With the Reserve Bank of India (RBI) giving an unexpected rate cut that delighted the markets today, Indian stock market started a recovery in the choppy trading session of today. The Benchmark indices were witnessing a negative opening today but after the announcement of RBI’s decision to cut the repo rate by 50 basis points, a rally was seen in the afternoon session. But the indices could not hold on to its gains as it retraced back from its highs. Indian markets managed to close with good gains despite the negative global cues. Sensex closed above its important support of 25.750 and Nifty closed a little below the level of 7850.
Elder pharma rallies 4%– The stock rises 4% on proposal of sale of overseas subsidiary for debt reduction. After a discussion on sale of step down overseas subsidiaries in board meeting on September 28, the company said, “It was deliberated that complying with the legal parameters, proposal should be put forward before board of Elder Pharmaceuticals by board of Elder International, FZCO – Dubai for further consideration and necessary approval.” The debt-ridden company has been facing severe financial crunch and is under advance discussions with prospective lenders for funds.
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