Broader markets were outperforming benchmark indices on Thursday. Only Nifty Pharma and Auto index was down in the red. Domestic equity markets were trading with losses on Thursday morning. S&P BSE Sensex was down at 51,250 points while the broader Nifty 50 gave up the 15,100 levels. IndusInd Bank, RIL, Bharti Airtel were among the top gainers on BSE Sensex. Titan, ONGC, and Mahindra & Mahindra were the top drags. India VIX soared 1% on the opening bell while smallcap indices outperformed. Asian peers were trading mixed as Hang Seng was down in red but Nikkei 225, TOPIX, and KOSDAQ were all up with gains.
Prime Minister Modi on Wednesday said that the private sector plays a vital role in the country’s economy. During his motion of thanks to the President’s address, PM Modi said that the public sector is important but similarly the role of the private sector is also vital. He added that the culture of abusing the private corporation for votes is no longer acceptable. Further, the Prime Minister cites telecom and pharmaceutical space as the stand out example where participation of the private sector has helped the people.