The News International Team
11:50 am Macro outlook: The Indian economy is expected to disappoint on economic growth this year, which will put downward pressure on inflation. Soft inflation coupled with weaker-than-expected economic growth will lead the central bank to be very accommodative in its monetary policy stance. That’s the thesis of Edward Teather, Senior Economist at UBS Investment Bank.
Teather expects February CPI, to be released today, to come at 5.1 percent, or the lower end of the consensus range. For the full year, UBS forecasts inflation to average 5.3 percent, he added. This would be on the back of economic recovery “that’s expected to disappointed relative to its potential,” the UBS economist said.
11:30 am Buzzing: Shares of Glenmark Pharma rallied 2 percent on getting approval from Russia for asthma inhaler medication. “Glenmark has received approval for Salmecort (Salmeterol+Fluticasone) MDI inhaler, from the ministry of Health, Russia,” says the pharma company in its filing to the exchange. This approval marked Glenmark’s entry into the respiratory inhaler market in Russia. According to IMS, the total inhaler market in Russia is estimated to be around USD 283 million, out of which the total MDI market is valued at around USD 107 million.
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It’s a strong day of trade on Dalal Street. The Sensex is up 201.98 points at 28861.15 and the Nifty is up 59.60 points at 8759.55. About 1474 shares have advanced, 781 shares declined, and 163 shares are unchanged.
NTPC, ITC, Tata Steel, Tata Motors and Sesa Sterlite are top gainers in the Sensex. Among the losers are HUL, M&M, Wipro, Dr Reddy’s Labs and Bajaj Auto.
Brent crude climbed towards USD 58 a barrel for the second straight session as speculators covered their positions ahead of the April contract’s expiry, while a strengthening dollar and a build in US crude stocks capped prices. Geopolitical tensions in the Middle East and North Africa were also supporting crude futures. Analysts said the rise in crude oil futures was largely in tandem with a firming trend in Asia but gains were capped as dealers fretted over an oversupplied global market after US crude reserves once again swelled to a record high