Indian Indices Recover Steadily, Pharma Sector Rebounds, And Top Stocks In Action

On Monday, share markets in India opened on a positive note and ended the day in green.

The BSE Sensex closed higher by 287 points to end the day well above the 33,000 mark at 33,225. While the broader NSE Nifty ended the day higher by 98 points to end at 10,212.

Among BSE sectoral indices, pharma stocks rose the most by 1.7%, followed by PSU stocks at 1.6%. SBI and IndusInd Bank were among the top gainers.

Top Stocks in Action Today

Axis Bank share price is likely to be in focus today after the Reserve Bank of India (RBI) asked the lender’s board to reconsider the fourth three-year term it handed to CEO Shikha Sharma last year.

As per the news, the central bank has addressed a letter to Axis Bank chairman Sanjiv Mishra, listing out the reasons for a review. The reasons include the bank’s performance and its deteriorating asset quality, among others.

Glenmark Pharma share price is among the stocks to watch today after the company and its American subsidiary, Promius Pharma, LLC announced the filing of a New Drug Application (NDA) for its migraine candidate DFN-02 with the United States Food & Drug Administration (USFDA).

Oil Investments to Increase

Indian Oil Corp is planning to invest Rs 1.43 trillion (US$22 billion) in next five years as the country’s top refiner seeks to raise its annual capacity to about 3.2 million barrels per day by 2030.

Refiners in India, the world’s third-biggest oil consumer and importer, have sketched out plans to raise their capacity by 77% to about 8.8 million bpd by 2030 to meet the country’s rising fuel demand.

India is emerging as one of the global drivers for refined fuels consumption as its economic expansion and rising industrial activity yields infrastructure improvements and increased energy access for commercial and retail consumers.

Reportedly, the company is going to enhance capacity in terms of crude processing and fuel specification as India plans a nationwide roll out of Euro-VI compliant fuels in the country from April 2020.