8,-2 percent). Losses were restricted by gains in ACC (972.4,+2 percent), Guj Ambuja (132.75,+2 percent), ITC (160.7,+1 percent), Maruti (777.1,+1 percent) and Satyam (422.7,+1 percent).
Videsh Sanchar Nigam (VSNL) is one of the leading provider of international telecommunication services in the country. The company lost the Income-Tax Appellate Tribunal case and now has to pay a possible tax of Rs 1,000 cr to the Government as the order was passed by ITAT. The bench of ITAT informed that the company is liable to pay tax on an income of Rs 2,090 cr earned between 1995 and 2006. The tax effect of this order could be above Rs 1,000 cr. Though the order is only for the assessment year 1996-97, the bench?s conclusion will be binding for the subsequent years also, unless the Bombay High Court reverses the order. Therefore, the tax effect for the period between 1996-97 to 2005-06 including interest payable is estimated to be Rs 1,000 cr or higher. Due this the stock traded weak for the day and ended marginally down.
India's pharmaceutical industry seems to be in a race against time. According to McKinsey & Company's latest report, the country's pharma market is all set to provide the third largest growth opportunity globally. It is expected to triple in size and touch $20 bn by 2015, becoming one of the world's top 10 markets and is expected to grow at 12% annually. Several factors such as large private sector investments in health infrastructure, increase in the number of hospital beds, rise in the number of physicians, greater penetration of health insurance, rising prevalence of chronic diseases and aggressive market penetration by smaller companies will play a key role in the growth of the Indian pharmaceutical market. However, the pharmaceutical industry's concerns on drug pricing policies and product patent regulations could be the dampeners to ensure the 12% growth in the domestic growth. Mc Kinsey?s suggests that while the present generics industry will continue to dominate the pharmaceutical market, patented products will constitute close to 10% of the market in the next ten years. The pharma stocks ended in mixed for the day.
Technically Sepaking: Indices swung in between 400 Points. Declines outnumbered Advances in the ratio 1.8:1. Turnover of Rs 4779 Crs was good. Sensex has a Key Support at 14000-14050 and 13850-13870. Resistance seen at 14425-14440 and 14530-14570.
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