With the markets scaling new highs, as many as 43 stocks from the Nifty50 index and 27 of the 30 scrips that are part of the S&P BSE Sensex are trading above their respective 200-day moving average (DMA). The 200-DMA is seen as one of the most relevant trend indicators by investors and traders, who believe that stocks and indices trading above this level possess strength and are likely to rally in the short to medium term, while the ones trading below this level are viewed as bearish and expected to see a sell-off. Wipro, UPL, Kotak Mahindra Bank, Hindalco, Infosys, Cipla, and Adani Enterprises are the only stocks from the Nifty50 pack that are still below their respective 200-DMA, the exchange data suggests.
At a time when the Indian Drug Manufacturers' Association (IDMA) is also celebrating its 50th year of inception, many mid-cap pharma companies like Indoco are seeing the baton being passed down to the next generation.
Mumbai-based pharmaceutical company Indoco Remedies Ltd plans to tap the regulated markets of Europe and the US.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Indices reversed all its losses during late trades.
Above normal monsoon forecast and strength in Asian equities lifted sentiments.
Sensex gained nearly 0.4% or 96 points at 26087 level while Nifty ended up by 42 points or 0.5% at 7,791.40 level.
Sensex ended above 26,000 led by telecom shares amid TRAI's spectrum sharing norms.
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