Sensex Begins Week On A Flat Note; Indiabulls Real Estate Soars 40%

Indian share markets began the trading week marginally lower dragged by metal stocks, power stocks and PSU stocks. The sentiments also remained frail on account of weak Asian markets.

At the closing bell, the BSE Sensex stood lower by 48 points, while the NSE Nifty finished down 12 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.2% and 0.5% respectively.

Sun pharma share price fell 2.5% after the US FDA issued 11 observations as part of audit to its Dadra unit, the biggest unit after Halol for the company for US supplies. With these observations, the problem for the company may aggravate. Its Halol plant has already been under import alert, which contributed 40% to US sales in FY16.

Pharma stocks finished on a mixed note with Indoco Remedies share price and Alembic Pharma share price leading the losses. Meanwhile, Natco Pharma share price and Aarti Drugs share price witnessed majority of the buying activity.

Asian equities ended mixed in today’s trade, with the US$ sinking against the yen, following tensions in the Korean Peninsula. The Nikkei 225 gained 0.11%, while the Shanghai Composite & the Hang Seng fell 0.74% and 0.21% respectively.

The rupee was trading at Rs 64.42 against the US$ in the afternoon session. Oil prices were trading at US$ 52.76 at the time of writing.

The Finance Ministry has approved the employees’ provident fund (EPF) interest rate at 8.65% for the 2016-17 fiscal, which will benefit over 40 million subscribers of Employees’ Provident Fund Organization (EPFO). According to EPFO estimates, the fund will see a surplus after providing 8.65% interest rate for the last fiscal.

As per the practice, the Central Board of Trustees’ (CBT) decision is concurred by the Finance Ministry after evaluating whether the EPFO would be able to provide the rate approved by trustees through its own income or not. Once the Finance Ministry ratifies the rate of interest approved by the CBT, it is credited into the account of EPFO members for that financial year.