Indian Indices Trade Higher; Dr Reddy's Lab & Cipla Surge Over 8%

Share markets in India are presently trading higher, tracking gains in Asian peers.

Benchmark indices edged higher today but gains were checked by worries over projections of a double-digit slump in the Indian economy and high unemployment levels in the US.

The BSE Sensex is trading up by 76 points, up 0.2%, at 39,000 levels.

Meanwhile, the NSE Nifty is trading up by 41 points.

Sun Pharma and Cipla are among the top gainers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 0.6%.

On the sectoral front, gains are largely seen in the healthcare sector and the realty sector.

FMCG companies, on the other hand, are witnessing selling pressure.

US stock futures are trading mixed today. Nasdaq Futures are trading up by 41 points (up 0.4%), while Dow Jones Industrial Average Futures are trading down by 151 points (down 0.5%).

The rupee is trading at 73.27 against the US$.

Gold prices are trading up by 0.2% at Rs 51,550 per 10 grams.

Over the last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.

In news from the packaging sector, Essel Propack is among the top buzzing stocks today.

Shares of the company fell over 6% today after 83.2 million shares changed hands on the NSE and BSE.

In early trade today, 74.55 million shares representing 23.6% stake in the company, changed hands on the BSE at Rs 260 per share, data showed.

According to media reports, Epsilon Bidco Pte, a Blackstone entity which owns 75% of Essel Propack, was looking to sell up to 23% stake to garner as much as US$ 251 million.

Last year, Blackstone had acquired a 51% stake in Essel Propack for US$ 460 million. Blackstone bought 51% in the specialty packaging company from promoter Ashok Goel at Rs 134 a share for Rs 21.6 billion.

The deal also triggered the mandatory open offer for a 26% stake in the company.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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