The buying interest that gathered momentum during the second half of the day, persisted right till the close and as a consequence, Indian stock market indices closed strongly for the third consecutive day. This takes the overall gains for the week to 7%. BSE-Sensex edged higher by around 360 points (up 2.2%) whereas gains on the NSE-Nifty came in at around 110 points. BSE Mid Cap and BSE Small Cap indices were seen higher by 1.4% and 1% respectively. Only one stock on the Sensex closed the day in the red.
Most Asian indices edged higher today whereas Europe too is trading on a positive note currently. Rupee was seen trading at Rs 51.2 to the dollar at the time of writing.
Today's gains once again seemed to have their roots in Europe as expectation of some bold steps at the next week's EU summit rekindled investor hopes that solution to the euro crisis would indeed be found. Furthermore, optimism over US job data also helped boost investor sentiments. It should however be noted that whether a solution is found or not in Europe, Indian stocks do look attractive from a long term perspective and every dip should thus be seen as an opportunity to buy more fundamentally sound stocks.
Two wheeler major Bajaj Auto has put up a strong show for the month of November. The company reported its highest ever monthly sales for any November in both motorcycles as well as commercial vehicles. While motorcycles growth came in at 25% YoY, sales for commercial vehicles witnessed a growth of 24% YoY. Exports, which contributed nearly one third to the total sales, managed an even better growth of 42% YoY. This thus takes the sales for the full year higher by 16% YoY.
This development comes close on the heels of another important landmark for the company in the form of its most famous product 'Pulsar' celebrating its 10th birthday. It should be remembered that it was this product that changed the fortunes of the company and put it on the path of becoming a full fledged motorcycles producer. The stock however edged only marginally higher today.
Pharma major Lupin was another counter that witnessed some positive momentum today. As per reports, the company's US subsidiary, Lupin Pharmaceuticals, Inc has received final approval from USFDA for marketing a generic version of an oral antibiotic. The molecule in question is approved to treat moderate to severe acne and had annual sales to the tune of US $750 million. Lupin has a vibrant presence in the Indian pharmaceuticals market and has over the past several years made major strides in expanding its therapy portfolio.