After opening the day on a positive note, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the consumer durables sector and metal sector witnessing maximum buying interest.
The BSE Sensex is trading up 131 points (up 0.4%) and the NSE Nifty is trading up 46 points (up 0.4%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.5%.
The rupee is trading at 67.10 to the US$.
In the news from pharmaceuticals sector, as per an article in the Economic Times, China removed import duties on as many as 28 Indian medicines, including all cancer drugs, from May 1.
The above development would help India to export these pharmaceuticals to the neighboring country and also assumes importance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals, and agriculture, in the Chinese market to reduce the widening trade deficit.
From the banking space, ICICI Bank share price is witnessing buying interest ahead of its March quarter results to be announced today.
Vakrangee share price is witnessing selling pressure today. The stock of the company has hit its lower circuit limit as auditing major Price Waterhouse quit audit mandate of the company on concerns relating to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewelry business.
In the news from commodity space, crude oil prices rose above US$ 70 a barrel today. This is the highest level seen since 2014. Most of the gains were seen ahead of the decision on whether the United States walks away from a deal with Iran and instead re-imposes sanctions on the Middle East crude producer Iran.
Note that crude oil prices have been witnessing a rising trend of late. Prices have been escalating due to a pick-up in global demand coupled with supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. Even geopolitical tensions between US, Russia, North Korea and Iran have kept prices on the boil.
