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Indian Stock markets close positive
June, 12th 2008

Indian Stock markets closed positive on Wednesday as stock valuations became attractive after sudden fall in past few trading sessions. The markets have been losing ground due to higher Oil prices and weakness across global markets.

Among major gainers were Reliance Industries, Hind Zinc, Reliance Power and ICICI Bank.

Some stocks are looking attractive for long term investments. Investors should consider position in companies with robust growth and track record. Suzlon Energy is hovering around its 52 week low. Banking stocks are looking good as well. Some Banks have announced decent growth numbers in last quarter. After the stock market crash, many banking stocks are available at good P/E multiple.

Among power sector stocks, Reliance Power and Torrent Power are looking good for long term investment. Investors should consider an investment plan for next 12 18 months.

Promoters of Ranbaxy Laboratories have agreed to sell their stake to Japanese Pharmaceutical major Daiichi Sankyo at Rs 737 per share. The Japanese company plans to acquire more stake in Ranbaxy and will soon come with an open offer. Shareholders can good returns as the stake has been sold at decent premium to current market price.

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